Genius Sports Increases First Quarter Group Revenue and Group Adj. EBITDA by 20% and 188%, Respectively, and Maintains 2025 Outlook for 21% Group Revenue Growth and 20% Group Adj. EBITDA Margin
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...
- Group Revenue of $144m, representing 20% growth year-over-year
- Group Net Loss significantly reduced to ($8m) whilst Group Adj. EBITDA nearly tripled year-over-year to $20m
- Group Revenue growth contributed to Group Adj. EBITDA at a 53% incremental margin
- Group Adj. EBITDA margin expanded by 800 basis points year-over-year to 13.7%
- Genius Sports' Board of Directors authorized a share repurchase program of up to $100m, given the confidence in the long-term profitability and cash flow outlook
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
- Group Revenue: Group revenue increased 20% year-over-year to $144.0 million.
- Betting Technology, Content & Services: Revenue increased 44% year-over-year to $106.5 million, driven primarily by growth in business with existing customers as a result of price increases on contract renewals and renegotiations.
- Media Technology, Content & Services: Revenue decreased 27% year-over-year to $25.9 million, driven by lower programmatic and social advertising services compared to the first quarter ended March 31, 2024.
- Sports Technology & Services: Revenue increased 12% year-over-year to $11.6 million primarily driven by an increase in sales of products built on GeniusIQ technology.
- Group Net Loss: Group net loss was ($8.2 million) in the first quarter ended March 31, 2025, representing a $17.3 million improvement compared to the ($25.5 million) loss in the first quarter ended March 31, 2024.
- Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $19.8 million in the quarter, representing a 188% increase compared to the $6.9 million reported in the first quarter ended March 31, 2024 and 800 basis points of margin expansion.
Q1 2025 Business Highlights
- Announced new FANHub partnership with Deep Blue Sports + Entertainment, allowing brands to reach and engage women’s sports fans
- Launched data-driven broadcast mode, Data Zone, for Ligue 1 McDonald's
- After the reporting period:
- Genius Sports confirmed as the exclusive provider of official NCAA data to licensed sportsbooks for March Madness and all post-season tournaments through 2032
- Launched BetVision for Soccer to transform live betting and fan engagement for the world's most popular sporting events
- Premier League introduced semi-automated offside technology after non-live testing and live operation in FA Cup
- FANHub to promote the 2025 Indianapolis 500, following renewed partnership with EchoPoint Media
- Unveiled 3D immersive analysis technology with Performance Studio update, transforming player analysis and development
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 |
|
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