Genius Sports reported revenue of $71.1 million in the second quarter of 2022, a 27% increase over the same period last year.
Betting Technology, Content & Services revenue increased 10% year on year to $44.8m, with Media Technology, Content & Services revenue increasing 88% year on year to $15m. Sports Technology & Services revenue was $11.3 million, a 57% increase over the previous year.
Adjusted EBITDA increased 61% year on year to $8.4 million, owing to “disciplined cost control, continued investment in the high-growth US business, and overall revenue mix,” according to Genius.
The period’s net loss was $4.8 million, a 99% year-on-year improvement driven primarily by a “reduction in stock-based compensation” compared to Q2 2021.
Genius Sports highlighted several Q2 highlights, including the signing of an official data, trading, and live streaming deal with online sportsbook Betsul for the Brazilian market, as well as the agreement to significantly expand the existing long-term partnership with Czech sportsbook operator Tipsport.
In addition, the group launched the official Fantasy game for the 2022 IIHF Ice Hockey World Championship in collaboration with the International Ice Hockey Federation (IIHF), and welcomed former UK Minister for Sport Sir Hugh Robertson to its Business Advisory Council.
“We remain committed to delivering profitable growth and have performed well in the first half of the year,” said Genius Sports Co-Founder and CEO Mark Locke. “We will continue to leverage our partnerships and unique technology to produce strong results and advance our commercial strategy.”
“We have maintained consistent EBITDA profitability globally and established a leading position in the US, all while achieving group-level EBITDA profitability.” Genius is gaining traction, and we are confident in our ability to carry out our strategic plan.”
In the financial update, the company also looked ahead, stating that “Genius reaffirms its expectation to generate group revenue of approximately $340m and group adjusted EBITDA of approximately $15m in 2022, despite risks related to foreign exchange rates.”