With a rise in top-line up 27 percent on a year-on-year basis at $71.1 million, Genus Sports reported a net loss pegged at $4.8 million, for the quarter which ended on Jun 30.
The company reported a net loss of $469 million for the same quarter the previous year.
Group revenue increased 27% year-over-year to $71.1 million and on a constant currency basis, revenue increased $21.0 million, or 42% year-over-year, the company press release read.
Mark Locke, Genius Sports Co-Founder, and CEO said: “We remain highly focused on delivering profitable growth and have executed ahead of expectations through the first half of the year. We continue to utilize our partnerships and unique technology to yield strong results and build upon our commercial strategy,”
Betting Technology, Content & Services segment revenue increased 10% (23% on a constant currency basis) year-over-year to $44.8 million, driven by increased utilization of available content, expansion of value-add services and new service offerings, and new customer acquisitions, the company statement read.
Whereas Media Technology, Content & Services segment revenue increased 88% (109% on a constant currency basis) year-over-year to $15.0 million, predominately organic growth driven by increasing uptake of programmatic advertising services.
Sports Technology & Services segment revenue grew 57% (75% on a constant currency basis) year-over-year to $11.3 million, primarily driven by the inclusion of revenues derived from Second Spectrum, as well as expanded services provided to existing sports league and federation customers across all tiers of sport.
However, the company reaffirms its expectation to generate Group Revenue of approximately $340 million and Group Adjusted EBITDA of approximately $15 million in 2022, despite risks related to foreign exchange rates, the company press release read.
The Company also expects Group Revenue in the range of $430 to $440 million and Group Adjusted EBITDA of $40 to $50 million in 2023, assuming the guidance exchange rate, where Guidance exchange rate is assumed comparable GBP:USD exchange rate of 1.35 at time of initial forecast in January 2022, the release further read.
Genus Sports Ltd, is a data, tech, and broadcast services providing business entity that empowers sports, betting, and media ecosystem, globally.