GENI

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Genius Sports (GENI) is back in focus after reporting Q2 2026 earnings that combined higher sales with a wider loss. The company also raised full year revenue guidance and issued fresh Q3 expectations. See our latest analysis for Genius Sports. The Q2 release and new prediction market deals with Kalshi and Polymarket have come after a sharp 72.5% 90 day share price return, although the year to date share price return is down 29.6% and the 1 year total shareholder return is down 38.7%, so recent momentum contrasts with weaker longer term results. If Genius Sports has caught your attention, it can also be useful to see how other companies in sports data and betting tech are trading right now, starting with 69 profitable AI stocks that aren't just burning cash The recent 90-day rebound in Genius Sports after a longer stretch of weaker returns puts you at a crossroads. Is it worth paying up now for the current story, or waiting for a pullback to improve the margin of safety as valuation comes into focus next? Genius Sports closed at $7.59 against a widely followed fair value narrative of $16.13, so the gap between price and narrative expectations is significant. Read the complete narrative. Want to see why this narrative backs such a large valuation gap for Genius Sports? The story leans on faster top line growth, rising margins and a richer earnings base built over several years. Result: Fair Value of $16.13 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Genius Sports still faces key risks if major league data rights are renewed on tougher terms, or if sports betting and prediction markets grow more slowly than analysts expect. Find out about the key risks to this Genius Sports narrative. The fair value narrative for Genius Sports points to $16.13 and a large discount, yet the simple revenue multiple sends a different message. The stock trades on a P/S of 2.6x, which is richer than the Hospitality industry at 1.7x, peers at 1.8x, and a fair ratio of 2.2x that the market could eventually lean toward. That premium suggests less room for error if the story around growth or margins softens at all. How comfortable are you paying above both peers and the fair ratio when the share price has already rebounded sharply? See what the numbers say about this price — find out in our valuation breakdown. The mix of optimism and caution around Genius Sports is clear, and the balance of risks and rewards is finely poised. If you want to act while sentiment is still split, take a closer look at the 2 key rewards and 1 important warning sign. If Genius Sports has sharpened your interest in market opportunities, do not stop here. Use targeted screeners to spot other stocks that could fit your strategy. Spot potential value opportunities early and review the 51 high quality undervalued stocks that currently trade below their assessed worth based on earnings quality and balance sheet strength. Prioritize resilience and protect your downside by scanning 79 resilient stocks with low risk scores that score well on stability and financial risk metrics. Hunt for underfollowed potential and check the screener containing 19 high quality undiscovered gems that combine solid fundamentals with relatively low market attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GENI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Genius Sports Limited? Here are five stocks we like better. Strong Q2 performance: Genius Sports reported revenue of $196 million, up 65% year over year, and adjusted EBITDA of $53 million, exceeding its guidance. Growth was driven by betting, media, the GeniusIQ product ramp and early synergies from the Legend acquisition. Legend and prediction markets expand growth opportunities: Legend added approximately 118 million users, while Genius signed commercial agreements with Kalshi and Polymarket. Management said 2026 guidance does not assume NFL approval for prediction markets. Full-year outlook raised: Genius now expects 2026 revenue of $1.005 billion to $1.025 billion and adjusted EBITDA of $285 million to $295 million, with an approximately 29% margin. The company ended the quarter with $155 million in cash and $825 million in debt following the Legend transaction. Sportradar Rides the Sports Betting Trend From Behind the Curtain Genius Sports (NYSE:GENI) reported second-quarter revenue of $196 million, up 65% from a year earlier and above its prior outlook, as growth in betting and media was bolstered by the May 1 addition of Legend. Adjusted EBITDA totaled $53 million, up 54% year over year and ahead of the company’s $45 million guidance. The resulting 27% adjusted EBITDA margin was more than 250 basis points above the margin implied by its outlook, according to Chief Financial Officer Bryan Castellani. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling How to Invest in Casino Stocks: Pros and Cons and More “Revenue, adjusted EBITDA, and cash all ahead,” Co-Founder and CEO Mark Locke said, pointing to early synergies from the Legend acquisition, the ramp of GeniusIQ products and continued expansion in the company’s media business. Betting revenue grew 28% year over year during the quarter, while media revenue, which includes Legend from May 1, rose 193% as reported. Castellani said both the legacy Genius business and Legend Media produced organic growth of more than 20%. