Genius Sports has issued its first Q1 results as a traded business on Thursday morning.
Genius Publishes Its First Q1 Report as a Public Company
Genius Sports, a sports data and analytics company, officially reported that its revenue went up by 52% in Q1 of 2021 and raised its sales forecast by 37%. It is the first quarter for the company as a publicly traded business.
Genius merged with the special purpose acquisition Company (SPAC) in October to go public, and the transaction closed in April. The company’s shares closed at $19.57 on Wednesday on the New York Stock Exchange. It recorded an increase of 20% since it went public and an increase of 96% since the announcement of its agreement to go public.
Genius with More Revenue Than Predicted by Wall Street
Genius reported $53.7 million in sales by the end of Q1, which surpasses the expected $44 million, predicted by two Wall Street analysts. In 2020, the company recorded $35.4 million for the same period.
Genius Sports recorded a net loss of $5.3 million and $7.5 million in the previous Q1. Its adjusted Ebitda is $9.3 million.
Genius co-founder and CEO Mark Locke said: “We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments.”
The company also increased its expected revenue for the year. It should come between $250 million to $260 million, compared to the expected $190 million. Its EBITDA could go as high as $45 million, compared to the $35 million it indicated earlier.
Genius will have a one-time cost of going public in the US and could lower its bottom line EBITDA range to $22 million for the year.
Genius’s sales come primarily from betting technology, services, and content, with an increase in those sectors of 42% to $39 million. The company’s sports technology sales increased to $5.4 million of almost 42%, and its media technology and services doubled to $9.4 million due to new customer acquisitions.
Genius Sports Covers around 240, 000 Sporting Events
Founded in 2000, Genius Sports is a company that specializes in sports data analytics and covers around 240,000 sporting events annually. It has collaborations with +650 leagues and sports betting companies. Its data used for sports betting and fantasy gaming also helps other companies or leagues create the best promotions and engage more with their fans, improving their game analytics and competitive strategies.
This year, Genius Sports recently became the official leading supplier of sports betting data for the Basketball Africa League (BAL). In May, the company acquired the free-to-play games and fan engagement solutions provider FanHub Media Holdings.
Locke said that the company has an opportunity to utilize its leading portfolio of sports data, which is supported by its unique technology and growing network.