Genius Sports (NYSE: GENI), the sports data and technology company, released Q3 earnings earlier today, and despite increasing the company’s full fiscal 2021 outlook – plunged over 24% to create a new annual low. It appears investors didn’t react well to the other details revealed in the Q3 report.
Genius delivered a record high Q3 revenue of $69.1M, totaling growth of over 70% year-on-year. Furthermore, Genius announced partnerships with Entain/BetMGM, FanDuel, Golden Nugget, Hard Rock Digital, and more – showing sustained growth and evident plans for continued expansion – with over 97% of the U.S market now using NFL data exclusively through Genius.
Based on the number of partnerships made in the last quarter and the company’s long-term outlook, Genius has increased their 2021 revenue guidance from $255-$260M to $257-$262M – equating to over 70% year-on-year growth. Perhaps the bear run had something to do with the company adjusting its EBITDA to break even from $10-$20M.
Mark Locke, Co-Founder, and CEO of Genius Sports remains positive:
“Genius Sports’ growth is accelerating at an unprecedented level that far surpasses our original expectations. We are capturing more opportunities than ever before, underpinned by the broad adoption of official data by the entire ecosystem,”
Adding…
“While only months into our first NFL season, we are even more confident of the long-term prospects of the partnership. 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.”
GENI is currently down 40% for the year, with a daily loss of over 24% – price is trading around $10.28.