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Genius Sports Scores an 18-Month High on NFL Deal Locke said Genius serves more than 500 sportsbook brands in regulated markets and generates more than half of its revenue outside the United States. He said the betting business continued to grow despite customer-friendly sporting results that can pressure sportsbook win margins, because Genius’ revenue model relies on contractual guarantees and volumes rather than game outcomes. The company also cited momentum in media from new brands and agencies, increased spending and demand from prediction-market operators. Locke said Genius added 174 Moment Engine customers in the second quarter, following roughly 70 customer wins since the product’s March launch. New customers included McDonald’s, YouTube TV and DoorDash. → No Hangover: Revisiting Microsoft One Week After Earnings During the World Cup, Genius used its data and GeniusIQ technology to support real-time advertising activations around events including goals, penalties and video-assistant-referee decisions. Locke said one global consumer brand achieved roughly three times greater CPM efficiency than planned and its lowest cost per click of any campaign it ran during the tournament. The company expects to extend Moment Engine capabilities to NFL-related media activations this season. Locke said the advertising technology is deployed across more than 90% of the platforms used by agencies. Management said the Legend acquisition is generating synergies faster than initially expected. Legend adds an owned audience of roughly 118 million users, about two-thirds of whom return to the platform, according to Locke. He said operators’ customers acquired through Legend carry about 60% higher lifetime value after their first year. Group revenue rose $77 million year over year while sales and marketing expense increased by $3 million. Locke said the difference reflects the company’s ownership of its audience rather than a model reliant on continually purchasing third-party traffic. Genius said it has completed the first phase of audience-data integration, benefiting its Fan Graph product, and has begun using Legend properties as media inventory. The company also said cross-selling across the combined customer base has begun. Prediction markets were a notable source of activity during the quarter. Genius said it generated meaningful revenue from the category in the second quarter and, after quarter-end, signed direct commercial agreements with Kalshi and Polymarket covering official data and customer acquisition. Locke said Genius can serve prediction markets through several channels: official data and settlement services, pricing models and market-making services, and customer acquisition through its media platform. He characterized Kalshi and Polymarket as potential large-tier operators for Genius, with deal structures that include fixed minimums and upside. However, management emphasized that its 2026 guidance does not assume that the NFL will permit prediction markets. Locke said the company does not expect that to occur in the near term or during the current season. Genius ended the quarter with $155 million in cash, above its prior $140 million to $150 million range but down from $197 million at the end of the first quarter. Castellani said the quarterly decline was driven predominantly by $41 million of debt-financing costs associated with the Legend transaction. Excluding certain one-time transaction-related impacts, underlying operating cash flow would have been roughly break-even, he said. The company reported a GAAP net loss of approximately $77 million. Castellani attributed the result to acquisition-related transaction costs, financing and non-cash accounting for acquired intangible assets. Genius’ only debt is an $825 million term loan used to fund the Legend acquisition, Castellani said. The company has no revolver drawn or other borrowings. It expects to exit 2026 at approximately two times net leverage. For the second half, Genius expects approximately $145 million of unlevered free cash flow, representing 70% conversion of about $210 million in adjusted EBITDA. After roughly $30 million of interest and $10 million of debt repayment, management expects 50% levered cash-flow conversion. Castellani said capitalized software costs are flattening in the high-teens to low-$20 million range per quarter. The company raised its full-year outlook to: Revenue: $1.005 billion to $1.025 billion Adjusted EBITDA: $285 million to $295 million Adjusted EBITDA margin: Approximately 29% Castellani said the higher outlook reflects continued underlying business momentum, Legend integration, new deals and partnerships, the ramp of GeniusIQ automation and early contributions from prediction-market revenue. Management said it expects the combined business’s earnings power to become more evident in 2027 as it works toward its 2028 targets. Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information. The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Genius Sports Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $196 million, up 65% year over year and ahead of guidance. Betting Segment Revenue: Grew 28% year over year. Media Segment Revenue: Grew 193% as reported, including Legend contribution from May 1. Adjusted EBITDA: $53 million, well ahead of the $45 million guided, representing a 27% margin. Quarter-End Cash: $155 million, above the guided range of $140 million to $150 million. GAAP Net Loss: Approximately $77 million, reflecting one-time transaction costs and non-cash accounting related to the Legend acquisition. Full-Year Revenue Guidance: Raised to a range of $1.005 billion to $1.025 billion. Full-Year Adjusted EBITDA Guidance: Raised to a range of $285 million to $295 million, implying a roughly 29% margin. Second-Half Unlevered Free Cash Flow: Expected to generate approximately $145 million. Warning! GuruFocus has detected 2 Warning Sign with GENI. Is GENI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Genius Sports Ltd (NYSE:GENI) beat guidance on all key metrics, with Q2 revenue of $196 million (up 65% YoY) and adjusted EBITDA of $53 million, exceeding the $45 million guided. The Legend acquisition is delivering synergies ahead of schedule, with cross-selling already underway and prediction market deals with Kalshi and Polymarket signed post-quarter. The Moment Engine gained 174 new advertisers in Q2, including major brands like McDonald's, YouTube TV, and DoorDash, with strong results during the World Cup. Genius Sports Ltd (NYSE:GENI) raised full-year guidance to $1.005-$1.025 billion in revenue and $285-$295 million in adjusted EBITDA, reflecting strong operating leverage. The company's owned audience of ~180 million users from Legend is driving higher customer lifetime value and reducing reliance on third-party traffic, with sales and marketing costs up only $3 million despite $77 million revenue growth. Prediction markets are becoming a significant growth driver, with direct agreements with Kalshi and Polymarket and a structural rise in revenue expected. GeniusIQ automation is improving core economics, with capitalized software costs flattening and expected to decline as a percentage of revenue, supporting future cash flow conversion. Genius Sports Ltd (NYSE:GENI) reported a GAAP net loss of approximately $77 million, impacted by one-time transaction costs and non-cash accounting for acquired intangibles. Q2 cash balance of $155 million was below Q1's $197 million, primarily due to $41 million in debt financing costs and other one-time transaction-related impacts. The company faces potential risks from decelerating OSB handle growth, as noted by a competitor, though management downplays the impact due to its diversified model. The NFL has not greenlit prediction markets, and Genius Sports Ltd (NYSE:GENI) has not included any potential NFL-related prediction market revenue in its 2026 guidance, limiting near-term upside. Integration of Legend is still in early stages, with most of the synergy opportunity ahead, and the company does not break out Legend's financials separately, making it harder to assess performance. The company's leverage is expected to be approximately 2x net leverage by year-end, with debt repayment and interest costs reducing cash flow conversion to 50% levered in H2. Q: What were the key learnings from the Legend acquisition integration process, and how are the monetization and synergy opportunities evolving?A: Mark Locke (CEO) stated that Legend has started remarkably well, with synergies coming through faster than expected. He highlighted the recent direct commercial agreements with Kalshi and Polymarket as proof points of the thesis. Operationally, the teams are merging well, and the company is beginning to see technical crossover between product sets, making him "super excited" about the future. Q: Given the decelerating OSB handle growth and prediction market proliferation, are there similar risks to Genius's business heading into the NFL season?A: Mark Locke (CEO) explained that the company views the market as taking revenue from anything related to sports betting, making both traditional OSB and prediction market expansion net positive. He emphasized the business model's contractual minimums protect against volatility, a philosophy carried into all deals. Bryan Castellani (CFO) added that the global nature of the business, with the Americas being roughly 50%, provides geographic and sport diversity. Q: Can you explain the $50 million increase to both revenue and EBITDA guidance, which implies a 100% flow-through?A: Mark Locke (CEO) attributed the raise to continued momentum seen year-to-date, exceeding margin expectations in the quarter, and the execution of the underlying business. He cited the Legend integration tracking well and new deals and partnerships, such as those with Kalshi and Polymarket, as key factors contributing to the increased guidance. Q: What are the biggest drivers of the acceleration in earnings power expected in 2027?A: Bryan Castellani (CFO) pointed to the "compounding playbook" across both betting and media segments. Key drivers include tapping into the rising