A good start to trading resulted in G enius Sports increased its annualized 2021 as the newly listed NYSE company targets corporate revenues of $ 250 million to $ 260 million and Adjusted EBITDA of approximately $ 10 million to $ 20 million.
The updated forecast follows Genius's release of its first quarter trading results, in which the sports and tech group recorded 52% annualized revenue growth to $ 53.7M.
Genius recorded double-digit growth in all major divisions in the first quarter, and its title Betting Technology showed a 42% increase in revenue to $ 39 million (Q1 2020: $ 27.5 million).
Betting Technology's performance has been driven by PR Ice, increasing with contract renewals and revisions to Genius's official data rights strategy and the expansion of value-added services for customers.
During the highlights of the period, Genius entered into a six-year strategic partnership with NFL to become the exclusive distributor of the league of commercial gaming statistics to global betting and streaming partners.
Elsewhere Genius Division Sportstech registered 41% revenue increase to US $ 5.4 million (Q1 2020: US $ 3.9 million) by expanding services to existing sports leagues and federation partners operating at all levels of sport.
New customer acquisition across Europe and the Americas by Genius Media Technology ( Content Services) increased its annual revenue by 127% to $ 9.4M (Q1 2020: $ 4.1M).
Compl Following listing on the New York Stock Exchange in March, Genius will immediately follow up on its IPO by announcing successive acquisitions of a free-to-play studio FanHub and Sports Data Collection USA and Visualization Specialist Second spectrum.
The Busy Genius will close its 1Q2020 earnings that showed Group Adjusted EBITDA at $ 9.3 million, up 400% from the corresponding Q1 2020 results of $ 1.8 million. Genius praised its operating leverage and disciplined cost control, which allowed the group to maintain a trading EBITDA margin of 20. 2%.
During this period, Genius welcomed David Levy, former president of Turner Broadcaster Group, as new non-executive chairman of the board of directors - "has invaluable experience in the global sports and entertainment industry and an incredible reputation in the management of Turner's premium content portfolio."
Mark Locke, Co-Founder and CEO of Genius Sports, said: “We delivered excellent results in the first quarter of 2021, demonstrating our continued excellent momentum and strong strategic commitment.
“This is a great opportunity to leverage our leading portfolio of official sports data, backed by our unique technology, scale and growing network of industry partners. Our strategy to support the global sports data ecosystem has propelled our growth this quarter and we are confident in our ability to continually improve our end-to-end solution and meet our increased forecasts for the year. "