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LONDON and NEW YORK – Genius Sports Limited (NYSE:GENI)'s fourth quarter results beat market expectations, with revenue of $127.2 million, up 20.7% year-over-year and in line with analyst consensus1 Just over $26.12 million. .
Despite a net loss of $38.5 million, down from $127.7 million a year ago, the company's adjusted EBITDA jumped to $12 million, exceeding guidance of $11 million and a significant 349% year over year. showed significant growth.
The company's overall full-year results also reflected positive trends, with group revenue increasing 21% to $413 million, exceeding the initial guidance of $391 million. Adjusted EBITDA for the year more than tripled to $53 million, exceeding the initial estimate of $41 million and the latest estimate of $53 million. Adjusted EBITDA margin increased by more than 800 basis points year over year to 13%.
Genius Sports' betting technology, content and services divisions contributed significantly to the growth, with revenue up 32% year-on-year. Media technology, content and services also increased by 11%, while sports technology and services decreased by 16%.
Looking ahead, Genius Sports expects a strong 2024 with group revenue of approximately $480 million in 2024, representing 16% year-on-year growth and exceeding the analyst consensus of $474.4 million. Masu. The company also expects adjusted EBITDA to be $75 million, representing a 41% year-over-year increase and nearly 300 basis points of profit expansion. Additionally, the company expects him to generate positive cash flow through 2024.
The stock reacted positively to the news, rising modestly by 0.85%, reflecting investor optimism about sales growth and bright prospects for next year.
Mark Locke, co-founder and CEO of Genius Sports, said: “We have achieved eight consecutive quarters of positive growth in our forecast, demonstrating the profitability growth of our business model and our ability to consistently execute on our strategic goals.'' We are pleased to report financial results that exceed our expectations.” Locke also expressed confidence in the structural growth drivers across the digital sports ecosystem and the company's positioning to benefit from that momentum heading into 2024.
The company's strategic partnerships and product launches, including Caesars (NASDAQ:) Sportsbook, Fanatics, BetVision with BetRivers and a 10-year partnership with FIBA, are critical to driving growth. Genius Sports' innovative solutions, such as Edge, an automated pricing tool for sportsbooks, further underscore the company's commitment to leveraging technology for profitability and customer engagement.
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