Genius Sports posts $78.7m in revenue for Q3 2022
The company nearly tripled its annual revenue for the first nine months of the year.
Genius Sports has published its Q3 2022 financial and business report, as well as its results for the year to date. During the nine-month period that ended on September 30, the company almost tripled its overall revenue year-over-year.
The company reported group revenue of $235.7m during the first nine months of 2022 and $78.7m during Q3.
Over these three quarters, adjusted EBITDA climbed to $13.1m. Its adjusted EBITDA reached $7.7m in Q3.
Genius noted results for both the third quarter and the first nine months were a “significant improvement” year-over-year.
Genius Sports Co-Founder and CEO Mark Locke said the company is pleased with its financial results for the quarter and noted Genius Sports is “on target” to accomplish its annual goals.
He commented: “We are pleased to deliver another quarter of growth and group-adjusted EBITDA profitability, and we remain on target to achieve our full-year goals set on our Investor Day at the start of 2022.
“This year has been characterized by strong execution as we continue to deploy innovative technology, win new customers, and strengthen our key partnerships across the sports, betting, media, and broadcasting ecosystem, all with an eye towards cost discipline and profitable growth.”
Genius Sports turned its gaze toward new partnerships during the third quarter. The company signed agreements with 27 sportsbook customers throughout the quarter, including Bally’s Interactive, MaximBet and NorthStar Gaming.
In addition to its sportsbook deals, Genius Sport launched free-to-play games via its collaboration with several NFL teams, such as the Denver Broncos, Indianapolis Colts, Las Vegas Raiders and Los Angeles Rams.
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