Genius Sports ahead of expectations in Q1 2023

9 May 2023

(PRESS RELEASE) -- Genius Sports Limited (“Genius Sports” or the “Group”), the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal first quarter ended 31 March 2023.

“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,” said Mark Locke, Genius Sports Co-Founder and CEO. "2023 is the year in which Genius expects to significantly accelerate Group Adj. EBITDA profitability and rapidly expand margins. Our first quarter results demonstrate the operating leverage of our business model, built to benefit from positive industry trends and support sustainable, profitable growth. As a result, I have a greater sense of confidence in our ability to achieve full-year financial targets beyond our initial expectations, leading us to raise our 2023 outlook."

Q1 2023 Financial Highlights:
  • Group Revenue: Group revenue increased 13% year-over-year to $97.2 million. On a constant currency basis, revenue increased $15.6 million, or 19% year-over-year.
  • Betting Technology, Content & Services: Revenue increased 30% (39% on a constant currency basis) year-over-year to $64.7 million, driven by new customer acquisitions and growth among existing customers as a result of price increases on contract renewals and renegotiations.
  • Media Technology, Content & Services: Revenue decreased (10%) (7% decrease on a constant currency basis) year-over-year to $21.8 million, due to lower advertising spend relative to the first quarter of 2022.
  • Sports Technology & Services: Revenue decreased (11%) (7% decrease on a constant currency basis) year-over-year to $10.7 million, due to lower revenues from non-cash consideration contracts.
  • Group Net Loss: Group net loss was $25.2 million in the quarter compared to a net loss of $40.2 million in the first quarter ended 31 March 2022.
  • Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $8.0 million in the quarter vs. $3.0 million guidance. This represents a $10.9 million improvement compared to the $2.9 million loss in the first quarter ended 31 March 2022.

Q1 2023 Business Highlights:
  • Expanded NBA partnership to deepen NBA League Pass innovations and develop a new next generation platform built on Second Spectrum technology
  • Supplied TSN’s new TSN+ direct-to-consumer streaming product with real-time data-driven broadcast overlays for the NFL Playoffs and Super Bowl LVII
  • Launched suite of NFL free-to-play interactive games to grow its international fan base
  • Clinched a new partnership with the Portland Trail Blazers to power immersive broadcasts through Second Spectrum optical tracking technology
  • Introduced Genius Marketing Suite, an all-in-one fan engagement engine specifically developed to transform how a range of partners identify, engage, and retain sports fans
  • Launched augmented broadcasts of English Premier League matches with NBC, Optus, and Premier League Productions
  • Launched a Brazilian Integrity Association to protect the future of sports amidst regulation of online sports betting

Financial Outlook:
Genius expects to generate Group Revenue of approximately $400 million and Group Adjusted EBITDA of approximately $49 million in 2023. The Company is also maintaining its expectation to generate positive free-cash-flow in the second half of 2023.


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