Genius Sports reports revenue of $341m for FY2022, up 41%
Genius Sports has reported total revenue of $341m for the year ended 31 December 2022, up 41% year-on-year.
The company also reported adjusted EBITDA of $16m, exceeding its annual guidance by $1m.
The operator’s US revenue also grew 60% year-on-year, which the company attributes to continued market liberalisation.
Genius also hopes to generate positive free cash flow in the second half of 2023.
Despite these marginal gains, Genius reported a net loss of $182m, up 69% year-on-year.
Its net loss for Q4 2022 was even more concerning, rising 140% to $181.6m. This “was primarily driven by a loss on foreign currency.”
These losses were somewhat mitigated by Genius’ positive Q4 2022 revenue, which was up 25% year-on-year to $105.3m.
The company’s adjusted EBITDA also saw a $15.2m improvement for Q4, compared to a $12.5m loss for the prior-year period.
Betting technology, content & services remained the company’s most lucrative business, over media technology and sports technology, generating $209.3m of the company’s full-year revenue for 2022.
Genius Sports Co-Founder and CEO Mark Locke said: “Our 2022 results demonstrate our commitment to executing the financial and strategic plan we outlined in our Investor Day at the start of 2022, and we have successfully delivered on our forecast each quarter.
“We remain relentlessly focused on balancing investment in our highest growth initiatives, while still demonstrating the unique operating leverage of our business model.
“Following our consistent execution in 2022 and the maturation of our technology investments, the stage is now set for 2023 to capture the immense opportunity ahead of us, afforded by the global competitive position we have built to date.”
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