While the company’s fourth quarter revenue climbed to $84m, Genius’ net loss also grew considerably, going from $13.5m for Q4 2020 to $53.3m.
And on a full-year basis, the company’s net loss grew even more considerably. Genius’ whole year revenue rose from nearly $150m to over $260m, but in that same time, its net loss skyrocketed from $30.3m to more than $590m.
The company also reported an adjusted EBITDA loss of $12.5m for Q4, a decrease driven by, it claims, “accelerated investment in the business.” Nevertheless, Genius anticipates profitability for this year and the next, as stated by its Co-Founder and CEO Matt Locke during the company’s Q4 earnings call.
“We expect to be profitable in 2022 and 2023, with group adjusted EBITDA of approximately $15m this year, and $40m to $50m in 2023,” he said.
Broken down, betting technology, content and services was responsible for the lion’s share of Q4 revenue, generating almost $53m of the quarter’s total.
Media technology, content and services, meanwhile, saw revenue double year-over-year to $17.1m, and despite posting the lowest overall amount for Q4, revenue from sports technology and services more than tripled to $13m.
This same trend was repeated on a whole year basis, with betting technology, content and services once again accounting for the majority of 2021’s revenue at $177m, while the latter two segments were responsible for $48.3m and $37.2m respectively.
Locke commented: “2021 was a transformational year that saw Genius form innovative new relationships with leagues, sportsbooks and brands alike, which allowed us to deliver record group revenue in the fourth quarter.
“We are confident that 2022 will be another strong and profitable year as we capitalise on the growth opportunities ahead and continue to expand our services around the world.”
