Genius Sports Reports Third Quarter Results
Genius Sports Limited, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, announced financial results for its fiscal third quarter ended September 30, 2023.
Highlights
- Group Revenue of $102m, exceeding third quarter guidance of $100m and representing 29% year-on-year growth.
- Group Net Loss of ($12m) and Group Adj. EBITDA of $18m, exceeding third quarter guidance of $17m and representing 131% year-on-year growth.
- Third quarter Group Adj. EBITDA margins improved by 770 basis points year-on-year.
- Raising 2023 Group Revenue and Adj. EBITDA guidance for the third consecutive quarter to $412m and $53m, respectively.
- Reaffirming expectation for positive free-cash-flow in the second half of 2023.
“Our consistent outperformance reflects the execution of our core strategy as we continue to develop and distribute innovative technology across the sports ecosystem, enabling success for our partners, and further solidifying our long-term strategic position,” Mark Locke, Co-Founder and CEO of Genius Sports, said.
“We have reached a critical turning point in our business as we have realized consistent margin expansion in each quarter this year and now have much higher visibility into our long-term model following the renewals and extensions of key rights partnerships,” Nick Taylor, CFO of Genius Sports, said.
