Genius Sports Publishes FY 2023 Financials, Exceeds Expectations Once Again

Genius Sports, a leading data, technology and broadcast partner to the global ecosystem connecting sports, betting and media, has published its results for 2023. The year ended December 31, 2023, was  very positive to the company, leading to growth across the board.

Genius Sports’ financial metrics increases substantially, with the 2023 group revenue reaching $413 million, up 21% year-on-year. This growth exceeds the initial guidance of $391 million by a large margin.

In the meantime, the company reported group adjusted EBITDA of $53 million. This represents a more than triple increase and also exceeds the initial guidance (41 million). Adjusted EBITDA margin, on the other hand, increased by over 800bps year-on-year to 13%.

Genius Sports also highlighted its Q4 2023 results, reporting group revenue of $127 million and group adjusted EBITDA of $12 million. Both of these results surpass the company’s guidance and represent growth of 21% and 349% respectively.

The sports tech and data specialist ended the year with $126 million in cash, an increase of $11 million compared to June 2023.

The Company Is Expecting a Profitable 2024

Genius Sports also posted its 2024 guidance, noting that it expects group revenue of $480 million and adjusted EBITDA of $75 million. These figures would correspond to year-on-year growth of 16% and 14% respectively, as well as to 300bps of margin expansion. Furthermore, the company expects to generate positive cash flow for the entirety of 2024.

Mark Locke, Genius Sports’ co-founder and chief executive officer, commented on the results, noting that the Q4 results represented the eight quarter of consecutive financial growth. The company’s financials continue to exceed initial expectations, demonstrating the increasing profitability of the company’s business model and ability to execute its strategic objectives.

Locke added that his company is poised for growth and expressed his optimism about the next quarters.

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.

Mark Locke, co-founder & CEO, Genius Sports

Speaking of Genius Sports, the company just signed a landmark distribution deal with Sports Information Services (SIS), a leading supplier of 24/7 live betting services. Under that deal, Genius Sports agreed to distribute SIS’s Competitive Gaming product.