Genius Sports Limited has announced that the group’s revenue in the first three months of this year was $97.2 million. This is up from $92 millions, as expanded.
Genius Sports – A Profitable and Sustainable Growth in the First Quarter
The company reported a net loss in the first quarter of $25.2 millions and an adjusted EBITDA for Group of $8.8 million. This was again higher than the $3 million original guidance.
Genius Sports feels confident about the 2023 group revenue outlook and adjusted EBITDA, which will be 400 million, and 49 million, respectively. This is an increase from the initial guidance, where they were at $391 and $41 respectively.
The numbers may change depending on the performance of the company in the following quarters. Mark Locke , Genius Sports’ co-founder and CEO, commented on the results.
After a successful year in 2022 we are happy to continue the momentum into the new year. The first quarter of 2023 will mark another period of performance that is above our guidance.
Mark Locke, co-founder of Genius Sports and CEO
He stated that the positive results allowed the company’s operating model to be demonstrated, which has also benefited by positive industry trends and led to sustainable and profitably growth.
Genius Sports has seen strong gains across all main verticals
The company released its results in three major verticals, which provide a more detailed look at its performance. This includes Betting Technology and Content & Services, which reached $64.74 millions in Q1 of 2023.
The company’s Media Technology Content & Services division, which reached $21,76 million in the first quarter, was the second-best performing vertical. The Sports Technology & Services was last but not least, with $10.7 million.
The company had many other great business achievements to share. Genius Sports was able to extend the NBA partnership, and further develop NBA League Pass innovation. Genius Sports provided TSN’sTSN+ with direct to consumer streaming products.
Second Spectrum also won a deal with the Portland Trail Blazers to provide immersive broadcasts. The company also launched augmented broadcasts for the Premier League on NBC, Premier League Productions, and Optus as well as boosted Fan Engagement in the NFL.
Genius Sports has also teamed with the Brazilian Integrity Association in order to strengthen the integrity of sport in Brazil at a period of rapid growth of the regulated gambling industry.
