Genius Sports co-founder and CEO Mark Locke says the group’s Q1 “outperformance” for revenue and adjusted EBITDA has fuelled “an enhanced sense of excitement and confidence in our outlook for 2024 and beyond.”
Revenue of US$120m for the sports betting data, technology and broadcast partner, up 23 per cent year-on-year, exceeded forecasts of $117m, while adjusted EBITDA of $7m also beat the $6m initial predictions.
Genius Sports subsequently reaffirmed its expectation of generating positive cash flow in 2024.
Locke said: “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.
“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.”
Group net loss was “relatively unchanged,” Genius said, at $25.5m, up from $25.2m a year ago.
Revenue for the company’s Betting Technology, Content & Services arm increased 14 per cent to $73.9m, driven by new customer acquisitions and growth in business with existing customers as a result of price increases on contract renewals and renegotiations.
However, Media Technology, Content & Services showed the biggest growth, with revenue up 63 per cent year-on-year to $35.5m, driven by growth in the Americas, primarily for programmatic advertising services.
Genius’ Sports Technology & Services division revenue dropped by four per cent to $10.3m.
The company has raised its 2024 revenue and adjusted EBITDA guidance to $500m and $82m, up from prior guidance of $480m and $75m, respectively.
