Genius Sports has reaffirmed its 2024 full-year guidance, achieving its IPO objective of generating positive cash flow on the NYSE.
The company expects revenues of $511m and an adjusted EBITDA of $86m, exceeding its earlier Q1 guidance of $480m in revenues and $75m in adjusted EBITDA.
Genius Sports has strengthened its position in the US market by renewing contracts with leading sportsbook operators FanDuel and DraftKings on improved terms.
The media division also launched ‘FANHub,’ which is described as the world’s first advertising and activation platform designed to engage sports fans, enhancing its capabilities in digital fan engagement and advertising.
The company has announced the appointment of Mark Kropf, a former Google AI technology lead, as its new Chief Technology Officer, signalling a focus on innovation and technological leadership.
In Europe, Genius Sports has renewed its principal data partnership with Football DataCo, retaining its official data rights for the English Premier League, English Football League (EFL), and Scottish Professional Football League (SPFL) until 2029.
Preliminary unaudited estimates for December 31, 2024, show cash, cash equivalents, and restricted cash totalling $135m, an increase from $69m on September 30, 2024, and $126m on December 31, 2023.
Leadership expects to maintain a positive net cash position for 2024, consistent with its previously disclosed guidance.