Genius Sports Reports Positive 2024 Cash Flow and Q4 Results
LISTEN TO THIS ARTICLE:Genius Sports, the technology and official data provider to the gaming industry has announced it achieved group revenue of $127.2 million for the fourth quarter of 2023, an increase of 21% when compared to the same period for the previous year. The company boasts this is a continuing upward trend, and the business has enjoyed consecutive quarters of growth in revenues during the full-year results.
Other Key indicators in the statement saw Genius Sports achieve an Adjusted EBITDA of $12m which represents a rise of 349%. However, Genius Sports still showed a Net Loss which was $38m for the fourth quarter, although this has been dramatically reduced from the $127m net loss figure reported in the Q4 period in 2022.
The results included the full-year figures for Genius Sports for 2023, and the business achieved trading figures of $413m, a year-on-year increase of 21%, with Adjusted EBITDA for the group tripling to $53m. The statement highlighted the key indicator figures for 2023 had surpassed forecasts from the group.
We are excited to report our eighth consecutive quarter of financial results above expectations while demonstrating the increasing profitability of our business model and our ability to consistently execute on our strategic objectives. The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024.
Company Outlines a Positive Forecast for 2024
Throughout 2023 the business entered into several agreements after the launch of its BetVision service, which included partnerships with Caesars Sportsbook, Fanatics, and BetRivers. Part of the BetVision service is the NFL streaming platform and Genius has agreed to a partnership with FanDuel to promote this product.
Additionally, there is the recent introduction of the Edge product which is an automated pricing tool that allows sportsbook operators to maximize their earnings.
Senior leadership in the Group state they believe the partnerships and range of product launches by the business will generate revenue of $480 million and Adjusted EBITDA of $75 million in 2024 and expect to achieve profitability throughout the year, with the business reaching a positive cash flow this year.
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