Genius Sports, the international sports data technology company, has posted revenue above expectations for successive quarters and again raised its full-year outlook for 2024.
The group generated revenue of $95.4 million for the second quarter (Q2) of the year, which exceeded first-quarter guidance of $94 million.
The figure was also up 10% year-over-year (YoY) from $86.8 million in the same period in 2023.
The main driver behind the overall revenue increase was a rise of 18% in the betting technology, content, and services sector to $67.1 million.
This was attributed to new customer acquisitions and growth in business with existing customers as a result of price increases on contract renewals and renegotiations.
Genius’ income from the media technology, content, and services division was constant at $18 million.
However, income from the sports technology and services division decreased by 11% to $10.4 million.
For the three months ending June 30, Genius also announced a group net loss of $22 million, a difference of 112% ($10.3 million) from Q2 last year.
Meanwhile, adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) stood at $20.8 million in the quarter, in line with guidance of $21 million.
This represents a 33% increase compared to the $15.7 million reported in the second quarter last year.
Genius now expects to generate group revenue of approximately $510 million and adjusted EBITDA of approximately $85 million in 2024.
This forecasts YoY revenue and adjusted EBITDA growth of 23% and 59%, respectively.
Genius also expects to generate positive cash flow in the full year of 2024.
During Q2, Genius launched augmented broadcasts of Canadian Football League matches on the country’s TSN broadcaster to transform its coverage of the league.
The tech company also secured an agreement with European soccer’s governing body UEFA to provide AI player tracking technology in over 140 stadiums spanning 1,350 matches.
After the reporting period, private equity investment firm Apax Partners fully divested from its held stake in Genius.
The sports data and technology company yesterday finalized the renewal of its exclusive official data partnership with the UK’s Football DataCo and was also recently appointed as the semi-automated officiating supplier for English soccer’s Premier League.
Genius additionally partnered with social network giant X to launch Trend Genius, a new engagement tool aimed at advertisers ahead of summer sporting events including the Olympic and Paralympic Games.
In the first half of 2024, Genius posted revenue of $215.2 million, up 16.9% from the prior year, and net loss of $47.3 million, an increase of 33.5%.
