Genius Sports Shares Pop On Q3 Top-Line Beat, Raises FY21 Revenue Outlook Above Consensus

Genius Sports Ltd GENI reported third-quarter FY21 revenue growth of 70.5% year-on-year to $69.1 million, beating the consensus of $62.8 million.

• Segments: Betting Technology, Content & Services revenue grew 47.5% Y/Y to $43.6 million.
• Sports Technology & Services revenue rose 158.6% Y/Y to $11.6 million.
• Media Technology, Content & Services revenue increased 114.1% Y/Y to $13.9 million.
• EPS loss of $(0.37) missed the consensus loss of $(0.12).
• Genius Sports held $234.2 million in cash and equivalents.
• "While only months into our first NFL season, we are even more confident of the long-term prospects of the partnership, CEO Mark Locke said. We are transforming the global sports betting market through our progressive investment in technological innovation, and we will continue to do so for years ahead," said CEO Mark Locke.
• Outlook: Genius Sports raised FY21 revenue from $255 million - $260 million to $257 million - $262 million, above the consensus of $256.4 million.
• The company sees adjusted EBITDA forecast to be broadly breakeven (previously $10 million - $20 million).
• Price Action: GENI shares traded higher by 3.89% at $14.17 in the premarket session on the last check Tuesday.