Genius Sports, the international sports data technology company, has posted revenue of $86.8 million in the second quarter (Q2) of 2023, up 22% from the same period in 2022.
In Q2 financials released today (August 7), the group also announced its net loss narrowed from $39.7 million last year to $7.8 million.
The main factor behind the overall revenue increase was a jump of 27% in the company’s income from the betting technology, content, and services sector, to $56.9 million.
Genius said this was driven by “increased customer utilization of available event content and growth in business with existing customers.”
Revenue for the three months ending June 30 also increased in the media technology, content, and services division (by 22%), as well as in the sports technology and services sector (by 3%).
Operating expenses across Q2, meanwhile, came to $32.5 million, down year-on-year from $49 million.
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The group’s adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) came to $15.7 million, an 87% increase compared to the $8.4 million reported in 2022.
The group has also outlined its full-year revenue and EBITDA projection for 2023 – it expects total revenue of approximately $410 million, and group-adjusted EBITDA of approximately $52 million.
Genius recently renewed its partnership with American football’s NFL through the end of the 2027-28 season, in which it will remain as the league’s exclusive official data partner and exclusive official Watch & Bet distribution partner.
The group also extended and expanded its official partnership with Football DataCo (FDC), the company that manages data for soccer leagues in the UK.
Mark Locke, co-founder and chief executive of Genius Sports, said: “We enter the second half of 2023 having reached a significant inflection point in our business.
“Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC and the NFL, we have validated our core strategy, differentiated our technology stack, and proven our sustainable business model.
“The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets.”
In the first quarter of the year, Genius recorded revenue of $97.2 million and a group net loss of $25.2 million.
Through the first half of 2023, the company has generated revenue of $184 million, up 17.2% from $157 million last year, while its net loss stands at $35.5 million, down 21.1% from $45 million in 2022.