Sports data and technology company Genius Sports has reported $119.7 million in revenue for the first quarter, up 23.1 percent compared with the first quarter of 2023.
Its best-performing vertical was betting technology, which generated $73.9 million, up 14.1 percent year over year. Media technology saw the largest improvement of 63 percent, collecting $35.4 million, while revenue from sports technology fell 3.5 percent to $10.3 million.
Despite the revenue increase, the company reported a $25.5 million net loss, compared with a net loss of $25.2 million in the year prior. Adjusted EBITDA was $6.9 million, up from the $6 million guidance but down 14.5 percent from the previous year’s $8 million.
“Following a strong year of execution in 2023, we are pleased to continue our momentum to start the new year, with the first quarter of 2024 marking another period of outperformance relative to expectations,” said Mark Locke, co-founder and CEO of Genius Sports.
Genius Sports also reported its first-quarter highlights in the report, including partnerships with Football DataCO, WNBA, Lithuanian Basketball League and DVSport.
“As we expand our technology footprint and work to extend one of our most important data partnerships with Football DataCo, we feel an enhanced sense of excitement and confidence in our outlook for 2024 and beyond.”
The company expects to generate positive cash flow by the end of the year, about $500 million in revenue, and adjusted EBITDA of about $82 million.
