Genius Sports has published its financial results for 2023’s second quarter. Group revenue for Q2 surpassed its $80m guidance projection and reached a total of $86.8m. This quarter’s group revenue reflected a 22.1% increase when compared to total revenue from last year’s corresponding quarter.
At the end of Q2, the company quadrupled its year-to-date adjusted EBITDA year-over-year. Genius Sports posted $23.7m in year-to-date adjusted EBITDA. Adjusted EBITDA for the second quarter reached $15.6m.
Genius Sports reported a group net loss of $10m during the quarter, although this was a significant year-over-year improvement.
Company Co-Founder and CEO Mark Locke took a moment to comment on Genius Sports’ quarterly results and said the company is in a position to continue its current performance level throughout the rest of the year.
He said, “We enter the second half of 2023 having reached a significant inflection point in our business. Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC and the NFL, we have validated our core strategy, differentiated our technology stack, and proven our sustainable business model.
“The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets.”
Genius Sports recently extended its data rights deal with the NFL, along with two option years with the organization.
The amended agreement gives Genius Sports exclusive official data rights that will last through Super Bowl 2028.
Under the previous contract, Genius Sports maintained data right to the brand for a four-year period, with the option for another two option years.