prediction market, continued opportunities with new operators and sportsbooks, and Legend's exposure to iGaming. The growth is driven by expanding the product portfolio and increasing penetration with partners. Q: How is the demand for your pricing models and official data from prediction markets materializing, and could Genius participate more directly in market making?A: Mark Locke (CEO) noted that Genius makes money in prediction markets through customer acquisition (especially with Legend), selling data and pricing services to market makers, and now direct deals with platforms like Kalshi and Polymarket. He sees significant upside, noting the NFL is not included in forecasts. Regarding market making, he stated the company has traded on regulated exchanges for 20 years and sees prediction markets as more opportunity to leverage their pricing and risk capabilities at no additional cost. Q: How do the economics of the new prediction market deals compare to traditional sportsbook contracts?A: Mark Locke (CEO) stated that Genius views prediction market players as "large tier operators" and that the deal structures are very similar to traditional sportsbooks, featuring fixed minimums with upside. He sees significant opportunities in providing product, data, and services as these platforms evolve their businesses rapidly. Q: Is the increase in media segment guidance driven strictly by prediction market advertising, or are other non-sports brands contributing?A: Mark Locke (CEO) said the growth is coming from "everything." The World Cup was a fantastic test case, adding 174 new clients and kickstarting relationships. He also cited the cross-sell synergies from Legend and the broader advertising industry's new focus on live sports as key contributors to the significant demand. Q: Can you provide a framework for the synergies being realized from the Legend acquisition and name some specific opportunities?A: Mark Locke (CEO) pointed to the Kalshi and Polymarket deals as two significant proof points of faster synergy delivery. He stated there is "plenty more to come" and that the evidence of synergy capture is now visible in the company's financial numbers. Q: How should we think about the opportunity for the Moment Engine as it ramps up heading into the NFL season, regarding contract size and advertiser retention?A: Mark Locke (CEO) described two vectors of growth. First, the 174 new advertisers from the World Cup, who saw success, form a great base to build from. Second, the prediction market operators and OSBs have an enormous requirement for customer acquisition, which Legend is well-positioned to serve. He expressed confidence in the market's evolution, backed by empirical evidence. Q: Can you frame what a potential NFL deal with prediction market operators would mean for Genius's monetization, even though it's not in guidance?A: Mark Locke (CEO) reiterated that the company does not expect an NFL deal in the near future and has not included it in guidance. However, he stated it would be "very significant" due to the direct financial value of selling data for the most important league, plus the value of the affiliation. He advised not to expect it to come through this season. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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, August 06, 2026--(BUSINESS WIRE)--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." Q2 2026 Financial Highlights Group Revenue: Group revenue increased $76.8 million year-over-year to $195.5 million. 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: 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 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/ Contacts Media Tony Marlow, Chief Marketing Officer+1 (917) [email protected] Investors Brandon Bukstel, Investor Relations Manager+1 (954)[email protected]

Ophir Asset Management Pty Ltd sold out its entire Genius Sports Limited (NYSE:GENI) stake in the first quarter, an estimated $26.85 million trade based on quarterly average pricing, according to a May 15, 2026, SEC filing. According to an SEC filing dated May 15, 2026, Ophir Asset Management Pty Ltd liquidated its position in Genius Sports Limited during the first quarter by selling 3,771,695 shares. The estimated transaction value is $26.85 million based on the quarterly average price, with the fund’s quarter-end position reduced from a previously significant holding to zero. The net position change, which includes both trading and price movement, was a $41.56 million decrease. Top five holdings after the filing: As of Tuesday, Genius Sports Limited shares were priced at $5.05, down about 50% over the past year and well underperforming the S&P 500, which is instead up about 25%. Genius Sports offers technology infrastructure for live sports data collection, streaming solutions, integrity services, and digital marketing tools tailored to the sports, betting, and media industries. The firm generates revenue primarily through licensing data feeds, providing risk management and integrity services, and delivering live streaming and fan engagement solutions to clients. It serves sports leagues, sportsbooks, and digital publishers seeking real-time