Genius Sports has published its Q1 report, for the period ending 31 March, 2024. The revenue for the data suppleir rose 23% to $119.7m, with the best performing vertical being its betting technology, content and services delivering $73.9m of the total, a 14% when compared to the same period the year prior.
Despite this, media technology, content and services saw the largest improvement with a 63% growth translating into $35.5m in revenue, which the company attributed to growing its business in the US.
Its final vertical, sports technology and services, saw a decline of 4% to $10.3m.
Read Also: Exclusive: Nurturing a Thriving Work Environment: Unveiling the Essence of Employee Relations and Workplace Well-being
The net loss for Genius Sports also grew by 1.5% to -$25.5m, although the company didn’t add any explanation for this.
The adjusted EBITDA dropped 15% to $6.9m, which Genius Sports put down to expenses related to NFL domestic streaming rights.
Genius Sports Co-Founder and CEO, Mark Locke, said: “Following a strong year of execution in 2023, we are pleased to continue our momentum to start the new year, with the first quarter of 2024 marking another period of outperformance relative to expectations. As we expand our technology footprint and work to extend one of our most important data partnerships with Football DataCo, we feel an enhanced sense of excitement and confidence in our outlook for 2024 and beyond.”
In the report, Genius Sports also explained that it expected to generate $500m in revenue for FY2024 and finish the year with $82m in adjusted EBITDA, requiring an annual increase of 21% and 54% respectively.
Finally, Genius Sports also expects to generate a positive cash flow by the end of the year.
Some business highlights for this period include acquiring exclusive Football DataCo betting rights until 2029, providing player tracking for the Women’s National Basketball Association and the Lithuanian Basketball League.
In addition, Genius Sports also released its Edge product, a suite of interactive free-to-play games and just after this period, it launched augmented, AI-powered in-game highlights in partnership with Brentford FC and its sponsor, Gtech.
