Genius Sports Limited on Friday unveiled financial results for its fourth quarter and full year ending December 31, 2021.
Genius, which describes itself as an official data, technology and commercial partner that powers the global ecosystem connecting sports, betting and media, said during the fourth quarter its revenue increased 78.7% year-over-year to $84m.
On a constant currency basis, the company said its Q4 revenue increased $35.7m, or 74.1% year-over-year.
The Group said its Betting Technology, Content and Services business saw revenue increase 52.9% year-over-year to $53.9m. Officials said this improvement was driven by growth in customer utilization of Genius’ event content and new customer acquisitions.
Growth also was supported by price increases powered by Genius’ official data rights strategy, expansion of value-add services, and new service offerings, the company reported.
Adjusted (non-GAAP) EBITDA decreased to a loss of $12.5m, which the company said was driven by “accelerated investment in the business.”
For full year 2021, revenue increased 75.5% year-over-year to $262.7m, with what the company said was “strong growth across all product lines.”
On a constant currency basis, revenue increased $102.5m, or 64% from 2020.
Betting Technology, Content and Services revenue increased 60.2% year-over-year to $177.2m, driven primarily by growth in business with existing customers resulting from Genius’ official data rights strategy, expansion of value-add services, and new service offerings.
The company said this segment also was supported by new customer acquisitions and increased utilization of Genius’ available event content
Adjusted EBITDA decreased to $1.6m. The company said this was due to “accelerated investment” in Q3 and Q4 to fund growth initiatives, particularly in the high-growth US business.
The company said in 2022 it expects to generate approximately $340m in revenue, with Adjusted EBITDA of approximately $15m. In 2023, it expects revenue in the range of $430m to $440m and Adjusted EBITDA of $40m to $50m.
“2021 was a transformational year that saw Genius form innovative new relationships with leagues, sportsbooks and brands alike, which allowed us to deliver record group revenue in the fourth quarter,” Mark Locke, GSL co-founder and CEO, said in a statement. “We are confident that 2022 will be another strong and profitable year as we capitalize on the growth opportunities ahead and continue to expand our services around the world.”
