Genius Sports Reports Strong Revenue Growth in 2024
Genius Sports has announced its financial results for Q4 and the full year of 2024, highlighting significant revenue growth and an improved financial position. The company saw strong performance across key segments, driven by increased demand for its betting technology and services.
Q4 Revenue Growth Led by Betting Technology
In the fourth quarter of 2024, Genius Sports generated $175.5 million in group revenue, marking a 38% increase from $127.2 million in Q4 2023.
The betting technology, content & services segment drove this growth, with revenue rising 48% year-over-year to $128.2 million.
The media technology, content & services segment saw a modest 4% increase, reaching $29.8 million, while the sports technology & services segment recorded a 47% rise to $17.6 million.
Genius Sports reported a net loss of $28.2 million for the quarter, an improvement from the $38.5 million loss in the same period last year.
Meanwhile, adjusted EBITDA surged by 171% to $32.4 million, with an adjusted EBITDA margin of 18.4%, reflecting a 900 basis point improvement.
Full-Year 2024 Performance
For the full year, Genius Sports reported $510.9 million in group revenue, a 24% increase from 2023.
The betting technology segment continued to be the primary driver, growing by 29% to $354.9 million.
The media technology, content & services segment increased by 15% to $105.3 million, while the sports technology & services segment grew by 8% to $50.7 million.
The company’s net loss narrowed to $63 million, a 26% improvement from the $85.5 million loss reported in 2023.
Adjusted EBITDA reached $85.7 million, up 61% year-over-year, with an adjusted EBITDA margin of 16.8%.
Strengthened Financial Position
As of 31 December 2024, Genius Sports held $135 million in cash, cash equivalents, and restricted cash, reflecting a $9 million increase from the previous year. The company also generated $82 million in cash flow from operating activities, marking a more than fivefold increase compared to 2023.
Outlook for 2025
Co-Founder and CEO Mark Locke described 2024 as a pivotal year for the company’s commercial execution.
“2024 was a defining year for commercial execution, with the renewal of key contracts and reinforcement of our solid infrastructure that lays the foundation for sustainable growth and profitability over the next several years.
“We have consistently exceeded expectations, bolstered our technology advantage and strengthened our balance sheet, now positioning Genius Sports for continued success in 2025 and a clear path to achieve greater scale.”
With strengthened financials and continued revenue growth, Genius Sports is poised for further expansion in the coming year.