-- Following the close of the Legend acquisition, 2026 Group Revenue and
Adjusted EBITDA guidance increased to $990 million to $1.01 billion and
$270 to 280 million, respectively
-- Full Year 2026 Group Adjusted EBITDA Margin target increased from 23%
to 28%
-- Group Revenue of $188.0m, representing 31% growth year-over-year
LONDON & NEW YORK--(BUSINESS WIRE)--May 07, 2026--
Genius Sports Limited (NYSE:GENI) ("Genius Sports," "Genius" or the "Group"), the operating system of modern sport, today announced financial results for its fiscal first quarter ended March 31, 2026.
"Our first quarter results underscore the durability and visibility of our business model, with strong revenue growth across both Betting and Media driven by long-term contracts, expanding customer relationships, and delivery of new products across the global sports and betting ecosystem," said Mark Locke, Genius Sports Founder and CEO. "With the acquisition of Legend now complete, we are expanding our platform deeper into fan engagement and participation, creating new opportunities across sports, media and iGaming. The combination strengthens our long-term growth profile, enhances monetization across our ecosystem, and is expected to drive meaningful margin expansion and cash flow over time."
$ in thousands Q126 Q125 %
---------------------- -------- ------- --------------
Group Revenue 187,952 143,991 30.5%
Betting Technology,
Content & Services 146,213 109,708 33.3%
Media Technology,
Content & Services 41,739 34,283 21.7%
Group Net Loss (55,470) (8,198) (576.6%)
Group Adjusted EBITDA 23,982 19,775 21.3%
Group Adjusted EBITDA
Margin 12.8% 13.7% (90 bps)
Q1 2026 Financial Highlights
-- Group Revenue: Group revenue increased $44.0 million year-over-year to
$188.0 million.
-- Betting Technology, Content & Services: Revenue increased 33%
year-over-year to $146.2 million, driven primarily by growth in
business with existing customers as a result of price increases on
contract renewals and renegotiations, expansion of value-add
services, growth and expansion in existing markets, and new
service offerings.
-- Media Technology, Content & Services: Revenue increased 22%
year-over-year to $41.7 million, driven by an increase in sales of
products built on GeniusIQ technology and the launch of our Moment
Engine.
-- Group Net Loss: Group net loss was ($55.5 million) in the first quarter
ended March 31, 2026, representing a $47.3 million increase compared to
the ($8.2 million) loss in the first quarter ended March 31, 2025. This
primarily reflects foreign currency movements, stock-based compensation,
and one-time Legend transaction expenses.
-- Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $24.0
million in the quarter, representing a 21% increase compared to the $19.8
million reported in the first quarter ended March 31, 2025. Group
Adjusted EBITDA Margin of 12.8% reflects the timing of growth investments,
with full-year guidance implying meaningful margin expansion in the
second half of 2026.
Q1 2026 Business Highlights
-- Delivered a record-breaking March Madness in our first year as the
NCAA's exclusive official data provider, driving increased in-play
betting, strong operator performance, best-in-class uptime, and enhanced
betting integrity
-- Integrated the Moment Engine with partners spanning agencies,
broadcasters, SSPs, and demand platforms, including Publicis Sports,
DIRECTV Advertising, Equativ, FreeWheel, Index Exchange, Magnite, OpenX,
PubMatic, and The Weather Company
-- Partnered with WPP Media to pioneer holistic sports media advertising
intelligence and launch WPP Brand Sports Momentum Score, a new
intelligence tool that identifies the right sports, audiences, and
moments to invest in to drive year-round engagement and ROI
-- Announced new partnership with Magnite, embedding official live sports
moments into scaled programmatic infrastructure
-- Entered into a wide-ranging integrity, technology and AI partnership
with the Pac-12 to power authorized betting, moment-based advertising,
and performance analysis
-- Launched BetVision for Tennis in partnership with Infront to enhance
live betting experiences
-- Launched exclusive augmented advertising platform with NBC Sports
Regional Networks, unlocking real-time AI-powered contextual advertising
on NBA broadcasts
-- After the reporting period:
-- Announced the close of the acquisition of Legend on May 1, 2026
-- Struck a landmark technology and AI partnership with Liga MX,
powering a suite of dynamic advertising, enhanced broadcast,
officiating and performance solutions to drive the future of
Mexican soccer
Financial Outlook
With the acquisition of Legend, Genius Sports expects to generate Group Revenue of $990 million to $1.01 billion and Group Adjusted EBITDA of $270 to $280 million in the full year of 2026. This is raised from prior full year 2026 Group Revenue guidance of $810 to $820 million and Group Adjusted EBITDA guidance of $180 to $190 million. This implies a Group Adjusted EBITDA Margin of approximately 28% at the midpoint, raised from the prior estimate of approximately 23%.
