Company Summary: Verses AI Inc.

Business Overview

• Industry: Cognitive computing and AI software development
• Focus: Developing next-generation intelligence software systems, primarily through its flagship platform called Genius
• Technology Approach: Inspired by human brain functions, based on active inference theory developed by Chief Scientist Professor Karl Friston
• Core Product: Genius – an agentic enterprise intelligence platform designed to enable domain-specific predictions, reasoning, decision-making, and automation for businesses
• Key Features of Genius:
  • Autonomous software agents
  • Visual AI model editor
  • APIs for integrating with existing enterprise systems
  • Developer portal for rapid deployment
• Target Users: Machine learning researchers, data scientists, and enterprise professionals
• Market Sectors & Use Cases:
  • Smart cities (e.g., Analog)
  • Financial services
  • Workforce scheduling
  • IT consulting
  • Manufacturing
• Product Launch: Announced publicly on April 30, 2025, after beta testing phases in 2024

Customers & Revenue

• Number of Shares Outstanding (as of July 11, 2025): 9,847,199 Class A shares
• Recent Revenue:
  • FY ending March 31, 2025: $155,000 (significantly decreased from previous year)
  • FY ending March 31, 2024: $1,966,731
• Revenue Trends: Sharp decline (~92%) due to termination of a major SaaS contract
• Customer Base: Multiple sectors and resellers, but specific customer counts are not provided

Employees

• Total Employees (as of July 11, 2025): 65 full-time employees
• Additional Workforce: 33 consultants
• Workforce Notes: No unionized workforce; maintains good relations

Financial Highlights (2025 vs. 2024)

• Total Revenue: Decreased by ~$1.81 million (from $1.97M to $155K)
• Net Loss:
  • 2025: $43.00 million
  • 2024: $52.09 million (a decrease in net loss by approximately $9.10 million)
• Expenses & Cost Drivers:
  • Operating expenses are around $41.3 million
  • Significant expenses include research & development (approx. $15.14M), consulting (~$5.2M), and marketing (~$3.17M)
• Current Assets: Approximately $6.18 million (mainly cash and receivables)
• Cash Position (as of March 31, 2025): $4.82 million (up from $892,727 in prior year)
• Working Capital: Deficit of about $8.92 million
• Major Liabilities: Around $15.1 million (mainly payable accounts and legal claims)
• Shareholders' Equity: Negative, approximately $8.87 million

Recent Major Activities & Developments

• Financing:
  • Raised approximately $7.9 million CAD ($5.8 million USD) via securities offerings in April and July 2025
  • Issued units, warrants, and convertible debt to investors including G42 with a $10 million investment at 10% interest
• Corporate Actions:
  • 1-for-3 reverse stock split on June 23, 2025
• Intellectual Property:
  • Filed multiple provisional and non-provisional patents related to AI methods
  • Holds several trademarks including "Genius", "Verses", and "Wayfinder"
• Legal & Litigation:
  • Involved in arbitration and court cases, notably a legal dispute where a liability of ~$9.9 million was confirmed, offset partially by insurance payments
• Regulation & Compliance:
  • Operating under evolving AI laws, with U.S. and international considerations
• Employees & Management:
  • Key personnel include CEO Gabriel René, President Dan Mapes, CFO James Christodoulou, among others
  • Management is reliant on key personnel with severance agreements in place
• Locations:
  • Vancouver, Canada (headquarters)
  • Los Angeles, California
  • Eindhoven, Netherlands

Note: The company is in an early stage with significant R&D and growth expenses, ongoing legal proceedings, and a focus on developing and commercializing its AI platform Genius for enterprise adoption.