Genius Sports Ltd, the official sports data provider, has released its financial results for the first quarter of 2021, which show steady year-over-year growth across all main metrics.
Revenue increased 51.9 percent year over year to $53.7 million, powered by balanced growth in all major product categories, while revenue increased $15.6 million, or 40 percent, versus Q1 2020 on a constant currency basis.
In terms of betting technology, content, and services sales, the company posted a 42.1 percent year-over-year rise to $39 million. Price rises on contract renewals and renegotiations fuelled by Genius’ official data rights policy, expansion of value-add services, and innovative service offerings drove growth in business with existing customers.
One of the drivers of growth was new customer acquisitions and expanded customer use of Genius’ available event material.
Revenue from the company’s sports technology and services division increased 41.6 percent year over year to $5.4 million, helped by expanded services offered to current sports league and federation clients across all levels of sport.
Additionally, revenue from Genius’ media technologies, content, and services rose 127 percent year over year to $9.4 million, helped by the addition of new customers mainly for programmatic advertising services in the Americas and Europe.
As a result of sales growth, high operating flexibility, and disciplined cost management, group adjusted EBITDA increased to $9.3 million from $1.8 million. The organisation has revised its full-year estimates for 2021, estimating sales of $250 million to $260 million and adjusted EBITDA of $10 million to $20 million.
Superb 2021 results
Mark Locke, co-founder and CEO, told investors: “We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments. 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.”