Genius Sports Ltd 6-K, filed Mar 4, 2025

Genius Sports Ltd (GENI)

6-K 2025-03-04 For: 2025-03-04

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Added on April 12, 2026

About this 6-K

Genius Sports Ltd filed this 6-K on March 4, 2025.

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Form 20-F	☒		Form 40-F	☐


Exhibit No.		Description

99.1		Press release dated March 4, 2025.


	GENIUS SPORTS LIMITED

Date: March 4, 2025	By:	/s/ Mark Locke
	Name:	Mark Locke
	Title:	Chief Executive Officer


$ in thousands	Q424			Q423			%
Group Revenue		175,531			127,172			38.0	%
Betting Technology, Content & Services		128,210			86,706			47.9	%
Media Technology, Content & Services		29,759			28,546			4.2	%
Sports Technology & Services		17,562			11,920			47.3	%
Group Net Loss		(28,212	)		(38,452	)		26.6	%
Group Adjusted EBITDA		32,373			11,958			170.7	%
Group Adjusted EBITDA Margin		18.4	%		9.4	%		900	bps

$ in thousands	FY 2024			FY 2023			%
Group Revenue		510,894			412,977			23.7	%
Betting Technology, Content & Services		354,856			274,235			29.4	%
Media Technology, Content & Services		105,313			91,605			15.0	%
Sports Technology & Services		50,725			47,137			7.6	%
Group Net Loss		(63,040	)		(85,534	)		26.3	%
Group Adjusted EBITDA		85,739			53,345			60.7	%
Group Adjusted EBITDA Margin		16.8	%		12.9	%		390	bps


	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue	$	175,531		$	127,172		$	510,894		$	412,977
Cost of revenue		128,081			116,656			382,187			343,972
Gross profit		47,450			10,516			128,707			69,005
Operating expenses:
Sales and marketing		9,880			9,625			37,411			29,432
Research and development		4,893			7,874			24,576			26,070
General and administrative		40,156			27,076			123,011			85,167
Transaction expenses		(278	)		338			2,246			2,494
Total operating expense		54,651			44,913			187,244			143,163
Loss from operations		(7,201	)		(34,397	)		(58,537	)		(74,158	)
Interest (expense) income, net		(80	)		580			921			1,953
Loss on disposal of assets		(129	)		(259	)		(147	)		(291	)
Gain (loss) on fair value remeasurement of contingent consideration		1,024			(110	)		1,024			(2,919	)
Change in fair value of derivative warrant liabilities		—			—			—			(534	)
Loss on abandonment of assets		—			(11,226	)		—			(11,226	)
(Loss) gain on foreign currency		(26,709	)		5,788			(9,519	)		3,875
Total other expense		(25,894	)		(5,227	)		(7,721	)		(9,142	)
Loss before income taxes		(33,095	)		(39,624	)		(66,258	)		(83,300	)
Income tax benefit (expense)		3,895			423			(509	)		(5,340	)
Gain from equity method investment		988			749			3,727			3,106
Net loss	$	(28,212	)	$	(38,452	)	$	(63,040	)	$	(85,534	)
Loss per share attributable to common stockholders:
Basic and diluted	$	(0.12	)	$	(0.17	)	$	(0.27	)	$	(0.38	)
Weighted average common stock outstanding:
Basic and diluted		229,654,827			227,480,271			229,509,169			225,882,254


	(Unaudited)
	December 31,			December 31,
	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	110,213		$	100,331
Restricted cash, current		25,026			—
Accounts receivable, net		85,491			71,088
Contract assets		30,632			38,802
Prepaid expenses		27,333			27,231
Other current assets		9,902			7,329
Total current assets		288,597			244,781
Property and equipment, net		19,016			11,552
Intangible assets, net		115,539			129,670
Operating lease right-of-use assets		7,488			7,011
Goodwill		326,011			326,011
Deferred tax asset		1,192			—
Investments		31,717			26,399
Restricted cash, non-current		—			25,462
Other assets		2,706			4,838
Total assets	$	792,266		$	775,724
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	36,661		$	57,379
Accrued expenses		79,172			56,331
Deferred revenue		73,388			44,345
Current debt		19			7,573
Operating lease liabilities, current		3,003			3,610
Other current liabilities		9,327			13,676
Total current liabilities		201,570			182,914
Long-term debt – less current portion		—			19
Deferred tax liability		13,802			15,335
Operating lease liabilities, non-current		4,489			3,501
Other liabilities		—			936
Total liabilities		219,861			202,705
Shareholders’ equity
Common stock, $0.01 par value, unlimited shares authorized, 215,261,974 shares issued and 211,156,026 shares outstanding at December 31, 2024; unlimited shares authorized, 213,224,868 shares issued and 209,118,920 shares outstanding at December 31, 2023		2,153			2,132
B Shares, $0.0001 par value, 22,500,000 shares authorized, 18,500,000 shares issued and outstanding at December 31, 2024 and December 31, 2023		2			2
Additional paid-in capital		1,700,065			1,646,082
Treasury stock, at cost, 4,105,948 shares at December 31, 2024 and December 31, 2023		(17,653	)		(17,653	)
Accumulated deficit		(1,087,527	)		(1,024,487	)
Accumulated other comprehensive loss		(24,635	)		(33,057	)
Total shareholders’ equity		572,405			573,019
Total liabilities and shareholders’ equity	$	792,266		$	775,724


