Genius Sports has posted second-quarter group revenue of US$87m, up 22 per cent year-on-year and exceeding guidance by $7m.
Group adjusted EBITDA of $16m also exceeded Q2 guidance of $14m, the company said.
Genius Sports has consequently upgraded its 2023 group revenue and adjusted EBITDA forecasts to $410m and $52m, respectively, up from previous estimates of $400m in revenue and $49m in adjusted EBITDA.
Mark Locke, Genius Sports co-founder and CEO, said the company enters the second half of 2023 “having reached a significant inflection point in our business.”
He said the “financial outperformance” of the first half of the year, as well as renewed partnerships with the NFL and the FDC, mean it has “validated our core strategy, differentiated our technology stack and proven our sustainable business model.”
Group net loss for Genius Sports in Q2 was $7.8m, down from $39.7m in Q2 last year.
As for revenue from Genius Sports’ different business divisions, Betting Technology, Content & Services revenue increased by 27 per cent to $56.9m, while Media Technology, Content & Services revenue jumped by 22 per cent to $18.4m.