In the fiscal second quarter ending June 30, 2026, Genius Sports also expects to generate Group Revenue and Adjusted EBITDA of approximately $185 million and $45 million, respectively, which includes the combination of the two companies beginning May 1, 2026.
Financial Statements & Reconciliation Tables
Genius Sports Limited
Condensed Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands, except share and per share data)
Three Months Ended March 31,
--------------------------------
2026 2025
---------------- -------------
Revenue $ 187,952 $ 143,991
Cost of revenue 144,628 108,789
------------ ------------
Gross profit 43,324 35,202
------------ ------------
Operating expenses:
Sales and marketing 13,669 11,413
Research and development 11,402 8,946
General and administrative 53,915 34,535
Transaction expenses 7,503 732
------------ ------------
Total operating expenses 86,489 55,626
------------ ------------
Loss from operations (43,165) (20,424)
------------ ------------
Interest (expense) income, net (928) 437
Loss on disposal of assets (73) (12)
Impairment of equity method
investment (1,735) --
(Loss) gain on foreign currency (9,697) 12,249
------------ ------------
Total other (expense) income (12,433) 12,674
------------ ------------
Loss before income taxes (55,598) (7,750)
------------ ------------
Income tax benefit (expense) 85 (542)
Gain from equity method
investment 43 94
------------ ------------
Net loss $ (55,470) $ (8,198)
============ ============
Loss per share attributable to
common stockholders:
Basic and diluted $ (0.21) $ (0.03)
Weighted average common stock
outstanding:
Basic and diluted 269,373,708 248,432,320
Genius Sports Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
March 31, December 31,
----------- --------------
2026 2025
----------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 197,444 $ 280,559
Accounts receivable, net 109,896 130,340
Contract assets 53,439 57,358
Prepaid expenses 64,527 66,150
Other current assets 11,927 15,276
---------- ----------
Total current assets 437,233 549,683
---------- ----------
Property and equipment, net 34,825 32,322
Intangible assets, net 143,028 144,203
Operating lease right-of-use assets 28,090 28,321
Goodwill 338,049 338,049
Deferred tax asset 1,696 1,643
Investments 30,943 32,585
Other assets 3,804 3,481
---------- ----------
Total assets $ 1,017,668 $ 1,130,287
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 61,250 $ 112,246
Accrued expenses 112,916 118,017
Deferred revenue 74,602 97,098
Operating lease liabilities, current 5,011 5,024
Other current liabilities 20,178 20,498
---------- ----------
Total current liabilities 273,957 352,883
---------- ----------
Deferred tax liability 6,787 7,186
Operating lease liabilities,
non-current 25,539 25,471
Other liabilities 16,286 20,272
---------- ----------
Total liabilities 322,569 405,812
---------- ----------
Shareholders' equity
Common stock, $0.01 par value,
unlimited shares authorized,
261,644,124 shares issued and
257,538,176 shares outstanding at
March 31, 2026; unlimited shares
authorized, 250,412,239 shares
issued and 246,306,291 shares
outstanding at December 31, 2025 2,616 2,504
B Shares, $0.0001 par value,
22,500,000 shares authorized,
10,000,000 shares issued and
outstanding at March 31, 2026;
22,500,000 shares authorized,
10,000,000 shares issued and
outstanding at December 31, 2025 1 1
Additional paid-in capital 2,010,131 1,992,257
Treasury stock, at cost, 4,105,948
shares at March 31, 2026 and
December 31, 2025 (17,653) (17,653)
Accumulated deficit (1,254,578) (1,199,108)
Accumulated other comprehensive loss (45,418) (53,526)
---------- ----------
Total shareholders' equity 695,099 724,475
---------- ----------
Total liabilities and shareholders'
equity $ 1,017,668 $ 1,130,287
========== ==========
Genius Sports Limited
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31,
----------------------------------
2026 2025
---------------- ------------
Cash Flows from operating
activities:
Net loss $ (55,470) $ (8,198)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and amortization 20,980 16,396
Loss on disposal of assets 73 12
Stock-based compensation 21,258 12,835
Non-cash consideration, net (15,133) --
Non-cash interest expense, net 938 --
Non-cash lease expense 1,531 839
Amortization of contract costs 339 362
Deferred income taxes (452) (174)
Provision for expected credit
losses 747 95
Gain from equity method
investment (43) (94)
Impairment of equity method
investment 1,735 --
Loss (gain) on foreign currency
remeasurement 9,338 (12,382)
Changes in operating assets and
liabilities
Accounts receivable 21,369 3,802
Contract assets 3,919 (1,015)
Prepaid expenses 16,848 (9,998)
Other current assets 3,081 (642)
Other assets (394) (1,038)
Accounts payable (50,996) 3,302
Accrued expenses (8,372) (12,361)
Deferred revenue (27,715) (15,193)
Other current liabilities (8,653) (6,549)
Operating lease liabilities (1,341) (797)
