Genius Sports, a company describing itself as the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, has published its results for the first quarter of the year. The company reported favorable metrics and updated its financial outlook for 2024.
In Q1 2024, Genius Sports’ group revenue reached $119.7 million, exceeding the company’s first quarter guidance of $117 million. This figure represents a significant increase from the $97.2 million in revenue the company reported a year ago.
The results were primarily driven by the company’s Betting Technology, Content & Services segment, which recorded almost $74 million in revenue in Q1 2024, up 14.1% year-on-year. The Media Technology, Content & Services vertical, meanwhile, experienced a stellar growth, increasing 63% to $35.5 million. The Sports Technology & Services segment, however, struggled to catch up and concluded the quarter with revenue of $10.3 million, down 3.5% year-on-year.
In Q1 2023, Genius Sports also reported group net loss of $25.5 million. Despite the significant increase in revenue, the company’s losses increased by 1.5%.
Genius Sports also reported group adjusted EBITDA of almost $6.9 million, down 14.5% year-on-year. The company added that group adjusted EBITDA margin for the period stood at 5.7%, down from 8.3% in Q1 2023.
Genius Sports to Be Profitable by the End of the Year
Genius Sports’ co-founder and chief executive officer, Mark Locke, commented on his company’s results, expressing optimism about the momentum. Despite the few setbacks, Locke remained pleased with the metrics, saying that they have exceeded previous 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.
Mark Locke, co-founder & CEO, Genius Sports
For context, Genius Sports recently entered deal extension negotiations with the British soccer rightsholder.
In the meantime, Genius Sports published its financial outlook for 2024, saying that it expects to rake in approximately $500 million in FY 2024 revenue, up 21% year-on-year. The company also targets group adjusted EBITDA of approximately $82 million in 2024, which would mark an increase of 54%. Of note, Genius Sports said that it expects to generate positive cash flow in FY 2024.
In other news, Genius Sports recently extended its partnership with Sports Information Services (SIS) and parted ways with Apax Partners’ Gabriele Cipparrone.
