Genius Sports Reports Third Quarter Results Above Expectations and Raises Full-Year 2024 Group Revenue and Adj. EBITDA Growth Outlook to 24% and 61%, Respectively

• Group Revenue of $120m, exceeding third quarter guidance of $119m, representing 18% growth year-over-year
• Group Net Income of $13m and Group Adj. EBITDA of $26m, exceeding guidance of $25m and increasing 45% year-over-year
• Raised 2024 Group Revenue and Adj. EBITDA guidance to $511m and $86m, respectively, representing growth of 24% and 61% and nearly 400bps of margin expansion
• Reaffirming expectation to generate positive cash flow in 2024
• Agreed improved commercial terms with all major U.S. sportsbook customers and many others across the globe

LONDON & NEW YORK: Genius Sports Limited (NYSE:GENI) (“Genius Sports” or the “Group”), the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal third quarter ended September 30, 2024.

“Our strong results are underpinned by our successful commercial execution, positioning us to capture profitable growth alongside our partners as the sports betting industry continues to evolve and expand,” said Mark Locke, Genius Sports Co-Founder and CEO. “We are empowering partners across the sports ecosystem to better reach, engage, and monetize fans using our innovative technology and unique data-driven insights.”

Q3 2024 Financial Highlights

• Group Revenue: Group revenue increased 18% year-over-year to $120.2 million.
  • Betting Technology, Content & Services: Revenue increased 30% year-over-year to $85.6 million, driven primarily by higher customer utilization of Genius’ available content, combined with growth in business with existing customers as a result of price increases on contract renewals and renegotiations.
  • Media Technology, Content & Services: Revenue decreased 4% year-over-year to $22.1 million.
  • Sports Technology & Services: Revenue decreased 3% year-over-year to $12.4 million.
• Group Net Income: Group net income was $12.5 million in the third quarter ended September 30, 2024, representing a $24.1 million increase compared to the ($11.6 million) loss in the third quarter ended September 30, 2023.
• Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $25.7 million in the quarter, exceeding guidance of $25.0 million. This represents a 45% increase compared to the $17.7 million reported in the third quarter ended September 30, 2023 and 400 basis points of margin expansion.

Q3 2024 Business Highlights

• Announced new long-term deal with ESPN to help transform live, data-driven storytelling for NCAA sports and enhance broadcasts for the NBA and WNBA
• Partnered with Reddit to power new sports scores feature with official NFL data, bringing the power of live game data to real-time fan conversations
• Appointed Mark Kropf as Group Chief Technology Officer, joining from Google's Office of the Chief Technology Officer
• After the reporting period:
  • Agreed improved commercial terms with all major U.S. sportsbook customers and many others across the globe
  • Launched FANHub, the world’s first advertising and activation platform custom-built to reach and engage sports fans
  • Partnered with The Los Angeles Rams to provide fans with augmented, data-driven in-game highlights within SoFi Stadium
  • Appointed former President of Microsoft's Entertainment & Devices Division, Robert J. Bach, as an Independent Director

Financial Outlook

Genius Sports expects to generate Group Revenue of approximately $511 million and Group Adjusted EBITDA of approximately $86 million in 2024. This implies year-over-year Group Revenue and Adj. EBITDA growth of 24% and 61%, respectively. Genius Sports also expects to generate positive cash flow in the full year of 2024.