------------ -----------
Net cash used in operating
activities (66,413) (30,798)
Cash flows from investing
activities:
Purchases of property and
equipment (5,338) (4,124)
Capitalization of internally
developed software costs (12,275) (13,349)
Distributions from equity
method investments 3,521 2,498
Purchases of intangible assets (84) --
------------ -----------
Net cash used in investing
activities (14,176) (14,975)
Cash flows from financing
activities:
Proceeds from issuance of
common shares, net of equity
issuance costs -- 144,000
Repayment of loans and mortgage -- (5)
------------ -----------
Net cash provided by financing
activities -- 143,995
Effect of exchange rate changes
on cash and cash equivalents (2,526) 2,201
------------ -----------
Net (decrease) increase in cash,
cash equivalents and restricted
cash (83,115) 100,423
Cash, cash equivalents and
restricted cash at beginning
of period 280,559 135,239
------------ -----------
Cash, cash equivalents and
restricted cash at end of
period $ 197,444 $ 235,662
============ ===========
Supplemental disclosure of cash
activities:
Cash paid during the period for
interest $ 1,216 $ 644
Cash (received) paid during the
period for income taxes $ (984) $ 919
Supplemental disclosure of
noncash investing and financing
activities:
Cash-settled withholding tax on
stock--based compensation $ 3,272 $ --
Genius Sports Limited
Reconciliation of U.S. GAAP Net loss to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
Three Months Ended
2026 2025
-------------- ----------
(dollars, in thousands)
Net loss $ (55,470) $ (8,198)
Adjusted for:
Net, interest expense (income) 928 (437)
Income tax (benefit) expense (85) 542
Amortization of acquired
intangibles (1) 2,725 2,182
Other depreciation and amortization
(2) 18,594 14,576
Stock-based compensation (3) 30,904 17,312
Transaction expenses 7,503 732
Litigation and related costs (4) 6,037 3,368
Impairment of equity method
investment 1,735 --
Loss (gain) on foreign currency 9,697 (12,249)
Other (5) 1,414 1,947
---------- ---------
Adjusted EBITDA $ 23,982 $ 19,775
========== =========
________________
(1) Includes amortization of intangible assets generated through business
acquisitions (inclusive of amortization for marketing products,
acquired technology, and historical data rights related to the
acquisition of a majority interest in Genius in 2018).
(2) Includes depreciation of Genius' property and equipment, amortization
of contract costs, and amortization of internally developed software
and other intangible assets. Excludes amortization of intangible assets
generated through business acquisitions.
(3) Includes stock options, equity-settled restricted share units,
cash-settled restricted share units and equity-settled
performance-based restricted share units granted to employees and
directors (including related employer payroll taxes) and
equity-classified non-employee awards issued to suppliers.
(4) Includes litigation and related costs incurred by Genius relating to
discrete and non-routine legal proceedings that are not part of the
normal operations of Genius' business. For the three months ended
March 31, 2026, legal proceedings included Sportscastr litigation, dMY
litigation, and Volleystation litigation (as described in Note 16 --
Commitments and Contingencies). For the three months ended
March 31, 2025, legal proceedings included Sportscastr litigation and
dMY litigation. All other legal proceedings are expensed as part of our
on-going operations and included in general and administrative
expenses.
(5) Includes severance costs, non-recurring compensation payments, tax
penalties, gain/loss on disposal of assets, professional fees for
finance transformation project, and expenses incurred related to
earn-out payments on historical acquisitions.
Webcast and Conference Call Details
Genius Sports management will host a conference call and webcast today at 8:00AM ET to discuss the Group's first quarter results.
The live conference call and webcast may be accessed on the Genius Sports investor relations website at investors.geniussports.com along with Genius' earnings press release and related materials. A replay of the webcast will be available on the website within 24 hours after the call.
About Genius Sports
Genius Sports is the official data, technology and broadcast partner that powers the global sports, betting and media ecosystem. As the operating system of modern sport, our technology is used in over 150 countries worldwide, creating highly immersive products that enrich fan experiences across the entire sports industry.
We are the trusted partner to over 1,000 organizations across the sports ecosystem, including many of the world's largest leagues, teams, sportsbooks, brands, advertising agencies and broadcasters, such as the NFL, English Premier League, NCAA, DraftKings, FanDuel, bet365, Coca-Cola, EA Sports, Publicis, WPP, CBS, NBC and ESPN.
