enius Sports on Thursday reported a 52% year-on-year revenue increase to $53.7 million during the first quarter of the year. The group's adjusted EBITDA increased 414% year-over year to $9.3 million from $1.8 million.
The company, which completed its NYSE listing in March, raised its full-year 2021 forecasts, as it targets corporate revenues of $250 to $260 million (up from previous guidance of $190 million) and adjusted EBITDA of approximately $10 to 20 million.
Genius Sports saw double-digit metric growth across all core divisions, as its Betting Technology, Content & Services unit recorded a 42% increase in revenues to $39 million, driven by price increases on contract renewals and renegotiations of Genius’ official data rights strategy and the expansion of its value-added services for clients.
Sports Technology & Services' revenue increased 41.6% year-over-year to $5.4 million, and Media Technology, Content & Services' revenue was up 127% year-over-year to $9.4 million.
Q1 period highlights saw Genius secure a six-year strategic partnership with the National Football League (NFL) to become the league’s exclusive distributor of commercial play-by-play statistics to global wagering and broadcast partners.
“We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments,” Mark Locke, Genius Sports Co-Founder and CEO said in a press release. “There is a significant opportunity to utilize our leading portfolio of official sports data, supported by our unique technology, scale and growing network of industry partners. Our strategy of powering the global sports data ecosystem has supported our growth in the quarter, and we’re confident in our ability to continuously improve our end-to-end solution and deliver on our increased guidance for the year.”