Genius Sports, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, celebrates its eighth consecutive quarter of growth, as its yearly revenue and earnings results surpass market expectations.
In its full-year 2023 report, THE COMPANY announces corporate revenues of US$412m, marking a 21% increase from FY2022’s comparative results of US$341m. The growth in headline revenues exceeds the NYSE betting technology, media, and data group’s expected revenue guidance of US$391m.
Despite a net loss of US$38.5 million, which has narrowed from the previous year's US$127.7 million, the company's adjusted EBITDA soared to US$12 million, surpassing the US$11 million guidance and showcasing a substantial 349% growth YoY.
Looking ahead, Genius Sports anticipates a strong 2024 with expected group revenue of approximately US$480 million, representing a 16% growth YoY and above the analyst consensus of US$474.4 million. The company also projects an adjusted EBITDA of US$75 million, indicating a 41% increase YoY and nearly 300 basis points of margin expansion.
“We are excited to report our eighth consecutive quarter of financial results above expectations, while demonstrating the increasing profitability of our business model and our ability to consistently execute on our strategic objectives,” said Mark Locke, Genius Sports Co-Founder and CEO.
“The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024.”
Source: GMB
