Key points:
- Revenue totalled $120.2m
- Adjusted EBITDA up 45.2%
- The company agreed to improved commercial terms with a number of sportsbook customers in the US and around the world
Genius Sports has released its Q3 results for 2024, highlighting a positive period for the company.
Q3 2024 results
During the third quarter of this year, Genius Sports recorded $120.2m in revenue, which translated to an increase of 18.2% year-on-year. This was also a higher figure than the third quarter guidance of $119m.
Of the three main revenue segments, only the Betting Technology, Content & Services segment saw a rise, up 29.9% to $85.6m, representing over 70% of the total revenue generated.
This has been put down to “higher customer utilisation of Genius’ available content” as well as a growth in the business with its existing customers.
Media Technology, Content & Services revenue dipped 3.5% to $22.1m, while Sports Technology & Services revenue decreased 3.2% to $12.4m.
During Q3 2023, Genius Sports recorded a net loss of $11.6m, but in Q3 2024 it achieved a net income of $12.5m.
Adjusted EBITDA grew 45.2% to $25.7m, higher than the guidance figure of $25m. With this, Genius Sports' adjusted EBITDA margin went from 17.4% in Q3 2023 to 21.4% in Q3 2024.
Financial outlook
As a result of this third quarter report, Genius Sports has set out what it expects to generate financially by the end of this year, raising its guidance.
In total for 2024, revenue is expected to reach approximately $511m, representing growth of 24%, while adjusted EBITDA is expected to be valued at approximately $86m, which would be a rise of 61%. The company also expects to generate a positive cash flow for 2024.
Good to know: The Premier League is set to soon introduce semi-automated offside technology, which will be powered by Genius Sports
Comments
Reflecting on the results, Genius Sports Co-Founder and CEO Mark Locke said: “Our strong results are underpinned by our successful commercial execution, positioning us to capture profitable growth alongside our partners as the sports betting industry continues to evolve and expand.
“We are empowering partners across the sports ecosystem to better reach, engage and monetise fans using our innovative technology and unique data-driven insights.”
In a busy day of results, EveryMatrix, DoubleDown Interactive and IGT have also released Q3 figures.
