Genius Sports increased its full-year 2026 guidance after reporting a 30.5% rise in Q1 revenue, supported by growth across betting technology and media operations.
For the three months ending March 31, 2022, Genius Sports’ revenue totalled $188 million, up from $144 million during Q1 2021, with an adjusted EBITDA of $41.7 million, up by 21.3% year on year.
Genius says its revenues grew due to an expansion of customer relationships, long-term contracts and new demand for fan engagement and advertising solutions for live sports broadcasting.
After the quarter ended, Genius completed the $1.2 billion acquisition of Legend and is confident that will enhance its leadership position in sports data, video and advertising, and iGaming.
Founder and CEO Mark Locke said the acquisition expands the company deeper into fan engagement and creates new monetisation opportunities across its ecosystem.
The group generated $46.2 million in revenue from its betting technology segment during Q1, a 33.3% increase versus Q1 2021. The media technology segment also reported revenues of $41.7 million, a 21.7% increase versus Q1 2021, driven by growth in GeniusIQ products and launch of its Moment Engine – an artificial intelligence-powered product.
Despite record revenues, the group experienced increasing operating losses primarily due to acquisition-related costs and foreign currency fluctuations. For the quarter, Genius reported a net loss of $55.5 million.
On the back of the Legend acquisition, Genius raised its full-year guidance considerably and now expects total revenue of $990 million to $1.01 billion and adjusted EBITDA of $270 million to $280 million.
