Genius Sports, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, announced financial results for its fiscal first quarter ended March 31, 2024.
The company reported results above expectations and raises 2024 Group revenue and adjusted EBITDA guidance. Some of the period’s highlights are:
* Group Revenue of US$120m, exceeding first quarter guidance of US$117m
* Group Net Loss of (US$26m) and Group Adj. EBITDA of US$7m, exceeding guidance of US$6m
* Raised 2024 Group Revenue and Adj. EBITDA guidance to US$500m and US$82m, respectively, up from prior guidance of US$480m and US$75m
* Reaffirming expectation to generate positive cash flow in 2024
* Increased financial flexibility by entering into US$90 million committed revolving credit facility with Citibank and Deutsche Bank
“Following a strong year of execution in 2023, we are pleased to continue our momentum to start the new year, with the first quarter of 2024 marking another period of outperformance relative to expectations,” said Mark Locke, Genius Sports Co-Founder and CEO.
“As we expand our technology footprint and work to extend one of our most important data partnerships with Football DataCo, we feel an enhanced sense of excitement and confidence in our outlook for 2024 and beyond.”
Source: GMB