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Genius Sports sees 2000% EDBITA increase in Q3

Genius Sports has revealed its Q3 results, which show a 13% increase in quarterly revenue.

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Throughout Q3 2022, Genuis has made $78.6m in group revenue, up from the $69.1m it made during the same period last year.

Meanwhile, its adjusted EBITDA has seen a huge 2,000% increase since Q3 2021, posting a $7.6m figure for 2022, against -$392,000 in 2021.

Mark Locke, Genius Sports Co-Founder and CEO said of the report: “We are pleased to deliver another quarter of growth and group adjusted EBITDA profitability, and we remain on target to achieve our full-year goals set on our Investor Day at the start of 2022.

“This year has been characterised by strong execution as we continue to deploy innovative technology, win new customers, and strengthen our key partnerships across the sports, betting, media, and broadcasting ecosystem, all with an eye towards cost discipline and profitable growth.”

Furthermore, for the nine months ending in September, Genius Sports is up 31% from 2021, reporting revenue of $235m for 2022 against $178m last year. However, due to poor EBITDA performance, the $13.1m it has posted in 2022 so far is 7% worse off than last year, when it posted a $14m figure.

The Q3 report shows a lot of positives for Genius Sports, but the shaky EBITDA is still a cause for concern, despite a significant rise between Q3 2021 and Q3 2022. The fact that it is still down from 2021 will draw eyes, but, otherwise, the business looks to be in good shape moving forward.

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