Genius Sports Exceeds Q2 Revenue and EBITDA Guidance

Genius Sports Limited, a global data, technology, and broadcast partner for the sports, betting, and media industries, has reported its financial results for the fiscal second quarter ending June 30, 2023.

Strong Q2 for Genius Sports

The company achieved group revenue of $87 million, surpassing the second-quarter guidance of $80 million. Despite a group net loss of ($10 million), Genius Sports reported a Group Adjusted EBITDA of $16 million, exceeding the second-quarter guidance of $14 million.

Year-to-date, the Group’s Adjusted EBITDA has more than quadrupled compared to the previous year, reaching $24 million.

Due to its strong performance, Genius Sports is raising its 2023 Group Revenue and Adjusted EBITDA guidance for the second consecutive quarter. The revised guidance is set at $410 million for Group Revenue and $52 million for Adjusted EBITDA, up from the previous guidance of $400 million and $49 million, respectively.

Significant progress

The company anticipates expanding its Group Adjusted EBITDA Margins from 5% in 2022 to 13% in 2023, reflecting its growth trajectory and strategic initiatives.

Mark Locke, Co-Founder and CEO of Genius Sports, highlighted the significant progress the company has made in the first half of 2023: “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.”