Genius Sports reports strong Q1 earnings in 2024
Genius Sports Limited, a major player in the sports, betting, and media ecosystems, outperformed expectations with its first-quarter financial results for 2024. The company reported Group Revenue of $120 million, exceeding its earlier projection of $117 million. Furthermore, the Group Net Loss ($26 million) and Group Adjusted EBITDA ($7 million) exceeded the forecast figures of $6 million.
Positive Outlook and Financial Flexibility
Genius Sports has increased its Group Revenue and Adjusted EBITDA projections for 2024 to $500 million and $82 million, respectively, in light of their remarkable performance. This rise from previous projection of $480 million to $75 million demonstrates the company’s confidence in its growth trajectory. Furthermore, Genius Sports reiterated its intention of generating positive cash flow in 2024.
To increase its financial flexibility, the company recently agreed to a $90 million committed revolving credit line with Citibank and Deutsche Bank. This move intends to boost Genius Sports’ market position and assist its continued expansion plans.
Mark Locke, Co-Founder and CEO of Genius Sports, expressed pleasure with the company’s first-quarter earnings and overall success. He emphasized the momentum generated from a successful 2023 and the promising forecast for 2024 and beyond. Locke stressed the need to enhance technical skills and strengthen relationships in order to fuel future growth.
Financial Highlights
| $ in thousands | Q124 | Q123 | % |
| Group Revenue | 119,718 | 97,229 | 23.1% |
| Betting Technology, Content & Services | 73,897 | 64,740 | 14.1% |
| Media Technology, Content & Services | 35,475 | 21,764 | 63.0% |
| Sports Technology & Services | 10,346 | 10,725 | (3.5%) |
| Group Net loss | (25,541) | (25,168) | (1.5%) |
| Group-adjusted EBITDA | 6,878 | 8,042 | (14.5%) |
| Group-adjusted EBITDA Margin | 5.7% | 8.3% | (260 bps) |