Genius Sports Q1 2022 results outperform predictions
With a delivered group revenue of $85.9m, the company exceeded projected numbers by 10%
Genius Sports Limited, the data, technology and broadcast partner announced the results for the first quarter of the year.
Genius Sports Co-Founder and CEO, Mark Locke stated: “Our strong first quarter is a result of successful execution.”
The company increased Group revenue by 59.9% year-over-year to $85.9m. On a constant currency basis, revenue increased by $33.6m, or 64.2% year-over-year.
In the Betting Technology, Content & Services division, revenue increased 27.6% year-over-year to $49.7m. This is attributed to price increases on contract renewals and renegotiations, expansion of value-add services and new service offerings, along with new customer acquisitions.
In Media Technology, Content & Services, revenue increased by 150% year-over-year to $24.1m. Acquisition of new customers and the inclusion of incremental revenues from recent acquisitions are to thank for this growth.
Finally, in Sports Technology & Services, revenue increased year-over-year to $12.1m. Acquisitions, such as Second Spectrum and expanded services provided to existing sports league and federation customers are responsible here.
Locke continued: “We began 2022 with a comprehensive investor day, outlining our strategic plan and underlying assumptions supporting our financial outlook. Our financial and operational achievements in the quarter demonstrate our ability to deliver on that plan and increase our competitive advantages through unique and proven technology.”
Q1 2022 business highlights include a fan engagement, official data and integrity partnership with the Mid-American Conference (“MAC”), an NCAA Division I Conference.
The company also reached a new partnership between Second Spectrum and NBA G League to deploy data tracking technology across the NBA G League venues.
Genius expects to generate Group revenue of approximately $340m and Group Adjusted EBITDA of approximately $15m in 2022.
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