Genius Sports’ Q2 Results Show Strong Growth
Sports data and tech company Genius Sports posted its financial results for the second quarter of the year. The company recorded high revenues, while its losses plummeted.
Genius Sports’ Revenues Increased
Genius Sports said it earned $71.1 million during the second quarter of the year. Notably, this number represents a 27% increase on the 2021 results for the same period. AEBITDA also went up, the company reported, with Q2 2022 AEBITDA experiencing a 61% year-on-year growth to $8.4 million.
Genius Sports was able to maintain a positive EBITDA thanks to its cost control and continued investment in the lucrative US market. The company was also able to prevent heavy losses. Genius Sports’ net loss for the period was only $4.8 million. For reference, the company lost almost twice as much during the second quarter of 2021. Genius Sports attributed the lower net losses to its reduction in stock-based compensation.
Taking a look at how Genius Sports’ vertical performed segment by segment, we see that the company’s betting technology, content and service revenue increased by 10% to $44.8 million. Meanwhile, the company’s media technology, content and services revenue went up by a massive 88% to $15 million. Lastly, the sports technology and services segment brought $11.3 million to the table, which represents a 57% increase from last year’s results.
Mark Locke Projects Strong FY Results
Mark Locke, co-founder and chief executive officer of Genius Sports, said the company will continue its focus on profitable growth. He also said that his team has very optimistic projections for the first half of the year and will continue leveraging its partnerships to yield strong results.
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.
Mark Locke, CEO, Genius Sports
Genius Sports hopes to get as much as $340 million by the end of 2022 and an AEBITDA of $15 million. The company acknowledged the risks relating to exchange rates but will continue doing its best.
The current year saw Genius Sports greatly expand its business. The company managed to ink several notable partnerships in varied regions. This includes a live streaming agreement with Betsul in Brazil and a deal with Tipsport in the Czech Republic.
In other news, Genius Sports recently launched a new campaign called “Switch on Genius” that seeks to help brands activate fans.
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