Genius posts strong revenue growth as US expansion continues
Total group revenue for Genius increased 28% year-on-year in constant currency. On this basis, the business’ three verticals experienced strong growth themselves 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.
“We are pleased to deliver another quarter of growth and group adjusted EBITDA profitability, and we remain on target to achieve our full-year goals set on our investor day at the start of 2022,” said Genius CEO Mark Locke. “This year has been characterised by strong execution as we continue to deploy innovative technology, win new customers and strengthen our key partnerships across the sports, betting, media and broadcasting ecosystem, all with an eye towards cost discipline and profitable growth.”
Beyond EBITDA, Genius reported a wider loss for the business. The company outlined an 87.5% increase in quarter-on-quarter losses from $4.8m to $9m amid continuing revenue growth in US and other markets. However, this increased figure is mostly driven by a combination of currency fluctuations and changes in value of warrants.
The loss is significantly below the $70.7m the company announced in net loss in the same period the previous year, but this was mostly due to lower stock-based costs, after these had been extremely high in 2021.
The company also reported a $150m cash balance in the three-month period with $10m of this total adjusted to account for currency fluctuations. For the whole year, the company is expecting to receive revenues of $340m.