Genius Sports is expected to enter positive cash flow in the second half of this year, after narrowing its deficit in the first quarter of 2023.
The company’s quarterly revenue rose 13% to $97.2 million (Q1 2022: $86.9 million), along with adjusted EBITDA of $8 million, representing a significant increase of 378% from the corresponding loss in Q1 2022 in the amount of $3 million, while the margin was 8%.
CEO Mark Locke said: «Following a strong year of execution in 2022, we are pleased to continue our momentum to start the new year, with the first quarter of 2023 marking another period of outperformance relative to our guidance.
The company explained that the net loss for the year was primarily driven by internet income, losses on disposals of assets that increased from $6 million to $11 million, losses from the revaluation of contingent considerations and changes in the value of warrant liabilities.
Genius claims that by the end of the year the revenues of all three segments of the company will grow. In 2022 Betting Technology will generate $256M (up from the current $209.2M), Media Technology $96M (up from $82.7M) and Sports Technology $49M, representing $400M of projected group-wide revenue.
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