Data and tech provider Genius Sports shared Thursday its financial results for the third quarter of the year. For the period ended September 30, the business reported revenues of $78.7 million, an increase of 28% year-over-year.
The business also posted an Adjusted EBITDA of $7.7 million, a significant improvement compared to the $0.4 million loss in the same quarter last year, "driven by meaningful revenue growth, disciplined cost control, and overall revenue mix." The Adjusted EBITDA margin increased to 9.7%.
At the same time, the company provided a breakdown of the group's revenue results and said that revenue from Betting Technology, Content, and Services amounted to $49.2 million, an increase of 29.6% year-over-year. This figure, the company said, was "driven by new customer acquisitions, increased utilization of available content, and expansion of value-add services and new service offerings."
Media Technology, Content, and Services revenue was $17.9 million, representing a 41% growth over 2021, "predominately organic growth driven by increasing uptake of programmatic advertising services alongside new customer wins in the quarter."
Revenue from Sports Technology and Services amounted to $11.6 million, up 6.1% year-over-year. This amount, they said, was due to "primarily driven by increased revenues derived from Second Spectrum."
Mark Locke, Genius Sports Co-Founder, and CEO
The financial report also detailed information on the figures for the first nine months of 2022 and stated that, in the first nine months of the year, the company's revenues amounted to $235.7 million, up 14% year-over-year.
Regarding the adjusted EBITDA for the first nine months of the year, officials indicated that it was $13.1 million, and a net loss per share of 37 cents compared to a loss of $4.02 in 2021.
Mark Locke, Genius Sports Co-Founder and CEO, said: "We are pleased to deliver another quarter of growth and Group Adj. EBITDA profitability and we remain on target to achieve our full-year goals set on our Investor Day at the start of 2022."
"This year has been characterized by strong execution as we continue to deploy innovative technology, win new customers, and strengthen our key partnerships across the sports, betting, media, and broadcasting ecosystem, all with an eye toward cost discipline and profitable growth," the executive added.
During the quarter the group struck new partnerships with 27 sportsbook customers, including MaximBet, Bally’s Interactive, and NorthStar Gaming. The group launched new free-to-play games in partnership with NFL organizations, including the Denver Broncos, Indianapolis Colts, Las Vegas Raiders, and Los Angeles Rams. Additionally, the company was awarded 'Live Streaming Supplier' at the SBC Awards 2022.
Subsequent to the end of the period, the company announced the extension of its partnership with bet365 with the exploratory launch of next-generation betting products powered by Second Spectrum tracking technology.
Additionally, the group expanded its official data partnership with Football DataCo to include sub-second, skeletal tracking for the English Premier League. The company also launched 'In-Play MultiBet', a new product enabling bettors to place same-game parlays during live play or game intervals.
Lastly, the business secured a new wide-ranging partnership with Australian Pro Leagues, including exclusive official data rights, integrity services, and Second Spectrum tracking technology.
Genius has also reaffirmed its expectation to generate group revenue of approximately $340 million and Group Adjusted EBITDA of approximately $15 million in 2022, despite risks related to foreign exchange rates. Moreover, the company expects revenues in the range of $430 to $440 million and Group Adjusted EBITDA of $40 to $50 million in 2023.