Genius Sports, the official data, technology, and broadcast partner for the global sports, betting, and media industry, has announced its financial results for the second quarter ended June 30, 2023. The company expects significant growth in 2023 following the renewal of key partnerships and solid financial performance in the first half of the year.
Mark Locke, Genius Sports Co-Founder and CEO, expressed confidence in the company’s strategy and highlighted the successful renewal of partnerships with FDC and the NFL. Genius Sports has proven its sustainable business model and differentiated technology stack, positioning it for long-term growth and profit targets.
For 2023, Genius Sports forecasts Group Revenue of approximately $410 million and Group Adjusted EBITDA of approximately $52 million. Furthermore, the company expects to reach a crucial turning point as it begins generating sustainable free cash flow in the second half of this year and beyond.
Genius Sports’ management will host a conference call and webcast today at 8:00 AM ET to discuss the second quarter results. The conference call can be accessed by dialing (646) 307-1963, while a live audio webcast will be available on the company’s investor relations website at investors.geniussports.com, along with the earnings press release and related materials. A replay of the webcast will also be accessible on the website within 24 hours.
Genius Sports operates as the trusted partner for more than 400 sports organizations worldwide, including major leagues such as the NFL, EPL, FIBA, NCAA, NASCAR, AFA, and Liga MX. Its technology is used in over 150 countries, creating immersive products that enhance fan experiences across the sports industry.
The company emphasizes non-GAAP financial measures, including Group Adjusted EBITDA and Group Adjusted EBITDA Margin, to assess its core operating performance and inform strategic decisions. While these measures may not be directly comparable to those used by other companies, they provide investors with useful information for evaluating Genius Sports’ operating performance against competitors.
It is important to note that this press release contains forward-looking statements subject to significant risks and uncertainties. Actual financial results or results of operations may differ materially from those expressed due to various factors, including the impact of COVID-19, changes in laws and regulations, the loss of relationships with sports organizations, potential fraud or negligence, pending litigation, and more.
In conclusion, with renewed partnerships and strong financial performance, Genius Sports expects significant growth in 2023. As a trusted partner to major sports organizations, the company’s innovative technology and global reach position it well for long-term success in the sports, betting, and media ecosystem.