data, betting content, and audience engagement capabilities. Genius Sports Limited develops and sells technology-driven products for the global sports and sports betting ecosystem. The company leverages proprietary data collection and distribution platforms to enable partners to commercialize sports content and ensure betting integrity. Genius Sports Limited provides an integrated suite of services for sports leagues and betting operators seeking secure, real-time data and digital engagement solutions. Shares of Genius have really struggled since their 2021 IPO, falling about 80% from highs just months after their debut and down 50% this past year alone. With that in mind, it’s not really surprising an investor like Ophir would choose to sell.Operationally, however, there are some positives. First-quarter revenue jumped 31% year over year to $188 million, while adjusted EBITDA climbed 21% to nearly $24 million. Betting technology revenue surged 33%, helped by contract renewals, pricing increases, and new services, while media revenue rose 22%. Management also raised full-year guidance following the Legend acquisition, now targeting as much as $1.01 billion in 2026 revenue and up to $280 million in adjusted EBITDA.Still, investors might be focusing on the widening net loss, which ballooned to $55.5 million from $8.2 million a year ago, partly due to acquisition expenses and foreign currency swings. Those losses, amid a troubling stretch, might be tough to digest for some investors, but it’s important to remember that Genius does have exclusive sports data relationships and growing AI-powered advertising tools. If it can find a way to translate that into earnings growth, a turnaround might be on the horizon. Before you buy stock in Genius Sports, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Genius Sports wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $483,476!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,362,941!* Now, it’s worth noting Stock Advisor’s total average return is 998% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 19, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Genius Sports. The Motley Fool has a disclosure policy. Genius Sports Revenue Surged 31% Last Quarter. So Why Did This Investor Bail? was originally published by The Motley Fool

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Genius Sports (GENI) is back in focus after a busy early May, as Q1 2026 results, raised full-year revenue guidance tied to the Legend acquisition, and new technology deals all reached the market at the same time. See our latest analysis for Genius Sports. Despite the raised 2026 revenue guidance and new AI partnerships such as GeniusIQ with Liga MX, Genius Sports’ share price has been under pressure. The latest close was US$4.40, with a 1 month share price return up 12.24%, but a year to date share price return down 59.18%, while the 1 year total shareholder return is down 57.36%. This points to some recent momentum building, but longer term confidence still resetting as investors weigh growth ambitions against wider losses and the new debt load from the Legend deal. If you are looking beyond Genius Sports for other technology driven opportunities in markets that use AI heavily, now could be a useful moment to scan 32 AI small caps With Genius Sports now trading at US$4.40 on heavier losses but forecast 2026 revenue close to US$1b and an analyst target of US$10.25, you have to ask: is there an opportunity here, or is future growth already priced in? With Genius Sports last closing at $4.40 against a narrative fair value of $11.12, the gap between price and projected potential is wide enough to grab attention. Read the complete narrative. Want to see what kind of growth path justifies that valuation gap? The narrative leans on rapid revenue expansion, rising margins, and a richer earnings profile than today. Result: Fair Value of $11.12 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh the risk that future rights renewals become more expensive and that higher investment in GeniusIQ and BetVision keeps cash flow under pressure. Find out about the key risks to this Genius Sports narrative. The first narrative leans heavily on growth forecasts and analyst targets, but the SWS DCF model points to a very different picture. At a fair value estimate of $43.11, Genius Sports at $4.40 screens as significantly undervalued, which raises the question of whether the cash flow assumptions are too generous or the market is overly cautious. Look into how the SWS DCF model arrives at its fair value. The mixed signals on price and fair value make this a stock where your own judgment really matters, so move quickly. Review the details and see why some investors are focused on 2 key rewards If Genius Sports has your attention, do not stop here. Use the screener to compare fresh ideas and avoid missing stocks that better fit your goals. Scan for potential bargains by checking out 49 high quality undervalued stocks that combine lower prices with stronger fundamentals. Strengthen your income stream by reviewing 12 dividend fortresses offering higher yields and consistent payout histories. Prioritise resilience by focusing on 71 resilient stocks with low risk scores that may provide steadier performance when markets get choppy. