Genius Sports Reports Strong Q3 Financial Results
Genius Sports Limited, the leading data, technology, and broadcast partner for the sports, betting, and media industry, has announced its financial results for the third quarter of 2023.
– Revenue for the group reached $102 million, surpassing the Q3 guidance of $100 million, and showing a 29% year-on-year growth.
– The group recorded a net loss of ($12 million) and an adjusted EBITDA of $18 million, exceeding the Q3 guidance of $17 million and showing a 131% year-on-year growth.
– The Q3 adjusted EBITDA margins for the group improved by 770 basis points compared to the previous year.
– The company has raised its 2023 guidance for group revenue and adjusted EBITDA for the third consecutive quarter, now expecting $412 million and $53 million, respectively.
– Genius Sports also reaffirmed its expectation of positive free-cash-flow in the second half of 2023.
Mark Locke, Co-Founder, and CEO of Genius Sports, stated, “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.”
Nick Taylor, CFO of Genius Sports, added, “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.”
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