US-based sports betting and gaming platform Genius Sports has reported a 28% year-on-year increase in total group revenue for the first quarter of the financial year. The company’s total revenue for the quarter increased from $4.8 million to $9 million. In adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), the business achieved profitability, reporting $ 7.7 million compared to the $392,000 loss Genius announced the same period the previous year.
The total revenue for Genius increased in constant currency. The sports, media and betting industries experienced strong growth, with betting revenues rising by 13%, media by 41% and sports by 6%.
In adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), the business achieved profitability, reporting $7.7m compared to the $392,000 loss Genius announced the same period the previous year.
Genius CEO Mark Locke said that they were pleased to deliver another quarter of growth and group adjusted EBITDA profitability, and that they remained on target to achieve their full-year goals. This year has been marked by strong execution as we continue to deploy innovative technology, win new customers, and strengthen key partnerships across the sports, betting, media, and broadcasting ecosystems, all while maintaining a focus on cost discipline and profitable growth.
Genius reported a bigger loss for their business. The company outlined an 87.5% increase in quarter-on-quarter losses due to continued revenue growth in the US and other markets. Currency fluctuations and changes in the value of warrants are some of the reasons for the increased figure.
The company announced a net loss of $70.7 million in the same period the previous year, but this was mostly due to lower stock-based costs after they had been extremely high.
The company reported a $150 million cash balance in the three-month period with $10 million of this total adjusted to account for currency fluctuations. The company expects to receive $340m in revenues for the year.