Genius Sports Reaffirms 2024 Guidance and Announces Preliminary Unaudited Estimate of Fourth Quarter Cash, a Positive Net Cash Position in the Full-Year 2024

LONDON & NEW YORK–(BUSINESS WIRE)–Genius Sports Limited (NYSE: GENI) (“Genius Sports,” the “Company,” “we” or “our”) announced today that it is reaffirming its previously disclosed 2024 guidance of Group Revenue of approximately $511 million and Group Adjusted EBITDA of approximately $86 million. Additionally, the Company reported its preliminary unaudited estimate of cash, cash equivalents and restricted cash as of December 31, 2024 of approximately $135 million, which is expected to be up from $69 million as of September 30, 2024 and up from $126 million as of December 31, 2023. This equates to a positive net cash position for 2024 as previously disclosed as part of our 2024 guidance.

About Genius Sports

Genius Sports is the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media. Our technology is used in over 150 countries worldwide, creating highly immersive products that enrich fan experiences for the entire sports industry.

We are the trusted partner to over 400 sports organizations, including many of the world’s largest leagues and federations such as the NFL, EPL, FIBA, NCAA, NASCAR, AFA and Liga MX.

Genius Sports is uniquely positioned through cutting-edge technology, scale and global reach to support our partners. Our innovative use of big data, computer vision, machine learning, and augmented reality, connects the entire sports ecosystem from the rights holder all the way through to the fan.

Non-GAAP Financial Measures

This press release includes a non-GAAP financial measure not presented in accordance with U.S. GAAP.

Adjusted EBITDA

We present Group adjusted EBITDA, a non-GAAP performance measure, 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 the Company’s revenue-generating operations, including 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 is used by management to evaluate the Company’s core operating performance on a comparable basis and to make strategic decisions. The Company believes Group Adjusted EBITDA is useful to investors for the same reasons as well as in evaluating the Company’s operating performance against competitors, which commonly disclose similar performance measures. However, the Company’s calculation of Group Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Group Adjusted EBITDA is not intended to be a substitute for any US GAAP financial measure.

We do not provide a reconciliation of Group adjusted EBITDA to consolidated net income/(loss) 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.

Preliminary Estimates

This press release includes our preliminary estimate of cash, cash equivalents and restricted cash as of December 31, 2024 for which consolidated financial statements are not available. Our actual cash, cash equivalents and restricted cash results will be subject to the completion of our quarter-end and year-end closing process, which includes review by management and our board of directors, including our audit committee. While carrying out such procedures, we may identify items that require us to make adjustments to the preliminary estimate set forth in this press release. In addition, other developments may arise between the date of this press release and the dates that we announce fourth quarter and year ended December 31, 2024 results, which may cause our actual results to be different than the preliminary estimate set forth in this press release. There can be no assurance that our final results will not differ from this estimate, which are forward-looking and based only on currently available information as of the date hereof. See the section titled “Forward-Looking Statements” for additional information regarding factors that could result in differences between the preliminary estimate set forth above and the actual financial results we will report. Therefore, you should not place undue reliance on the preliminary estimate set forth in this press release nor should you view this preliminary estimate as a substitute for our audited financial statements for the year ended December 31, 2024. Our independent registered public accounting firm, WithumSmith+Brown, PC, has not audited, reviewed, compiled or performed any procedures on this preliminary financial data, and accordingly, does not express an opinion or other form of assurance with respect to this preliminary financial data.

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. These forward-looking statements include information about our possible or assumed future results of operations or our performance. Words such as “expects,” “intends,” “plans,” “estimates,” “guidance,” “believes,” “anticipates,” “estimates,” and variations of such words and similar expressions are intended to identify such forward looking statements. Forward-looking statements in this press release may include, for example, our 2024 guidance, and our preliminary estimate of our cash, cash equivalents and restricted cash as of December 31, 2024. Although the Company believes 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 additional procedures the Company will undertake to finalize its results for the fourth quarter of 2024 that could result in changes to the Company’s results for the fourth quarter and year ended December 31, 2024 results; 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; and other factors included under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on March 15, 2024.

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 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.

Contacts

Media
Chris Dougan, Chief Communications Officer

+1 (202) 766-4430

chris.dougan@geniussports.com

Investors
Brandon Bukstel, Investor Relations Manager

+1 (954)-554-7932

brandon.bukstel@geniussports.com