- 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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