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Genius Sports Reports First Quarter Results Above Expectations and Raises 2024 Group Revenue and Adj. EBITDA Guidance

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1 year ago

May 14, 2024

George Miller

Genius Sports Reports First Quarter Results Above Expectations and Raises 2024 Group Revenue and Adj. EBITDA Guidance

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Q1 Earnings 2024 Carousel 8th May

Group Revenue of $120m, exceeding first quarter guidance of $117m
Group Net Loss of ($26m) and Group Adj. EBITDA of $7m, exceeding guidance of $6m
Raised 2024 Group Revenue and Adj. EBITDA guidance to $500m and $82m, respectively, up from prior guidance of $480m and $75m
Reaffirming expectation to generate positive cash flow in 2024
Increased financial flexibility by entering into $90 million committed revolving credit facility with Citibank and Deutsche Bank

Genius Sports Limited, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal first quarter ended March 31, 2024.

“Following a strong year of execution in 2023, we are pleased to continue our momentum to start the new year, with the first quarter of 2024 marking another period of outperformance relative to expectations,” said Mark Locke, Genius Sports Co-Founder and CEO. “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.”

*$ 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)

View the full press release here.

Related Topics:Genius Sports Mark Locke Genius Sports Co-Founder and CEO

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George Miller

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.