Genius Sports has shared some updates on its financials and a new public offering.
- Q4 2024 cash estimate: The company estimates having about $135 million in cash and equivalents at the end of Q4 2024. This is a jump from $69 million at the end of Q3 2024. It’s also higher than the $126 million reported at the end of 2023.
- 2024 financial guidance: Genius Sports is sticking to its earlier forecast for 2024. They expect group revenue to be around $511 million. Group adjusted EBITDA is projected to be about $86 million.
- Public offering details: The company has priced a public offering of 17,647,059 ordinary shares at $8.50 per share. This offering is set to close on January 16, 2025.
- Expected proceeds: After costs, Genius Sports expects to net about $144 million from this offering. They plan to use these funds for general corporate purposes. This might include buying or investing in related businesses or technologies, though no specific deals are currently in place.
- Investor participation: Existing shareholders like Caledonia and Wellington Management are participating in the offering. New investors are also involved. BTIG is leading the offering, with Goldman Sachs and Deutsche Bank Securities as additional book-running managers.