Releasing its Q1 2023 financial results, Genius Sports announced that it had outperformed its guidance.
Group revenue stood at US$97.2m at the end of the quarter, $5.2m above the company’s guidance figure.
The group’s net loss was $25.2m, up from $40.2m in Q1 2022. This put the group’s adjusted EBITDA at $8m, again beating the guidance figure of £3m.
“Following a strong year of execution in 2022, we are pleased to continue our momentum to start the new year, with the first quarter of 2023 marking another period of outperformance relative to our guidance,” said Mark Locke, Genius Sports co-founder and CEO.
"2023 is the year in which Genius expects to significantly accelerate group adjusted EBITDA profitability and rapidly expand margins. Our first quarter results demonstrate the operating leverage of our business model, built to benefit from positive industry trends and support sustainable, profitable growth.
“As a result, I have a greater sense of confidence in our ability to achieve full-year financial targets beyond our initial expectations, leading us to raise our 2023 outlook."
