-- Second Quarter Group Revenue of $196m vs. guidance of $185m
-- Group Net Loss of $77m in the Second Quarter, primarily driven by
non-recurring transaction-related expenses
-- Second Quarter Group Adjusted EBITDA of $53m vs. guidance $45m
-- Group Adjusted EBITDA margin of 26.9% in the Second Quarter, 258bps
above the margin implied by guidance, reflecting early Legend synergies,
strong execution across the combined Media business and incremental
contribution from prediction markets
-- Raised Full-Year 2026 Group Revenue guidance to $1.005b-$1.025b and
Adjusted EBITDA guidance to $285m-295m, implying a Group Adjusted EBITDA
Margin of approximately 28.6% at the midpoint
LONDON & NEW YORK--(BUSINESS WIRE)--August 06, 2026--
Genius Sports Limited (NYSE:GENI) ("Genius Sports," "Genius" or the "Group"), a global leader in real-time sports data, today announced financial results for its fiscal second quarter ended June 30, 2026.
"We continue to realize the benefits of the infrastructure we've spent years building. Advertisers are placing greater value on our combination of official data and audience, prediction markets are opening an entirely new avenue for growth, and our core Betting business continues to outperform. As we continue to scale GeniusIQ, that foundation positions Genius to deliver durable long-term growth, profitability and cash generation," said Mark Locke, Genius Sports Founder and CEO. "In our first quarter as a combined business, we exceeded our guidance on Revenue, Adjusted EBITDA and cash, raised our full-year outlook, and are already seeing the benefits of the Legend integration."
$ in thousands Q226 Q225 %
-------------------- ------------- ----------- ---------------
Group Revenue 195,503 118,719 64.7%
Betting
Technology,
Content &
Services 117,352 92,030 27.5%
Media Technology,
Content &
Services 78,151 26,689 192.8%
Group Net Loss (76,731) (53,948) (42.2%)
Group Adjusted EBITDA 52,600 34,150 54.0%
Group Adjusted EBITDA
Margin 26.9% 28.8% (190 bps)
$ in thousands YTD26 YTD25 %
-------------------- ------------- ----------- ---------------
Group Revenue 383,455 262,710 46.0%
Betting
Technology,
Content &
Services 263,565 201,738 30.6%
Media Technology,
Content &
Services 119,890 60,972 96.6%
Group Net Loss (132,201) (62,146) (112.7%)
Group Adjusted EBITDA 76,582 53,925 42.0%
Group Adjusted EBITDA
Margin 20.0% 20.5% (50 bps)
Q2 2026 Financial Highlights
-- Group Revenue: Group revenue increased $76.8 million year-over-year to
$195.5 million.
-- Betting Technology, Content & Services: Revenue increased 28%
year-over-year to $117.4 million, driven 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 193%
year-over-year to $78.2 million, reflecting the addition of Legend,
increased demand for the Genius Sports Moment Engine, and
continued commercial momentum for GeniusIQ-powered products.
-- Group Net Loss: Group net loss was ($76.7 million) in the second
quarter ended June 30, 2026, representing a $22.8 million increase
compared to the ($53.9 million) loss in the second quarter ended June 30,
2025. Loss from operations improved by $25.1 million year-over-year to
($55.6 million). The year-over-year change in Group net loss is primarily
driven by expenses related to the Legend acquisition, including $28.9
million of non-recurring transaction expenses, $13.8 million of net
interest expense following the term loan financing, and an $8.0 million
loss on fair value remeasurement of contingent consideration. The
year-over-year change in Group net loss also includes a $27.0 million
decrease in foreign currency gain compared to the second quarter ended
June 30, 2025.
-- Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $52.6
million in the quarter, representing a 54% increase compared to the $34.2
million reported in the second quarter ended June 30, 2025.
