Genius Sports reports $105.3m in fourth quarter revenue
The CEO said the company is on track with its growth plan.
Genius Sports has published its financial results for the fourth quarter and for the 2022 fiscal year. Group revenue for both the quarter and for the year grew by nearly 25%.
During Q4, the company posted $105.3m in company revenue, reflecting an increase of 25% year-over-year.
Net loss more than doubled for the quarter when compared to last year’s Q4 results. The company ended the quarter with a net loss of $127.7m. Genius Sports attributed the increase in its net loss to a loss on foreign currency.
Adjusted EBITDA reached $2.7m during Q4, rising from a net loss of $12.5m during last year’s final quarter.
The fiscal year reflected similar trends in its results. Group revenue grew by 30% year-over-year and reached $341m.
For 2022, net loss overall totaled $181.6m, nearly one third of the total net loss in 2021. Genius Sports ended the fiscal year with a closing cash balance of $159m.
Genius Sports Co-Founder and CEO Mark Locke commented: “Our 2022 results demonstrate our commitment to executing the financial and strategic plan we outlined in our Investor Day at the start of 2022, and we have successfully delivered on our forecast each quarter.
“We remain relentlessly focused on balancing investment in our highest growth initiatives, while still demonstrating the unique operating leverage of our business model.
“Following our consistent execution in 2022 and the maturation of our technology investments, the stage is now set for 2023 to capture the immense opportunity ahead of us, afforded by the global competitive position we have built to date.”
Genius Sports currently operates in several states throughout the US, as well as in select Canadian provinces.
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