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  • Q4 2023: Genius Sports beats expectations as revenue jumps 21%
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Genius Sports exceeded expectations as it reported group revenue of $127.2m in Q4 2023, an increase of 20.7% year-on-year.

The company’s revenue is reported across three separate business divisions; ‘betting technology, content and services’, ‘media technology, content and services’, and ‘sports technology and services’.

The betting technology segment continued to be the company’s largest revenue driver, as it generated $86.7m during the quarter, up 32.3%.

The media technology division generated a further $28.6m, up 11.3%, while the sports technology division was the only segment to experience negative growth, as revenue fell by 15.8% to $11.9m.

Across the group, adjusted EBITDA more than quadrupled year-on-year from $2.7m in Q4 2022 to $12m.

That gave the group a much improved adjusted EBITDA margin of 9.4%, up from 2.5%.

Still, the business continued to declare a net loss, which this quarter came to $38.5m, down from a $127.7m net loss in Q4 2022.

Full-year results

A strong Q4 helped the business significantly outperform its previously issued guidance for full-year 2023.

At the beginning of last year, the business pointed to revenue of around $391m.

Instead, Genius generated $413m in full-year 2023, marking a 21.1% year-on-year improvement and surpassing its original guidance by 5.6%.

Full-year adjusted EBITDA was $53.3m, representing a 238% increase compared to the $15.8m reported in full-year 2022. 

Still, the business declared a full-year net loss of $85.5m, though that represented a significant improvement on the $181.6m net loss reported in 2022.

“We are excited to report our eighth consecutive quarter of financial results above expectations, while demonstrating the increasing profitability of our business model and our ability to consistently execute on our strategic objectives,” commented co-founder and CEO Mark Locke.

“The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024.”

Looking ahead to this year, the business has issued new guidance pointing to full-year revenue of $480m and adjusted EBITDA of $75m.

The business also said it expects to generate positive cash flow for the full year.

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