Q2 2026 Business Highlights
-- 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
-- Powered augmented experiences across DAZN's coverage of The National
League Promotion Final, creating immersive fan experiences and integrated
advertising activations for national sponsor, Enterprise
-- Expanded the distribution of GeniusIQ in European football through a
long-term technology and AI partnership with the Swiss Football League,
building on the Company's innovation partnership with European Leagues
-- Announced the close of the acquisition of Legend on May 1, 2026
-- After the reporting period:
-- Partnered with Polymarket and Kalshi to provide a broad
portfolio of content, integrity services and marketing solutions,
extending Genius Sports' infrastructure into the growing
prediction markets category alongside the two leading platforms
-- Launched Semi-Automated Offside Technology (SAOT) for
Confederação Brasileira de Futebol (CBF)
Financial Outlook
Genius Sports expects to generate Group Revenue of $1.005 billion to $1.025 billion and Group Adjusted EBITDA of $285 to $295 million in the full year of 2026. This is raised from prior full year 2026 Group Revenue guidance of $990 million to $1.010 billion and Group Adjusted EBITDA guidance of $270 to $280 million. This implies a Group Adjusted EBITDA Margin of approximately 28.6% at the midpoint, raised from the prior estimate of approximately 27.5%. Genius Sports also expects a 2026 year-end cash balance of approximately $260 million, implying over $100 million of total cash flow in the second half of 2026.
In the fiscal third quarter ending September 30, 2026, Genius Sports expects to generate Group Revenue and Adjusted EBITDA of approximately $260 million and $85 million, respectively.
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 June 30, Six Months Ended June 30,
---------------------------- ------------------------------
2026 2025 2026 2025
------------- ------------- ------------- ---------------
Revenue $ 195,503 $ 118,719 $ 383,455 $ 262,710
Cost of revenue 131,716 109,832 276,344 218,621
----------- ----------- ----------- -----------
Gross profit 63,787 8,887 107,111 44,089
----------- ----------- ----------- -----------
Operating expenses:
Sales and marketing 17,506 14,299 31,175 25,712
Research and
development 13,385 8,726 24,787 17,672
General and
administrative 59,537 64,500 113,452 99,035
Transaction-related
expenses 28,924 2,053 36,427 2,785
----------- ----------- ----------- -----------
Total operating
expenses 119,352 89,578 205,841 145,204
----------- ----------- ----------- -----------
Loss from operations (55,565) (80,691) (98,730) (101,115)
----------- ----------- ----------- -----------
Interest (expense)
income, net (13,815) 556 (14,743) 993
Loss on disposal of
assets (14) (1) (87) (13)
Loss on fair value
remeasurement of
contingent
consideration (8,000) -- (8,000) --
Impairment of equity
method investment -- -- (1,735) --
Gain (loss) on
foreign currency 36 26,992 (9,661) 39,241
----------- ----------- ----------- -----------
Total other (expense)
income (21,793) 27,547 (34,226) 40,221
----------- ----------- ----------- -----------
Loss before income
taxes and gain from
equity method
investment (77,358) (53,144) (132,956) (60,894)
----------- ----------- ----------- -----------
Income tax expense (341) (1,748) (256) (2,290)
Gain from equity
method investment 968 944 1,011 1,038
----------- ----------- ----------- -----------
Net loss $ (76,731) $ (53,948) $ (132,201) $ (62,146)
=========== =========== =========== ===========
Loss per share
attributable to
common
stockholders:
Basic and diluted $ (0.28) $ (0.21) $ (0.48) $ (0.25)
Weighted average
common stock
outstanding:
Basic and diluted 278,911,851 253,220,241 274,169,128 250,839,507
Genius Sports Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
June 30, December 31,
------------ --------------
2026 2025
------------ --------------
ASSETS
Current assets:
Cash and cash equivalents $ 155,076 $ 280,559
Accounts receivable, net 129,250 130,340
Contract assets 75,536 57,358
Prepaid expenses 73,767 66,150
Other current assets 28,331 15,276
---------- ----------
Total current assets 461,960 549,683
---------- ----------
Property and equipment, net 40,612 32,322
Intangible assets, net 754,486 144,203
Operating lease right-of-use assets 33,227 28,321
Goodwill 775,410 338,049
Deferred tax asset 1,781 1,643
Investments 40,851 32,585