Genius Sports is uniquely positioned through AI, computer vision and big data to power the future of sports fan experiences. From delivering augmented broadcasts and enhanced highlights, to automated officiating tools, immersive betting solutions and personalized marketing activations, we connect the entire sports value chain from the rights holder all the way through to the fan.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures not presented in accordance with U.S. GAAP.
We present Group adjusted EBITDA, Group adjusted EBITDA margin and Free Cash Flow, non-GAAP performance measures, to supplement our results presented in accordance with U.S. GAAP. Group Adjusted EBITDA is defined as earnings before interest, income tax, depreciation and amortization and other items that are unusual or not related to Genius' revenue-generating operations, including but not limited to stock-based compensation expense (including related employer payroll taxes), litigation and related costs, transaction expenses and gain or loss on foreign currency. Group adjusted EBITDA margin is defined as Group adjusted EBITDA as a percentage of Group Revenue. Free Cash Flow is defined as Group adjusted EBITDA less capitalization of internally developed software costs, purchases of property and equipment, changes in net working capital, and taxes.
Group Adjusted EBITDA, Group Adjusted EBITDA margin and Free Cash Flow are used by management to evaluate Genius' core operating performance on a comparable basis and to make strategic decisions. Genius believes these measures are useful to investors for the same reasons as well as in evaluating Genius' operating performance against competitors, which commonly disclose similar performance measures. However, Genius' calculation of Group Adjusted EBITDA, Group Adjusted EBITDA margin and Free Cash Flow may not be comparable to other similarly titled performance measures of other companies. These measures are not intended to be a substitute for any US GAAP financial measure.
We do not provide a reconciliation of non-GAAP measures on a forward-looking basis because we are unable to forecast certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items are difficult to predict and estimate and are primarily dependent on future events. The impact of these items could be significant to our projections.
Important Cautionary Note About Combined Financial Information and Projections
The projected financial information for the combined company is based on management's estimates, assumptions and projections and has not been prepared in conformance with the applicable requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. This information is provided for illustrative purposes only and should not be considered in isolation from, or as a substitute for, the historical financial statements of Genius Sports.
Our independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this press release and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. The assumptions and estimates underlying the projected information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected information. Various factors could cause actual future results to differ materially from those currently estimated by management, including, but not limited to, the risks described below and in Genius' filings with the U.S. Securities and Exchange Commission. Accordingly, there can be no assurance that our actual results will not differ materially from those presented in the projected information. Inclusion of the projected information in this press release should not be regarded as a representation by any person that the results contained in the projected information will be achieved.
Forward-Looking Statements
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements, including but not limited to statements relating to the results of the combined company, the benefits from the acquisition of Legend (the "Transaction") and our updated financial outlook. These forward-looking statements include information about our possible or assumed future results of operations or our performance. Words such as "expects," "intends," "plans," "believes," "anticipates," "estimates," and variations of such words and similar expressions are intended to identify such forward looking statements. Although we believe that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to: the outcome of any legal proceedings related to the Transaction or otherwise, including the risk of shareholder litigation in connection with the Transaction, including resulting expense; the ability of the combined company to successfully manage legal, tax and regulatory risks relating to the Transaction; difficulties and delays in integrating Legend's business into that of Genius' business; failing to fully realize anticipated cost savings and other anticipated benefits of the Transaction when expected or at all; business disruptions from the Transaction that will harm the combined company's business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the completion of the Transaction; the ability of the combined company to retain and hire key personnel; the diversion of management's attention from ongoing business operations; uncertainty as to the long-term value of the ordinary shares of Genius following the Transaction, including the dilution caused by Genius' issuance of additional shares as earn-out consideration; the continued availability of capital and financing following the Transaction; the effects of global economic, political, market, and social events or other conditions; risks related to our reliance on relationships with sports organizations and the potential loss of such relationships or failure to renew or expand existing relationships; fraud, corruption or negligence related to sports events, or by our employees or contracted statisticians; risks related to changes in domestic and foreign laws and regulations or their interpretation; compliance with applicable data protection and privacy laws; pending litigation and investigations; the failure to protect or enforce our proprietary and intellectual property rights; claims for intellectual property infringement; our reliance on information technology; elevated interest rates and inflationary pressures, including fluctuating foreign currency and exchange rates; risks related to domestic and international political and macroeconomic uncertainty; our share repurchase program; and other factors included under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2025.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements contained in this press release, or the documents or communications to which we refer readers in this press release, to reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances upon which any statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507731693/en/
CONTACT: Media
Tony Marlow, Chief Marketing Officer
+1 (917) 767-9826
tony.marlow@geniussports.com
Investors
Brandon Bukstel, Investor Relations Manager
+1 (954)-554-7932
brandon.bukstel@geniussports.com
(END) Dow Jones Newswires
May 07, 2026 07:02 ET (11:02 GMT)
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