Genius Sports Reports First Quarter Results Ahead of Expectations and Raises Full-Year Revenue and Group Adj. EBITDA Guidance

  • Group Revenue of $97.2m, exceeding first quarter guidance of $92.0m
  • Group Net Loss of ($25.2m) and Group Adj. EBITDA of $8.0m, exceeding first quarter guidance of $3.0m
  • 2023 Group Revenue and Adj. EBITDA outlook increased to $400m and $49m, respectively, up from prior outlook of $391m and $41m
  • Genius expects to expand Group Adj. EBITDA Margins from 5% in 2022 to 12% in 2023

Genius Sports Limited (NYSE:GENI) (“Genius Sports” or the “Group”), the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal first quarter ended March 31, 2023.

“Following a strong year of execution in 2022, we are pleased to continue our momentum to start the new year, with the first quarter of 2023 marking another period of outperformance relative to our guidance,” said Mark Locke, Genius Sports Co-Founder and CEO. “2023 is the year in which Genius expects to significantly accelerate Group Adj. EBITDA profitability and rapidly expand margins. Our first quarter results demonstrate the operating leverage of our business model, built to benefit from positive industry trends and support sustainable, profitable growth. As a result, I have a greater sense of confidence in our ability to achieve full-year financial targets beyond our initial expectations, leading us to raise our 2023 outlook.”

$ in thousands Q123 Q122 % Constant currency %
Group Revenue 97,229 85,923 13.2% 19.1%
Betting Technology, Content & Services 64,740 49,721 30.2% 38.6%
Media Technology, Content & Services 21,764 24,129 (9.8%) (6.7%)
Sports Technology & Services 10,725 12,073 (11.2%) (7.3%)
Group Net loss (25,168) (40,198) 37.4% 37.3%
Group Adjusted EBITDA 8,042 (2,893) 378.0% 292.9%
Group Adjusted EBITDA Margin 8.3% nm nm nm

 nm = not meaningful


See the full release here.