Other assets 6,345 3,481
---------- ----------
Total assets $ 2,114,672 $ 1,130,287
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 70,973 $ 112,246
Accrued expenses 116,204 118,017
Deferred revenue 70,737 97,098
Current debt 30,937 --
Operating lease liabilities, current 7,034 5,024
Other current liabilities 178,981 20,498
---------- ----------
Total current liabilities 474,866 352,883
---------- ----------
Long-term debt -- less current
portion 754,358 --
Deferred tax liability 71,860 7,186
Operating lease liabilities,
non-current 28,686 25,471
Other liabilities 100,946 20,272
---------- ----------
Total liabilities 1,430,716 405,812
---------- ----------
Shareholders' equity
Common stock, $0.01 par value,
unlimited shares authorized,
271,732,905 shares issued and
267,626,957 shares outstanding at
June 30, 2026; unlimited shares
authorized, 250,412,239 shares issued
and 246,306,291 shares outstanding at
December 31, 2025 2,717 2,504
B Shares, $0.0001 par value,
22,500,000 shares authorized,
10,000,000 shares issued and
outstanding at June 30, 2026;
22,500,000 shares authorized,
10,000,000 shares issued and
outstanding at December 31, 2025 1 1
Additional paid-in capital 2,077,262 1,992,257
Treasury stock, at cost, 4,105,948
shares at June 30, 2026 and December
31, 2025 (17,653) (17,653)
Accumulated deficit (1,331,309) (1,199,108)
Accumulated other comprehensive loss (47,062) (53,526)
---------- ----------
Total shareholders' equity 683,956 724,475
---------- ----------
Total liabilities and shareholders'
equity $ 2,114,672 $ 1,130,287
========== ==========
Genius Sports Limited
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Amounts in thousands)
Six Months Ended June 30,
-------------------------------
2026 2025
---------------- -------------
Cash Flows from operating
activities:
Net loss $ (132,201) $ (62,146)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 53,594 31,674
Loss on disposal of assets 87 13
Loss on fair value remeasurement
of contingent consideration 8,000 --
Stock-based compensation 42,309 97,676
Non-cash consideration, net (15,133) --
Non-cash interest expense, net 3,266 --
Non-cash lease expense 3,336 2,066
Amortization of contract costs 710 752
Deferred income taxes (2,161) (867)
Provision for expected credit
losses 150 173
Gain from equity method
investment (1,011) (1,038)
Impairment of equity method
investment 1,735 --
Loss (gain) on foreign currency
remeasurement 8,317 (38,976)
Changes in operating assets and
liabilities
Accounts receivable 23,194 1,569
Contract assets 2,437 (10,838)
Prepaid expenses 11,973 (10,111)
Other current assets 1,553 (2,003)
Other assets (2,836) (1,230)
Accounts payable (46,777) (6,541)
Accrued expenses (62,712) (15,018)
Deferred revenue (31,579) (12,747)
Other current liabilities (9,878) (381)
Operating lease liabilities (3,611) (1,790)
----------- ---------
Net cash used in operating activities (147,238) (29,763)
Cash flows from investing
activities:
Purchases of property and
equipment (11,500) (8,397)
Capitalization of internally
developed software costs (29,239) (28,814)
Distributions from equity method
investments 3,913 2,787
Purchases of intangible assets (1,784) (449)
Acquisition of business, net of
cash acquired (578,760) --
Proceeds from disposal of assets -- 9
----------- ---------
Net cash used in investing activities (617,370) (34,864)
Cash flows from financing
activities:
Proceeds from issuance of common
shares, net of equity issuance
costs -- 144,000
Cash-settled withholding taxes on
stock--based compensation (3,272) --
Proceeds from issuance of
long-term debt 825,000 --
Debt issuance costs (41,073) --
Repayment of loans and mortgage (137,697) (11)
----------- ---------
Net cash provided by financing
activities 642,958 143,989
Effect of exchange rate changes
on cash and cash equivalents (3,833) 6,960
----------- ---------
Net (decrease) increase in cash, cash
equivalents and restricted cash (125,483) 86,322
Cash, cash equivalents and
restricted cash at beginning of
period 280,559 135,239
----------- ---------
Cash, cash equivalents and
restricted cash at end of
period $ 155,076 $ 221,561
=========== =========
Supplemental disclosure of cash
activities:
Cash paid during the period for
interest $ 4,035 $ 1,630
Cash paid during the period for
income taxes $ 4,427 $ 1,684
Supplemental disclosure of noncash
investing and financing activities:
Contingent consideration for
