Genius Sports Q2 Revenue Surges 108%; Wins Temporary License In Arizona; To Power SI Sportsbook With Data

Genius Sports Ltd GENI reported second-quarter FY21 revenue growth of 108.4% year-on-year to $55.8 million, beating the consensus of $53.8 million.
Segments: Betting Technology, Content & Services revenue grew 121.6% Y/Y to $40.7 million driven by the return of sports calendars, increased market share, a higher share of wallet.
Sports Technology & Services revenue rose 105.1% Y/Y to $7.2 million, driven by synergies from Sportzcast and Second Spectrum acquisitions.
Media Technology, Content & Services revenue increased 61.7% Y/Y to $7.99 million driven by increased advertising spend in the U.S. and Europe.
The consolidated adjusted EBITDA margin expanded 70 bps to 9.3%.
EPS loss of $(3.08) missed the consensus loss of $(0.25).
Genius Sports held $275.3 million in cash and equivalents.
It used $26.6 million in operating cash flow during the six months ended June 30.
Outlook: Genius Sports sees FY21 revenue of $255 million - $260 million (prior $250 million - $260 million) versus the consensus of $255.33 million.
License and partnership: Genius Sports won a Temporary Event Wagering Supplier license from the Arizona Department of Gaming. Genius Sports can now operate in 16 U.S. states.
Genius Sports collaborated with online betting and gaming company 888 Holdings PLC EIHDF to provide its official data and trading capabilities for SI Sportsbook.
Genius Sports will provide pre-game and in-play content across top-tier U.S. sports properties, including the NBA, NCAA, NASCAR, and NFL.
Price Action: GENI shares traded lower by 6.34% at $19.95 in premarket on the last check Wednesday.

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