Genius Sports Limited (NYSE:GENI) (“Genius Sports,” "Genius" or the “Group”), the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting an...
Autore: Business Wire
LONDON & NEW YORK: Genius Sports Limited (NYSE:GENI) (“Genius Sports,” "Genius" or the “Group”), the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal first quarter ended March 31, 2025.
“This quarter demonstrates the strong execution of our strategic objectives, as we continue our technology distribution, product innovation, and commercial momentum,” said Mark Locke, Genius Sports Co-Founder and CEO. “Our largely fixed cost base, coupled with several durable growth drivers, reinforces our confidence in delivering sustainable growth, profitability, and cash flow in 2025 and beyond.”
$ in thousands |
| Q125 |
|
| Q124 |
|
| % | |||||
Group Revenue |
|
| 143,991 |
|
|
| 119,718 |
|
|
| 20.3 | % |
|
Betting Technology, Content & Services |
|
| 106,543 |
|
|
| 73,897 |
|
|
| 44.2 | % |
|
Media Technology, Content & Services |
|
| 25,893 |
|
|
| 35,475 |
|
|
| (27.0 | %) |
|
Sports Technology & Services |
|
| 11,555 |
|
|
| 10,346 |
|
|
| 11.7 | % |
|
Group Net Loss |
|
| (8,198 | ) |
|
| (25,541 | ) |
|
| 67.9 | % |
|
Group Adjusted EBITDA |
|
| 19,775 |
|
|
| 6,878 |
|
|
| 187.5 | % |
|
Group Adjusted EBITDA Margin |
|
| 13.7 | % |
|
| 5.7 | % |
|
| 800 bps |
|
Q1 2025 Financial Highlights
Q1 2025 Business Highlights
Financial Outlook
Genius Sports expects to generate Group Revenue of approximately $620 million and Group Adjusted EBITDA of approximately $125 million in 2025. This implies year-over-year Group Revenue and Adj. EBITDA growth of 21% and 46%, respectively. Genius Sports also expects to increase its positive annual cash flow in the full year of 2025.
Share Repurchase Program
The Board of Directors has approved a share repurchase program to repurchase up to $100 million of ordinary shares of Genius Sports, given the strong business performance and confidence in the long-term profitability and cash flow outlook.
The timing and actual number of shares repurchased depends on a variety of factors, including price, general business and market conditions, and alternative investment opportunities, and is subject to the resolution of the shareholders adopted at our Annual General Meeting on December 12, 2024 regarding the conditions for share repurchases and any subsequent shareholder resolutions regarding Genius Sports’ repurchase of its shares. The share repurchase program does not obligate Genius Sports to acquire any particular amount of ordinary shares, and the share repurchase program may be suspended or discontinued at any time at Genius Sports’ discretion. Genius Sports expects to use current cash and cash equivalents and the cash flow it generates from operations to fund the share repurchase program.
Genius Sports Limited Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except share and per share data) | ||||||||
| ||||||||
|
| Three Months Ended March 31, |
| |||||
|
| 2025 |
|
| 2024 |
| ||
Revenue |
| $ | 143,991 |
|
| $ | 119,718 |
|
Cost of revenue |
|
| 108,789 |
|
|
| 106,911 |
|
Gross profit |
|
| 35,202 |
|
|
| 12,807 |
|
Operating expenses: |
|
|
|
|
|
| ||
Sales and marketing |
|
| 11,413 |
|
|
| 8,415 |
|
Research and development |
|
| 8,946 |
|
|
| 6,621 |
|
General and administrative |
|
| 34,535 |
|
|
| 21,585 |
|
Transaction expenses |
|
| 732 |
|
|
| 464 |
|
Total operating expenses |
|
| 55,626 |
|
|
| 37,085 |
|
Loss from operations |
|
| (20,424 | ) |
|
| (24,278 | ) |
Interest income, net |
|
| 437 |
|
|
| 666 |
|
Loss on disposal of assets |
|
| (12 | ) |
|
| (7 | ) |
Gain (loss) on foreign currency |
|
| 12,249 |
|
|
| (1,087 | ) |
Total other income (expense) |
|
| 12,674 |
|
|
| (428 | ) |
Loss before income taxes |
|
| (7,750 | ) |
|
| (24,706 | ) |
Income tax expense |
|
| (542 | ) |
|
| (1,100 | ) |
Gain from equity method investment |
|
| 94 |
|
|
| 265 |
|
Net loss |
| $ | (8,198 | ) |
| $ | (25,541 | ) |
Loss per share attributable to common stockholders: |
|
|
|
|
|
| ||
Basic and diluted |
| $ | (0.03 | ) |
| $ | (0.11 | ) |
Weighted average common stock outstanding: |
|
|
|
|
|
| ||
Basic and diluted |
|
| 248,432,320 |
|
|
| 229,326,772 |
|
Genius Sports Limited Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) | ||||||||
| ||||||||
|
| (Unaudited) |
|
|
|
| ||
|
| March 31, |
|
| December 31, |
| ||
|
| 2025 |
|
| 2024 |
| ||
ASSETS |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 209,823 |
|
| $ | 110,213 |
|
Restricted cash, current |
|
| 25,839 |
|
|
| 25,026 |
|
Accounts receivable, net |
|
| 81,594 |
|
|
| 85,491 |
|
Contract assets |
|
| 31,647 |
|
|
| 30,632 |
|
Prepaid expenses |
|
| 37,331 |
|
|
| 27,333 |
|
Other current assets |
|
| 10,360 |
|
|
| 9,902 |
|
Total current assets |
|
| 396,594 |
|
|
| 288,597 |
|
Property and equipment, net |
|
| 20,214 |
|
|
| 19,016 |
|
Intangible assets, net |
|
| 115,316 |
|
|
| 115,539 |
|
Operating lease right-of-use assets |
|
| 14,389 |
|
|
| 7,488 |
|
Goodwill |
|
| 326,011 |
|
|
| 326,011 |
|
Deferred tax asset |
|
| 1,244 |
|
|
| 1,192 |
|
Investments |
|
| 29,313 |
|
|
| 31,717 |
|
Other assets |
|
| 3,607 |
|
|
| 2,706 |
|
Total assets |
|