Genius Sports Announces Second Quarter 2023 Financial 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 second quarter ended June 30, 2023.
Highlights
- Group Revenue of $87m, exceeding second quarter guidance of $80m
- Group Net Loss of ($10m) and Group Adj. EBITDA of $16m, exceeding second quarter guidance of $14m
- Year-to-date Group Adj. EBITDA more than quadrupled year-on-year to $24m
- Raising 2023 Group Revenue and Adj. EBITDA guidance for the second consecutive quarter to $410m and $52m, respectively, up from prior guidance of $400m and $49m
- Genius expects to expand Group Adj. EBITDA Margins from 5% in 2022 to 13% in 2023
Mark Locke, Co-Founder and CEO of Genius Sports, said: “We enter the second half of 2023 having reached a significant inflection point in our business. Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC and the NFL, we have validated our core strategy, differentiated our technology stack, and proven our sustainable business model. The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets.”
