Genius Sports revenue surges 27.3% in Q2 2022
New York-listed sports data juggernaut sees net losses plummet by 99% as all areas of the business see growth
Genius Sports posted a 27.3% year-on-year (YoY) increase in its group revenue to $71.1m (£58.92m) for the second quarter of 2022 as the firm saw continued growth throughout the business.
Delivering its updated results, Genius reported adjusted EBITDA of $8.4m, up 61% YoY with the business highlighting disciplined cost control, continued US investment and the strength of its overall revenue mix as key factors for this upsurge.
The sports data supplier’s group revenue rise was catalysed by all three of its key operational divisions showing strong levels of growth.
Largest increases for the supplier during Q2 were in Genius’s media technology, content and services division, which saw an 87.8% increase in revenue, reaching $15m. The company attributed this to organic growth driven by an increased uptake in its programmatic advertising services.
Sports technology and services also saw soaring growth in Q2, with revenue hitting $11.3m, a 57% YoY increase. This was primarily attributed to the inclusion of revenues derived from its 2021 Second Spectrum acquisition, as well as expanded services to already existing deals with sports league and federation clients.
Genius’s betting technology, content and services division saw the lowest YoY increase during Q2 with revenue growth of just 10.2%, recording $44.8m in Q2.
This impressive growth was matched with a major drop in company losses which fell 99% from $464.16m to $4.76m in Q2 2022.
At a H1 2022 level, Genius saw its group revenue increase 43.3% YoY to $157m and group losses fall 90.4% from $469.49m to $44.96m.
During the quarter, the data supplier secured its first data tracking and broadcast augmentation partnership with Portuguese Primera Liga giants SL Benfica, marking the first time the firm reached a deal in Portuguese football. Genius also secured a data, trading and live streaming deal with Betsul to power its offering in Brazil.
In addition, the London-headquartered firm also expanded on its long-term partnership with Tipsport in the Czech Republic, and launched the new FIFA+ platform in collaboration with the governing body.
Mark Locke, Genius Sports co-founder and CEO welcomed the strong numbers but affirmed the data juggernauts commitment to continuing that growth spike in the remaining half of 2022.
“We remain highly focused on delivering profitable growth and have executed ahead of expectations through the first half of the year,” Locke said.
“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,” he added.
Locke also looked ahead to the future in his statement alongside the financial update, stating: “Genius reaffirms its expectation to generate group revenue of approximately $340m and group adjusted EBITDA of approximately $15m in 2022, despite risks related to foreign exchange rates.”
Genius Sports’ share price was up 0.44% to $4.56 at the time of writing.