Genius reports 75.5% increase of 2021 revenue

Genius reports 75.5% increase of 2021 revenue

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Genius reports 75.5% increase of 2021 revenue

Genius Sports announces a revenue of $262.7mln for the full 2021, which shows an increase of 75.5 percent, compared to 2020’s $149.7mln revenue.

The revenue from gaming technology and services accounted for 177.2mln, which demonstrates a rise of 60.2 percent.

Media technology and services has seen a doubled increase annually, amounting to $48.3mln, an increase of 109.6 percent. The same is for the sports technology and services, $37.2mln in revenue with a rise of 131.7 percent.

These increases have been gained due to the acquisition of new clients from European and American regions throughout the year. The company established collaboration with NFL in April, by which the league gained 22.5mln Genius shares at a cost of $428mln.

Besides, the business gained Sportzcast and Second Spectrum, a data tracking company.

Along with the revenue, net losses and other expenses have also seen an increase. The gross loss accounted for $213.4mln. Operating expenses amounted to $359.8mln, from which $293.1mln were due to administrative and general expenses.

Marketing costs have seen a rise of 107.1 percent, which is equal to $27.2mln. Development and research expenses grew by 135.8 percent, equaling $26.5mln.

These all resulted in loss from operations to $573.2mln, while a year before it was equal to $20mln.

The chief executive of the company, Mark Locke, noted:

“The past year was a really remarkable one as our company has established partnerships with sportsbooks and leagues, due to which we managed to generate notable results. I am beyond sure that the current year will be beneficial and fruitful, as our main focus is on growth strategies and expansion to new areas all over the world”.

The supplier issued its projections for the current year in January, which stated that they expected positive revenue and EBITDA.

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