British digital sports content, technology, and integrity services provider, Genius Sports, announced that its U.S. operations increased three times in Q3 2022 when compared to the same period last year. According to the company, its sales and earnings exceeded Wall Street expectations for the subject period.
Q3 revenue exceeded expectations:
The company generated revenue of $235.7 million in Q3 2022 experiencing a 14% increase against the management’s forecast relying upon the figure of $231 million before the quarter. Net loss settled down at 4 cents a share to exceed the 7-cent loss expected across the industry and the analysts’ data available in the public domain.
In a press release earlier today, Genius founder and CEO Mark Locke advised key driving factors for the Q3 revenue upturn: “This year has been characterized 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.” Locke added: “We remain on target to achieve our full-year goals set on our Investor Day at the start of 2022.”
Media business – best performance:
Genius’ primary business, betting technology, content, and services, accounted for 63% of its revenue, but its media business rendered the best performance over the given period. Media sales grew by 29% to reach $17.9 million, representing an 83% increase on a year-to-year basis.
The company explained that the three-times larger Q3 2022 sales in comparison to the same period in 2021 were mainly organically boosted by customer portfolio expansions. Another successful driver may be the company’s programmatic advertising services allowing customers to target desirable groups of consumers on websites and social media.
Sports betting remained sluggish:
As Genius’ media business was booming, sports betting performance was consistently moderate over the year due to investors’ concerns about the market value and industrial spending. As requested by Wall Street, Genius showed financial progress to get closer to this year’s profitability goal.
Reaching the 2022 full-year goal:
With the latest Q3 result, the company posted its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) income of $7.7 million. Overall in 2022, the provider’s operations experienced a 32% increase to 2021. With total sales of $235.7 million, adjusted EBITDA of $13.1, and only a 37-cents-a-share downfall, Genius is on a steady path to cross the 2022 finish line as intended.
Genius set the finish line at the $430 to $440 million revenue level even with the volatile currency performance.
With the giant step made beyond expectations in Q3 2022, the finish line seems set at walking distance.
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