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HomeSportsGenius Sports expects to see positive free cash flow in 2024

Genius Sports expects to see positive free cash flow in 2024

Genius Sports Limited (NYSE:GENI) reported group revenue rose 20.7% year-over-year in Q4 to $127.2M, led by a 32% jump in the Betting Technology, Content & Services segment. The betting technology segment growth was driven by new customer acquisitions, growth in business with existing customers as a result of price increases on contract renewals and renegotiations, expansion of value-add services, and increased customer utilization of Genius Sports’ available event content.
Group adjusted EBITDA soared 394% to $11.96M and the adjusted EBITDA margin improved to 9.4% of sales from 2.5%. GENI’s net loss narrowed to $38.5M from a net loss of $127.7M a year ago. EPS came in at -$0.17 vs. -$0.59 a year ago.
“The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024,” noted CEO Mark Locke.
Looking ahead, Geniuis Sports (GENI) said it expects to generate group revenue of approximately $480M vs. $475M consensus and group adjusted EBITDA of approximately $75M in 2024. Notably, Genius Sports (GENI) also expects to generate positive cash flow for the full year.
Shares of Genius Sports (GENI) are up 14.2% in 2024 and are 41.8% higher over the last 52 weeks.

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