Genius Sports reports Q1 revenue up 52% YOY
Technology company raises 2021 revenue guidance by 35%.
Genius Sports Limited said its revenue for the first quarter of 2021 increased 52% year-over-year to $53.7m.
The provider of data and technology that powers the global ecosystem connecting sports, betting and media released its financial results for the quarter ending March 31.
Mark Locke, GSL co-founder and CEO, said after a “strong” Q1 the company raised its full-year 2021 revenue guidance by 35%, from $190m to a range of $250m-$260m.
For Q1, its group adjusted EBITDA was up 414% year-over year to $9.3m, although it did have a net loss of $5.3m.
Highlights of the quarter including signing a two-year marketing partnership with FanDuel to deliver data-driven, targeted advertising.
In addition, GSL acquired FanHub and Second Spectrum, which it said would diversify its offering and enhance capabilities.
“We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments,” Locke said in a statement. “There is a significant opportunity to utilize our portfolio of official sports data, supported by our technology, scale and growing network of industry partners. Our strategy of powering the global sports data ecosystem has supported our growth in the quarter, and we are confident in our ability to continuously improve our end-to-end solution and deliver on our increased guidance for the year.”
After the reporting period, Genius Sports announced a six-year strategic partnership with the National Football League, through which Genius will be the NFL’s exclusive distributor of real-time official play-by-play statistics, proprietary Next Gen Stats (NGS) data, and the NFL’s official sports betting data feed to media companies and sports betting operators globally.
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