Genius Sports Beats Expectations in Q1 2023, Raises Guidance for Financial Year

As a result, Genius Sports Limited, which specializes in official data, broadcast, tech solutions, and more, has said that its group revenue hit $97.2 million in the first quarter of the year, up from $92 million, as the company continued to expand.

Sustainable and Profitable Growth for Genius Sports in First Quarter

The company confirmed a net loss of $25.2 million and Group adjusted EBITDA of $8 million, once again exceeding the original first-quarter guidance of $3 million.

In terms of 2023 group revenue and adjusted EBITDA outlook, Genius Sports is feeling confident that the metrics will reach $400 million and $49 million respectively, up from the original guidance that had them at $391 million and $41 million respectively.

These numbers are still subject to change depending on how the company performs in the quarters to follow. Commenting on the present results, Genius Sports co-founder and CEO Mark Locke said:

Following a strong year of execution in 2022, we are pleased to continue our momentum to start the new year, with the first quarter of 2023 marking another period of outperformance relative to our guidance.

Genius Sports co-founder and CEO Mark Locke

He said that the positive results have allowed the company to demonstrate the success of its operating model, which also benefited from positive industry trends, and has led to sustainable and profitable growth.

Strong Gains Across All Main Verticals for Genius Sports

The company reported its results across three main verticals to offer a further rundown of its performance, including Betting Technology, Content & Services which hit $64.74 million in Q1 2023.

The second biggest performing vertical for the company was its Media Technology, Content & Services arm which reached $21.76 million over the first quarter. Last but not least there was the Sports Technology & Services, which hit $10.7 million for the company.

The company also had a number of great business highlights to report. Genius Sports managed to expand its NBA partnership and deepen NBA League Pass innovations. Genius provided TSN’s TSN+ with direct-to-consumer streaming products.

Another big win for the company was the fact that it had successfully negotiated a partnership with the Portland Trail Blazers, agreeing to power immersive broadcasts with Second Spectrum. The company similarly launched augmented broadcasts of the Premier League across NBC, Premier League Productions and Optus, as well as boosted fan engagement for the NFL.

Notably, Genius Sports also teamed up with the Brazilian Integrity Association to help strengthen the integrity of sports in the country at a time of rapid expansion of the regulated gambling market.