Genius Sports Limited announces 27% revenue increase for Q2
The company reduced its net loss by almost 100% year-on-year.
Genius Sports Limited, a sports data and technology company, has announced its financial results for the second fiscal quarter of 2022. Genius generated a revenue of $71.1m, a 27% year-on-year increase, with its US revenue nearly quadrupling from Q2 of 2021.
The company still reported a net loss of $4.8m, which was nevertheless a big recovery from 2021’s second-quarter net loss of $464.2m. The group adjusted EBITDA of $8.4m was up 61% year-on-year from $5.2m.
Most of the company’s revenue was generated from its betting, technology and content services, which generated $44.8m, while its media and sports technology services provided $15m and $11.2m respectively.
Genius Sports has been proactive in achieving these improved results and in cutting its net loss by almost 100%. In May, it signed a partnership with online sportsbook Betsul to help power its Brazilian product and expand into Latin America.
The company’s concentration on expansion was also evidenced by its partnership with Portuguese Primeira Liga club S.L. Benfica. With this deal, it became the first sports technology company to enter into a tracking data and broadcast partnership with a Portuguese soccer team.
Genius Sports Co-Founder Mark Locke commented: “We remain highly focused on delivering profitable growth and have executed ahead of expectations through the first half of the year. We continue to utilize our partnerships and unique technology to yield strong results and build upon our commercial strategy.
“We have maintained steady EBITDA profitability globally and established a leading position within the US, all while achieving EBITDA profitability at the group level. Genius has strong momentum and we feel confident in the continued execution of our strategic plan.”
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