Sports data and technology company Genius Sports posted revenue of US$71.1 million for the fiscal second quarter, equating to a 27 per cent increase year-over-year (YoY).
Net loss for the three months ended 30th June 2022 was US$4.8 million. This represents a 99 per cent YoY improvement, which Genius said was driven primarily by a reduction in stock-based compensation compared to Q2 2021.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 61 per cent YoY to US$8.4 million.
Broken down, Genius’ revenue for its betting technology, content and services segment climbed ten per cent YoY to US$44.8 million. This came courtesy of increased utilisation of available content, expansion of value-add services and new service offerings, as well as new customer acquisitions.
The media technology, content and services segment saw its revenue jump 88 per cent YoY to US$15 million. Growth was driven by increasing uptake of programmatic advertising services.
Revenue for the sports technology and services segment grew 57 per cent YoY to US$11.3 million. Genius cited the inclusion of revenues derived from data tracking and visualisation specialist Second Spectrum, which the company acquired last year in a deal worth some US$200 million, as well as expanded services provided to existing sports league and federation customers.
US revenue has also nearly quadrupled YoY for Genius in the first six months of 2022.
Genius’ closing cash balance was approximately US$175 million for Q2.
Looking ahead to the rest of 2022, Genius reaffirmed its expectation to generate revenue of approximately US$340 million and adjusted EBITDA of approximately US$15 million for the year, despite risks related to foreign exchange rates.
The company also expects revenue in the range of US$430 million to US$440 million and adjusted EBITDA of US$40 million to US$50 million in 2023.
“We remain highly focused on delivering profitable growth and have executed ahead of expectations through the first half of the year,” said Mark Locke, Genius Sports co-founder and chief executive.
“We continue to utilise our partnerships and unique technology to yield strong results and build upon our commercial strategy.
“We have maintained steady EBITDA profitability globally and established a leading position within the US, all while achieving EBITDA profitability at the group level. Genius has strong momentum and we feel confident in the continued execution of our strategic plan.”
Genius Sports beats Q2 guidance with US$71.1m in revenue – SportsPro – SportsPro Media