	Year Ended December 31,
	2024			2023
Cash Flows from operating activities:
Net loss	$	(63,040	)	$	(85,534	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		72,572			77,308
Loss on disposal of assets		147			291
(Gain) loss on fair value remeasurement of contingent consideration		(1,024	)		2,919
Stock-based compensation		54,475			35,318
Change in fair value of derivative warrant liabilities		—			534
Non-cash consideration, net		(2,283	)		(684	)
Non-cash interest expense, net		—			258
Non-cash lease expense		4,604			3,929
Amortization of contract cost		1,280			1,009
Deferred income taxes		(2,724	)		(444	)
Allowance for expected credit losses		1,630			2,518
Gain from equity method investment		(3,727	)		(3,106	)
Loss on abandonment of assets		—			11,226
Loss (gain) on foreign currency remeasurement		9,238			(5,571	)
Changes in operating assets and liabilities
Accounts receivable		(15,860	)		(32,489	)
Contract assets		8,170			1,610
Prepaid expenses		(101	)		(8,643	)
Other current assets		(754	)		1,156
Other assets		(1,014	)		(1,495	)
Accounts payable		(20,718	)		22,065
Accrued expenses		22,841			(3,513	)
Deferred revenue		27,603			906
Other current liabilities		(4,727	)		(1,936	)
Operating lease liabilities		(4,727	)		(3,672	)
Other liabilities		—			916
Net cash provided by operating activities		81,861			14,876
Cash flows from investing activities:
Purchases of property and equipment		(11,391	)		(3,569	)
Capitalization of internally developed software costs		(51,963	)		(44,158	)
Capitalization of installation costs		(902	)		—
Distributions from equity method investments		1,561			1,555
Purchases of intangible assets		—			(1,416	)
Proceeds from disposal of assets		10			18
Net cash used in investing activities		(62,685	)		(47,570	)
Cash flows from financing activities:
Repayment of loans and mortgage		(22	)		(21	)
Proceeds from exercise of Public Warrants		—			6,812
Repayment of promissory notes		(7,575	)		(7,387	)
Net cash used in financing activities		(7,597	)		(596	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2,133	)		63
Net increase (decrease) in cash, cash equivalents and restricted cash		9,446			(33,227	)
Cash, cash equivalents and restricted cash at beginning of period		125,793			159,020
Cash, cash equivalents and restricted cash at end of period	$	135,239		$	125,793
Supplemental disclosure of cash activities:
Cash paid during the period for interest	$	1,224		$	8
Cash paid during the period for income taxes	$	2,478		$	4,490
Supplemental disclosure of noncash investing and financing activities:
Acquisition of common shares by subsidiary in connection with warrant redemptions	$	—		$	17,653
Issuance of common stock in connection with business combinations	$	—		$	10,157


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(28,212	)	$	(38,452	)	$	(63,040	)	$	(85,534	)
Adjusted for:
Net, interest expense (income)		80			(580	)		(921	)		(1,953	)
Income tax (benefit) expense		(3,895	)		(423	)		509			5,340
Amortization of acquired intangibles (1)		2,183			10,305			24,136			40,476
Other depreciation and amortization (2)		13,522			14,244			49,716			37,841
Stock-based compensation (3)		21,098			16,070			55,657			35,462
Transaction expenses		(278	)		338			2,246			2,494
Litigation and related costs (4)		1,932			876			7,575			2,289
Change in fair value of derivative warrant liabilities		—			—			—			534
(Gain) loss on fair value remeasurement of contingent consideration		(1,024	)		110			(1,024	)		2,919
Loss on abandonment of assets		—			11,226			—			11,226
Loss (gain) on foreign currency		26,709			(5,788	)		9,519			(3,875	)
Other (5)		258			4,032			1,366			6,126
Adjusted EBITDA	$	32,373		$	11,958		$	85,739		$	53,345