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GENI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Last week, you might have seen that Genius Sports Limited (NYSE:GENI) released its first-quarter result to the market. The early response was not positive, with shares down 2.2% to US$4.40 in the past week. The results don't look great, especially considering that statutory losses grew 219% toUS$0.21 per share. Revenues of US$188m did beat expectations by 9.6%, but it looks like a bit of a cold comfort. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Following the latest results, Genius Sports' 16 analysts are now forecasting revenues of US$1.00b in 2026. This would be a major 41% improvement in revenue compared to the last 12 months. Per-share statutory losses are expected to explode, reaching US$0.044 per share. In the lead-up to this report, the analysts had been modelling revenues of US$813.9m and earnings per share (EPS) of US$0.088 in 2026. Yet despite forecasts for higher revenue, the analysts have cut their earnings estimates from a profit to a loss. So it seems there's been a pretty clear dip in sentiment, following the latest results. See our latest analysis for Genius Sports Spiting the revenue upgrading, the average price target fell 6.8% to US$10.25, clearly signalling that higher forecast losses are a valuation concern. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on Genius Sports, with the most bullish analyst valuing it at US$19.00 and the most bearish at US$5.00 per share. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business. Of course, another way to look at these forecasts is to place them into context against the industry itself. The analysts are definitely expecting Genius Sports' growth to accelerate, with the forecast 58% annualised growth to the end of 2026 ranking favourably alongside historical growth of 23% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 9.0% per year. Factoring in the forecast acceleration in revenue, it's pretty clear that Genius Sports is expected to grow much faster than its industry. The biggest low-light for us was that the forecasts for Genius Sports dropped from profits to a loss next year. Happily, they also upgraded their revenue estimates, and are forecasting them to grow faster than the wider industry. Furthermore, the analysts also cut their price targets, suggesting that the latest news has led to greater pessimism about the intrinsic value of the business. Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Genius Sports going out to 2028, and you can see them free on our platform here.. We also provide an overview of the Genius Sports Board and CEO remuneration and length of tenure at the company, and whether insiders have been buying the stock, here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Interested in Genius Sports Limited? Here are five stocks we like better. Q1 performance was strong, with Genius Sports reporting 31% group revenue growth and 21% adjusted EBITDA growth. Betting revenue rose 33% and media revenue increased 22%, supporting management’s view that the business is “reliable” and “compounding.” The Legend acquisition closed and was financed with an $825 million term loan, with management saying the deal should lift the 2026 adjusted EBITDA margin from 23% to 28%. Genius also trimmed the debt size slightly and said it remains focused on disciplined deleveraging. Management raised growth expectations for 2026 and sees new opportunities in prediction markets and media. Full-year guidance calls for $990 million to $1.01 billion in revenue and $270 million to $280 million in adjusted EBITDA, while products like Moment Engine and GeniusIQ/AI are expected to drive further margin expansion. Sportradar Rides the Sports Betting Trend From Behind the Curtain Genius Sports (NYSE:GENI) reported what management described as another quarter of balanced growth, with first-quarter 2026 group revenue up 31% and adjusted EBITDA up 21%, according to executives on the company’s earnings call. CEO Mark Locke said the results reinforced the company’s view that its business model is “reliable” and “compounding,” citing growth across both betting and media. Betting revenue rose 33% in the quarter, while media revenue increased 22%. → Wells Fargo’s Comeback Is Real—But Not Risk-Free How to Invest in Casino Stocks: Pros and Cons and More Locke said Genius Sports continues to benefit from a diversified customer base of roughly 500 licensed sportsbook brands across regulated global markets. He noted that more than half of the company’s revenue is generated outside the United States and said net revenue retention remains in the 120% to 130% range across sportsbook customers. “Each renewal is a pricing event,” Locke said, pointing to opportunities to sell additional content, products and geographies to existing customers. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance Genius Sports Scores an 18-Month High on NFL Deal Management highlighted the closing of the company’s acquisition of Legend, which occurred the week before the call. Locke said integration is underway and described Legend as adding an “intent layer” to Genius Sports’ platform through owned environments where 118 million unique users engage with sports and iGaming, with more than two-thirds returning regularly. CFO Bryan Castellani said Genius funded an $825 million Term Loan A at SOFR plus 350 basis points in connection with the closing. He said the terms were better than credit market conditions at the time the transaction was signed and below the cost of capital the company initially expected. Genius also chose to size the debt $25 million below the original structure, which Castellani said reflected confidence in free cash flow generation and a commitment to disciplined deleveraging. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom Castellani said the combined company raises Genius’ expected 2026 adjusted EBITDA margin from 23% to 28%, pulling its long-term margin target forward by two years. Genius Sports issued guidance reflecting the combined company beginning May 1. Castellani said the forecast remains in line with estimates provided in February. Second quarter 2026: Group revenue of approximately $185 million and adjusted EBITDA of $45 million, reflecting one month of standalone Genius Sports and two months of combined financials. Full year 2026: Group revenue of $990 million to $1.01 billion and adjusted EBITDA of $270 million to $280 million. Cash flow: Management expects the second quarter to mark the low point for cash flow due to normal seasonality and one-time acquisition expenses. In the second half, Genius expects the combined business to generate about $100 million of total cash flow, including interest expense and debt repayment. Castellani said that second-half cash flow would represent roughly 50% to 55% conversion of the approximately $200 million in adjusted EBITDA expected during that period. He also said the company expects to move toward its previously stated 2028 target of at least 60% unlevered free cash flow conversion and transition to sustained positive GAAP net income in 2027. Locke said prediction markets represent a “meaningful new ecosystem” for Genius Sports, though he emphasized that the market remains in early stages. He said Genius is already generating revenue by onboarding several high-profile market makers that use the company’s low-latency data feeds. Management said the company is approaching market maker agreements with flexibility, including short-term structures and varying economics as the U.S. market develops. Locke said liquidity, market breadth and regulatory change will influence how contracts evolve over time. Executives also said the company sees additional opportunity from prediction market operators’ customer acquisition and marketing spend, especially after the Legend acquisition. Locke said the company is monitoring the regulatory environment closely and referenced movement by the CFTC toward official data. He said prediction markets will likely need to work closely with leagues and regulators to mature over the medium term. When asked about the addressable market, Locke said Genius models major prediction market operators as comparable in size to top U.S. sportsbooks from a data revenue standpoint, with additional marketing opportunities around that base case. Genius Sports also emphasized the growth of its media segment, particularly its Moment Engine product. Locke said the product identifies moments when fan engagement is likely to peak, including momentum shifts and comebacks, and connects those moments with high-value audiences in real time. Locke said the Moment Engine is integrated with partners representing approximately 90% of the programmatic advertising market, including agencies, broadcasters, supply-side platforms and demand-side platforms. He said the product was live for events such as the Super Bowl and March Madness, with the NBA Finals and FIFA World Cup still ahead. At its NewFront event in New York, Genius partnered with nearly 70 new advertisers, according to Locke. He also cited Samsung as an example of early traction, saying the company tested Genius’ self-serve connected TV product and increased spending by 220% from its test campaign to its most recent booking. In response to analyst questions, Locke said the Moment Engine is already delivering revenue and being incorporated into customer workflows. He said Genius is already selling NFL advertising inventory and believes the product’s return-on-investment improvements for advertisers will support results during the upcoming season. Locke said three areas are expected to accelerate margin expansion: Legend, GeniusIQ and AI. He described GeniusIQ as the company’s platform for capturing live game action, understanding fans, distributing data and powering use cases including officiating, coaching, betting, fan engagement and advertising. He said leagues are shifting away from manual data capture toward automated AI-driven systems, citing Genius’ expanded relationship with Liga MX as an example involving officiating support, performance analytics, betting data and fan engagement. Locke said GeniusIQ automation reduces operational overhead by automating data collection in venues