In 2023, Genius Sports reported a 21% increase in Group Revenue to $413 million, surpassing initial guidance of $391 million. Additionally, Group Adj. EBITDA more-than-tripled to $53 million, exceeding initial guidance of $41 million, with a Group Net Loss of $86 million. The Group’s Adj. EBITDA margin also increased by over 800bps year-over-year to 13%.
In Q4 2023, the Group achieved a Group Revenue of $127 million and Group Adj. EBITDA of $12 million, outperforming guidance and representing 21% and 349% growth, respectively, with a Q4 Group Net Loss of $38 million. The year-end cash position for 2023 was $126 million, an $11 million increase compared to June 2023.
Looking ahead to 2024, Genius Sports expects Group Revenue and Adj. EBITDA of $480 million and $75 million, respectively, representing 16% and 41% year-over-year growth, and nearly 300bps of margin expansion. The company anticipates generating positive cash flow for the entirety of 2024.
Genius Sports Co-Founder and CEO, Mark Locke, expressed excitement about the company’s continued financial success and strategic execution. The Business is well-positioned to benefit from growth drivers in the digital sports ecosystem in the coming year. Additional highlights include the launch of new partnerships with key players in the industry, such as BetVision with Caesars Sportsbook and Fanatics, as well as a 10-year partnership with FIBA. Genius Sports also introduced new products like ‘Edge’, an automated pricing tool for sportsbooks.
Overall, the financial results for Q4 2023 and full year 2023 demonstrate the company’s strong performance and strategic direction going forward.
