Genius Sports has reported 2023 group revenue of $413m, surpassing the initial guidance of $391m and showing a rise of 21%.
Additionally, group adjusted EBITDA more-than-tripled, reaching $53m and exceeding the initial projection of $41m, despite a group net loss of $86m.
In Q4 alone, Genius Sports recorded group revenue of $127m, also marking a 21% growth, while group adjusted EBITDA reached $12m, reflecting a substantial 349% increase.
Key contributors to Genius Sports' financial results include success in its Betting Technology, Content & Services department, which experienced a 32% year-on-year revenue rise to $86.7m.
This growth was largely fueled by new customer acquisitions, enhanced services and increased customer utilisation of event content.
Media Technology, Content & Services also witnessed an 11% revenue rise to $28.5m, primarily attributed to growth in the Americas region.
Genius Sports CEO Mark Locke commented: “We are excited to report our eighth consecutive quarter of financial results above expectations while demonstrating the increasing profitability of our business model and our ability to consistently execute on our strategic objectives.”
“The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024.”
Looking ahead to 2024, Genius Sports anticipates continued growth, with expected group revenue and adjusted EBITDA of $480m and $75m respectively.
