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Genius Sports finishes 2022 with strong financials

10 March 2023

(PRESS RELEASE) -- Genius Sports Limited, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, announced financial results for its fiscal fourth quarter and full year ended 31 December 2022.

“Our 2022 results demonstrate our commitment to executing the financial and strategic plan we outlined in our Investor Day at the start of 2022, and we have successfully delivered on our forecast each quarter," said Mark Locke, Genius Sports Co-Founder and CEO. "We remain relentlessly focused on balancing investment in our highest growth initiatives, while still demonstrating the unique operating leverage of our business model. Following our consistent execution in 2022 and the maturation of our technology investments, the stage is now set for 2023 to capture the immense opportunity ahead of us, afforded by the global competitive position we have built to-date."

  • Group Revenue of $341m and Group Adj. EBITDA of $16m in the year ended 31 December 2022, exceeding guidance of $340m and $15m, respectively

  • 2022 Group Revenue growth of 41% at constant currency ($361m at guidance exchange rate1 guidance of $340m)

  • 2022 Group Net loss of $182m and Group Adj. EBITDA of $16m ($19m at guidance exchange rate, exceeding guidance by 29%)

  • S. revenue more than doubled year-on-year, driven by continued market liberalization, growth of in-play GGR (60% increase year-on-year), and expanded customer relationships

  • 2023 Group Revenue outlook of $391m and Group Adj. EBITDA outlook of $41m, each in-line with consensus estimates and reflective of today’s foreign exchange rates

  • The Company expects to generate positive free-cash-flow in the second half of 2023

Nick Taylor, Genius Sports CFO, added, "Our expectation of nearly tripling our Group Adj. EBITDA and generating free-cash-flow in the second half of 2023 is the direct result of a cost base that does not need to grow in-line with revenues moving forward. With $159m of total cash on our balance sheet, zero debt financing, and our legacy warrants now removed, our shareholders are well positioned to capture the benefits of profitability and cash flow acceleration.”

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Genius Sports finishes 2022 with strong financials is republished from iGamingNews.com.