Revenue from the Media Technology, Content and Services division grew by 27.9%, meanwhile, to $22.9m, while the Sports Technology and Services division delivered a further $12.9m, up 11.3%.
Adjusted EBITDA for the quarter came to $17.7m, up 131.1% from Q3 2022’s EBITDA of $7.7m, as the group’s adjusted EBITDA margin grew significantly from 9.7% to 17.4%.
However, the company still delivered a net loss of $11.6m, compared to a $9m net loss in the same period last year.
Those figures brought the company’s earnings in the first nine months of 2023 to $285.8m in revenue, up 21.3% year-on-year, and $41.4m in adjusted EBITDA, up 215.3%.
Total net loss for the first three quarters equalled $47.1m, down from a $53.9m net loss in the same period of 2022.
Key events and commentary
“Our consistent outperformance reflects the execution of our core strategy as we continue to develop and distribute innovative technology across the sports ecosystem, enabling success for our partners, and further solidifying our long-term strategic position,” said Genius Sports co-founder and CEO Mark Locke.
CFO Nick Taylor added: “We have reached a critical turning point in our business as we have realised consistent margin expansion in each quarter this year and now have much higher visibility into our long-term model following the renewals and extensions of key rights partnerships.”During Q3 the company made several advancements including the launch of its new sports betting product BetVision, and the signing of a new partnership with Snap to power “immersive AR experiences with NFL data”.
The company also developed the first official Rugby World Cup fantasy game, was awarded a provisional gaming licence in Nebraska, extended its partnership with Brazil’s National Basketball League and partnered with the Ryder Cup to launch interactive gamification hub the Ryder Cup Game Zone.
Following the end of the reporting period, Genius expanded its partnership with the NFL to power on-screen graphic overlays and visualisations on its NFL+ exclusive streaming platform.
It also signed a new partnership with Premier League Productions “to deliver an enhanced live broadcast with rich tracking data insights and data-driven augmentations.”
The group expects to generate full-year revenue of around $412m in 2023, with adjusted EBITDA of around $53m.
It has also reaffirmed its expectation to generate positive free cash-flow in the second half of the year.
As of the end of Q3, the company held cash and cash equivalents of $92m.
