Genius Sports — the official data, technology and broadcast provider for sports, betting and media — released its second quarter 2022 financial results report, where it reported revenue of $71.12 million for the second quarter of 2022, a growth of 27.3% compared to the previous year.
The report also detailed that adjusted EBITDA for the second quarter was $8.4 million, reflecting growth of 61.1%, “driven by disciplined cost control, continued investment in the high-growth US business and revenue overview”. Adjusted EBITDA margin stood at 11.8%.
On net loss, the report detailed it at $4.7 million. “This represents a 99% improvement over the previous year, driven primarily by a reduction in share-based compensation compared to the second quarter ended June 30, 2021,” Genius Sports said in a statement.
The company also provided a breakdown of the group’s revenue results, saying that Gaming Technology, Content and Services revenue was $44.8 million, up 10.2% year-on-year. This number, according to the company, was “driven by greater utilization of available content, expansion of value-added services and new service offerings, as well as new customer acquisitions.”
Media Technology, Content and Services revenues were $14.9 million, reflecting an 87.8% growth over 2021, “predominantly organic and driven by increasing adoption of programmatic advertising services”.
Sports Technology and Services revenue reached $11.3 million, an increase of 57% over the previous year. This figure was due to the “inclusion of Second Spectrum revenues, as well as the expansion of services provided to customers of existing sports leagues and federations at all levels of sport”.
The first half of 2022 from Genius Sports
The financial report also reported the figures for the first half of 2022 and detailed that, in the first six months of the year, the company’s revenue was US$ 157 million, an increase of 43.3%.
Adjusted EBITDA for the first half of the year was US$5.5 million, reflecting a decrease of 62.1% compared to 2021. Net loss was US$44.9 million, an improvement of 90.4% .
Meanwhile, the report also indicated that Gaming Technology, Content and Services revenue for the first half of 2022 was $94.5 million, up 18.7% from 2021. Services were $39.1 million, up 125.4%.
Finally, Sports Technology and Services revenue was $23.4 million, reflecting an 85.5% year-over-year growth, the report said.
Genius Sports co-founder and CEO Mark Locke commented, “We remained focused on profitable growth and exceeded expectations during the first half of the year. We continue to utilize our partnerships and unique technology to deliver strong results and build on our commercial strategy.”
“We maintain consistent EBITDA profitability globally and establish a leading position in the US, while achieving EBITDA profitability across the group. Genius has strong momentum ahead and we feel confident in the continued execution of our strategic plan,” added the executive.
