Genius Sports Ltd released its financial results for the fourth quarter
Genius Sports Ltd. (NYSE: GENI at https://www.webull.com/quote/nyse-geni) (Genius or the Group), the authorized data, equipment, and profit-making companion that drives the global ecological inking sports, gambling, and mass media, released its financial results for the fourth quarter and full-year ended December 31, 2020 today.
Group Earnings: The Company’s sales rose 27.6% year over year to $47.0 million. Revenue rose by $9.3 million, or 24.8 percent, on a constant currency basis.
Betting Technology, Content, and Services: Revenue rose 23.4 percent year over year to $35.3 million, owing to increased consumer use of Genius’ event content as well as new customer acquisitions. Price increases fueled by Genius’ official data rights policy and the expansion of value-add services and new service offerings all aided growth.
Highlights of the Financial Year 2020
Group Sales: Group revenue rose by 30.6 percent to $149.7 million years over year, with solid increases in all product lines. Revenue rose by $34.5 million, or 30%, year over year in constant currency.
Betting Technology, Content, and Services: Revenue grew 25.2 percent year over year to $110.6 million, owing primarily to increased business with existing customers due to Genius’ official data rights plan, the extension of value-add services, and new service offerings. New customer acquisitions and increased use of Genius’ available event content have contributed to the company’s growth.
Sports Technology & Services: Revenue rose 11.8 percent to $16.1 million years over year, owing to enhanced services offered to current sports league and federation consumers at all levels of the sport.
Revenue rose 94.0 percent year over year to $23.1 million, largely due to new customers in the Americas and Europe for programmatic advertising services.
Group adjusted (non-GAAP) EBITDA rose to $17.5 million from ($6.2) million, owing to tight cost controls and lower sales and marketing expenditures in the aftermath of the COVID-19 pandemic were offset by higher data rights costs.
Highlights from the Business World
Following the reporting period, GSL announced a six-year strategic alliance with the National Football League (NFL), in which GSL will serve as the NFL’s exclusive provider of real-time official play-by-play statistics, branded Next Gen Stats data, and the NFL’s authorized game gambling data suckle to broadcasting corporations and sports betting operators around the world.
GSL expanded its scope with sports leagues and federations by acquiring Sportz cast Inc., a leading U.S. manufacturer of sports scoreboard data delivery systems, to accelerate growth through data, streaming, and media.
After starting operations in Michigan and Virginia in January 2021, Genius is now authorized to supply thirteen U.S. states. In addition, Genius has permission to supply in three U.S. tribal jurisdictions.
The NBA has prolonged its official data agreement with GSL, granting GSL non-exclusive privileges to allocate NBA and WNBA gambling facts to approved sports betting operators in the United States.
Financial Prospects
In its first-quarter results, which will be released in the coming weeks, GSL expects to revise its full-year 2021 predictions. Before investing, you can find other stocks like nyse hyln which you can check at https://www.webull.com/quote/nyse-hyln.
