Genius Sports beats Q2 guidance as revenue jumps 22%
Supplier notes strong increase in EBITDA and expects H2 2023 to return more than $220m in revenue
Genius Sports has reported a 22.1% year-on-year (YoY) rise in Q2 revenue as the supplier outperformed its guidance for the quarter.
The firm noted revenue of $87m, up from Q2 2022’s return of $71.1m, beating previously forecasted revenue of $80m.
EBITDA also soared 87.2% YoY at the New York-listed company, rising from $8.4m to $15.7m. EBITDA margin correspondingly jumped from 11.8% to 18%.
Net losses also narrowed during the reporting period, falling to $10.3m.
Breaking revenue down by segment, the firm’s betting arm posted a 27% YoY jump to $56.9m, while the media division saw revenue rise 22% to $18.4m.
Genius Sports’ sports technology showed a modest 3% YoY rise in revenue to $11.6m.
Looking ahead, management said it was expecting to generate group revenue of around $410m and EBITDA of $52m for full-year 2023.
This includes subsequent increases in revenue for Q3 and Q4, with guidance set at $100m and $126m, respectively.
Mark Locke, Genius Sports CEO, said: “We enter the second half of 2023 having reached a significant inflection point in our business.
“Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC [Football DataCo] and the NFL, we have validated our core strategy, differentiated our technology stack, and proven our sustainable business model.
“The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets,” he added.