Genius Sports forecasts US$440m revenue by 2023

  • Genius projecting US$340m revenue for 2022
  • Data firm cites boost in business from NFL partnership

Genius Sports used its first virtual investor day to reveal an updated financial outlook for the next two years, projecting that the data and technology firm’s revenue will hit US$440 million by 2023.

Perhaps more significantly, Genius is projecting that it will make US$15 million in earnings before interest, taxes, depreciation and amortisation (Ebitda) this year, before seeing that rise to between US$40 million and US$50 million for 2023. Genius says that its current Ebitda margins are at around 20 per cent.

Although the company has not yet disclosed its results for the fourth quarter of 2021, Genius’ previous revenue projection was US$262 million, and the company says that is set to grow to US$340 million for 2022.

The third quarter of 2021 saw Genius’ revenue increase by 70 per cent to US$69.1 million. When announcing those results in November, Genius highlighted that more than 97 per cent of the US market is now using its National Football League (NFL) data exclusively.

In its latest financial outlook, the sports data firm says that its NFL data partnership can ‘create more value across the entire organisation’.

However, one down note is the recent fall in Genius’ share value, which recently hit a low of US$5.85, marking a significant drop from its peak share price of US$24.93 in May 2021.

Yet Mark Locke, co-founder of Genius, is still projecting a positive outlook.

“It is difficult to imagine this industry operating efficiently without the mission critical data and technology solutions we provide,” he said.

“We have a clear plan in place to build on this strong foundation and drive profitability for Genius Sports Group in 2022 and 2023, and I am more confident than ever in the growth opportunities ahead as we continue to expand our operations around the world.”

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