Genius Sports posts 27% revenue increase for Q2
Genius Sports has reported revenue of $71.1m for the second quarter of 2022, a 27% increase from the prior-year period.
Betting Technology, Content & Services revenue amounted to $44.8m, a 10% increase from the prior-year period, with Media Technology, Content & Services revenue increasing 88% year-on-year to $15m. And Sports Technology & Services revenue represented $11.3m, a 57% growth from the prior-year period.
Adjusted EBITDA climbed by 61% year-on-year to $8.4m, which Genius noted was driven by “disciplined cost control, continued investment in the high-growth US business, and overall revenue mix.”
Net loss for the period was $4.8m, representing a 99% year-on-year improvement, driven primarily by a “reduction in stock-based compensation” compared to Q2 2021.
Genius Sports noted several highlights for Q2, including the securing of an official data, trading and live streaming deal with online sportsbook Betsul for the Brazilian market, and the agreement to a major expansion of the existing long-term partnership with Czech sportsbook operator Tipsport.
Furthermore, in partnership with the International Ice Hockey Federation (IIHF), the group launched the official Fantasy game for the 2022 IIHF Ice Hockey World Championship, and also welcomed former UK Minister for Sport Sir Hugh Robertson to its Business Advisory Council.
“We remain highly focused on delivering profitable growth and have executed ahead of expectations through the first half of the year,” said Genius Sports Co-Founder and CEO Mark Locke. “We continue to utilise our partnerships and unique technology to yield strong results and build upon our commercial strategy.
“We have maintained steady EBITDA profitability globally and established a leading position within the US, all while achieving EBITDA profitability at the group level. Genius has strong momentum and we feel confident in the continued execution of our strategic plan.”
The company also looked to the future in the financial update, noting: “Genius reaffirms its expectation to generate group revenue of approximately $340m and group adjusted EBITDA of approximately $15m in 2022, despite risks related to foreign exchange rates.”
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