FatBrain AI has realized 130% Q/Q average revenue growth during FY2023, including from the strategic international acquisitions during that time. While these acquisitions had accounting processes and audit firms in place in their ordinary course of business, FatBrain's consolidated year-end reporting has required new processes under the Public Company Accounting Oversight Board ("PCAOB") regime. These complexities have posed the main hurdle to complete the year-end filings. To overcome this, FatBrain AI has initiated a number of safeguards to be put in place, including automating systems and adding team members at the international facilities.
The financial reporting automation efforts are being led by Mr. Niyaz Salybayev, CPA, co-founder of EasyTax SaaS and a 20-year audit and automation veteran with Arthur Anderson, Ernst & Young, and PwC, including his decade and a half tenure as PwC's CFO for its Eurasian operations.
"We see the revenue and customer growth trends continuing in the fiscal year 2024," said Peter B. Ritz, Co-Founder and CEO of FatBrain AI. "While we did not anticipate international accounting hurdles and late filings, we are now on a path to fix and manage through these issues systematically. Automating our international systems will ensure that future filings will be timely, and the Company is confident in its current financial reporting. We are grateful for our shareholders' patience and are delighted to deliver an exciting future boosted by AI solutions."
About FatBrain AI
FatBrain AI provides powerful and easy-to-use AI solutions to empower the enterprise stars of tomorrow to grow, innovate, and drive the majority of the global economy. FatBrain's AI 2.0 technologies and advanced data services transform continuous learning, narrative reasoning, large language models, and cloud and blockchain technologies into auditable, explainable and easy to integrate AI solutions. FatBrain's subscriptions allow all companies to deploy its advanced AI solutions quickly, easily, and securely behind their firewalls or via cloud. FatBrain's global delivery includes 600+ team across design, development centers in the US, UK, India, and Kazakh Republic.For more information, please visit: https://www.fatbrain.ai