Genius Sports has reported positive financial results across all commercial verticals, as it ended a transformative 2021 with a revenue increase of 75% year-on-year. Publishing its Q4 and full year 2021 trading update, the company revealed year end revenue of US$262.7 million, as Q4 earnings stood at US$84 million, a 74% year-on-year increase.
“2021 was a transformational year that saw Genius form innovative new relationships with leagues, sportsbooks and brands alike, which allowed us to deliver record group revenue in the fourth quarter,” said Mark Locke, Genius Sports Co-Founder and CEO.
Despite Genius Sports’ revenue growth, the company’s increased expenses throughout the year saw the firm post a year end loss of US$213,433 – with a reported Q4 loss of US$25,410.
These expenses were incurred over a number of areas, with notable developments including the firm’s NYSE listing (23 April) – with associated SPAC costs – and its US$200 million acquisition of sports data tracking and innovation studio Second Spectrum.
Genius Sports remains confident in its commercial prospects for 2022. “We are confident that 2022 will be another strong and profitable year as we capitalize on the growth opportunities ahead and continue to expand our services around the world,” Locke added.
Moving forward, the company anticipates revenue of US$340 million and adjusted EBITDA of US$15 million 2022, and revenue “in the range of US$430 to US$440 million” and adjusted EBITDA of US$40 to US$50 million the following year.
Source: GMB
