Genius Sports releases Q2 2023 report; revenue up, net loss down

The supplier of official data has released its Q2 financial results for 2023, including revenue of $86.8m.

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Genius Sports has released its Q2 reports for 2023, with the fiscal quarter ending 30 June.

Total revenue for Genius Sports saw a 22% increase up to $86.8m in Q2, which exceeded the guidance amount of $80m.

Out of its three main branches, betting technology, its associated content and services had the largest growth, with a 27% improvement year-on-year.

Its media technology, content and services section reported a 22% increase and its sports technology and services rounded the group out with a 3% increase.

Mark Locke, Genius Sports Co-Founder and CEO, 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.”

The net loss for the company this Q2 totalled $10.3m, a 117% improvement from the previous year’s amount.

Finally, the adjusted EBITDA amount was $15.6m, an 87% rise year-on-year, while H1 adjusted EBITDA settled at $23.7m, a 333% increase from H1 2022.

Business highlights from this Q2 period include the extension of several pre-existing partnerships between Genius Sports and others, including the NFL, The German Football Association, Football DataCo and an expansion of technology between Genius Sports and the English Premier League.

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