Genius Sports revealed its results for the first quarter of fiscal 2023. Revenue exceeded its Q1 guidance of $92 million and totaled $97.2 million, representing growth of 13% year-over-year. This was supported by its technology, content and betting services segments, which saw a revenue increase of 30%.
The company also reported an adjusted EBITDA of US$ 8 million, more than double the US$ 3 million established as a guideline EBITDA value.
Mark Locke, co-founder and CEO of Genius Sports, said: “After a strong year of execution in 2022, we are pleased to continue our momentum to start a new year, with the first quarter of 2023 marking another period of outperformance over the our guidance. This is the year that Genius expects to significantly accelerate Adj Group’s EBITDA profitability.”
“Our first quarter results demonstrate the operating leverage of our business model, built to benefit from positive industry trends and support sustainable, profitable growth,” added Locke.
During the 1st quarter of 2023, Genius Sports was one of the founding members of the Brazilian Association of Integrity, launched to represent operators in the ongoing legalization of online sports betting in the country.
Several augmented broadcasts of Premier League matches have also been launched with NBC, Optus and Premier League Productions.
Locke continued, “As a result, I have an increased sense of confidence in our ability to achieve full-year financial targets beyond our initial expectations, prompting us to raise our outlook for 2023.”
In partnership with the NBA, Genius Sports announced a new platform on Second Spectrum technology. On the other hand, the NFL launched a portfolio of free-to-play interactive games with the company for the international market.