acquisition of business included
in other liabilities $ 202,489 $ --
Issuance of common stock in
connection with business
combinations $ 43,987 $ --
Genius Sports Limited
Reconciliation of U.S. GAAP Net loss to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
Three Months Ended Six Months Ended
2026 2025 2026 2025
--------- --------- ---------- -----------
(dollars, in thousands)
Net loss $(76,731) $(53,948) $(132,201) $(62,146)
Adjusted for:
Interest expense
(income), net 13,815 (556) 14,743 (993)
Income tax expense 341 1,748 256 2,290
Amortization of
acquired intangibles
(1) 13,543 2,182 16,268 4,364
Other depreciation
and amortization
(2) 19,442 13,486 38,036 28,062
Stock-based
compensation (3) 25,221 84,991 56,125 102,303
Transaction-related
expenses (4) 28,924 2,053 36,427 2,785
Litigation and
related costs (5) 2,401 10,547 8,438 13,915
Loss on fair value
remeasurement of
contingent
consideration 8,000 -- 8,000 --
Impairment of equity
method investment -- -- 1,735 --
(Gain) loss on
foreign currency (36) (26,992) 9,661 (39,241)
Expenses incurred
related to
acquisition related
employee payments 15,478 -- 15,478 --
Other (6) 2,202 639 3,616 2,586
------- ------- -------- -------
Adjusted EBITDA $ 52,600 $ 34,150 $ 76,582 $ 53,925
======= ======= ======== =======
___________
(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 non-recurring advisory, legal, accounting, valuation,
and other professional or consulting fees in connection with
Genius' corporate development activities, as well as integration
expenses related to acquisitions.
(5) 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 and six months ended June 30, 2026, legal proceedings
included Sportscastr litigation, dMY litigation, Sage & Thompson
litigation and Volleystation litigation (as described in Note 16
-- Commitments and Contingencies). For the three and six months
ended June 30, 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.
(6) Includes severance costs, tax penalties, gain/loss on disposal
of assets, and professional fees for finance transformation
project.
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 second 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 a global leader in real-time sports data, and the official technology and media partner powering the global sports ecosystem. Its platform is used in more than 150 countries, connecting leagues, teams, sportsbooks, broadcasters, brands and fans through official data, video, analytics and fan engagement solutions.
Genius Sports partners with more than 1,000 sports organizations worldwide, including the NFL, English Premier League, NCAA, DraftKings, FanDuel, bet365, CBS, NBC and ESPN. Through AI, computer vision and live sports technology, Genius Sports helps rights holders capture, manage and commercialize their content across the full fan journey.
For more information, visit geniussports.com.
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 and Group adjusted EBITDA margin, 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-related expenses and gain or loss on foreign currency. Group adjusted EBITDA margin is defined as Group adjusted EBITDA as a percentage of Group Revenue.
Group Adjusted EBITDA and Group Adjusted EBITDA margin 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 and Group Adjusted EBITDA margin 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.
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 our updated financial outlook and 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 Genius 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 Genius' business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the completion of the Transaction or our business with prediction markets; the ability of Genius to retain and hire key personnel; 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; risks related to our partnerships and business with prediction markets, including providing liquidity on prediction markets, our ability to realize anticipated benefits from these activities and grow related revenue, potential trading or market-making losses, and legal and
regulatory uncertainty regarding the treatment of prediction markets, including sports-related event contracts, under applicable gaming, derivatives and other law; 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/20260806572935/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
Comments