where it is deployed. He said the company expects that automation to span its entire data rights portfolio by the end of next year. Internally, he said agentic AI has reduced feature development time by more than 50%. Management also addressed several other topics during the call. Locke said Genius’ relationship with the NFL is locked in through Super Bowl 2030. On BetVision, he said the company is seeing strong results, including growth in global football. On capital allocation, management indicated that the current focus is on deleveraging following the Legend transaction. Castellani said the quarter extended Genius Sports’ track record, while the Legend acquisition and financing validated the company’s model. Management said its current guidance does not yet include the four revenue synergies identified at the time of the Legend transaction, including customer cross-selling, monetization of combined audiences, scaling Legend’s technology across league and team partners, and distributing Genius data and products through Legend channels. Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information. The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Genius Sports Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 8:00 a.m. ET Chief Executive Officer — Mark Locke Chief Financial Officer — Bryan Castellani Need a quote from a Motley Fool analyst? Email [email protected] Mark Locke: Good morning, everyone, and thank you for joining. Before I get into the results, a quick word on context. We're really pleased to share that we've successfully closed the Legend acquisition last week. Integration is well underway, and we're excited to share our progress into the quarters ahead. Q1 was another strong quarter, reinforcing the simple point that this is a reliable compounding business model and that we are executing on plan. We delivered group revenue growth of 31% and adjusted EBITDA growth of 21% with meaningful contributions from both Betting and Media. Importantly, Betting grew 33% this quarter, and that consistency is structural, and I want to spend a few minutes on why. Net revenue retention remains in the 120% to 130% range across our Sportsbook customers year after year. We partner with circa 500 licensed Sportsbook brands across regulated markets globally, and over half our revenue is generated outside of the United States. Our consistent growth comes from the same drivers that we have always communicated, selling additional content and products to sportsbooks, winning new customers globally, sharing in market growth and increasing the value of our partnerships as they come up for renewal. Each renewal is a pricing event, more content, more products, more geographies. And that's what compounds into the growth that you see year after year. What sets us apart is how deliberately this business is built. That repeated performance across a diverse set of customers, products and regulated geographies is fundamental to how this business compounds. Further, we are selective by design, working only with licensed operators in regulated markets. It is what makes our business model predictable and sustainable. That predictability is reinforced by our contracts, which are structured to protect against the downside. Volatility in handle or hold does not translate to earnings volatility for Genius. We have proven this through periods of industry-wide pressure, and this quarter was no different. While discussing our Betting business, I want to spend a moment on prediction markets because, as we've mentioned before, this is a meaningful new ecosystem for Genius Sports. The regulatory framework is evolving. Leads are establishing agreements with the CFCC and prediction market platforms and well-funded operators are deploying significant new influxes of capital at scale. We are a beneficiary of this. Where we are different is that our position here is structural. We provide the data and the infrastructure that enables prediction market operators and the other stakeholders in the ecosystem to function at scale. We expect this to translate into both incremental data revenue and advertising demand as those operators ramp customer acquisition. The way to think about this is simple. We are applying the same proven model in the U.S. online sports betting market to a new category. As a concrete example of revenue, during the quarter, we onboarded several high-profile market makers using our low-latency data feeds to help them participate in prediction markets. That is the pattern. Our infrastructure becomes the foundation for new products as they emerge. And as the industry continues to evolve, we see a clear opportunity to execute that same proven strategy and effectively expand our addressable market. We are at the very early stages of that journey today and are excited about our pipeline. That is the Betting story. Now media. Media grew 22% in this quarter. Most excitingly for Genius was the launch of our Moment Engine that has already gained significant traction across the advertising industry and become the new standard. The Moment Engine identifies when fan engagement is likely to peak, not just from the scoreboard, but from momentum shifts, comebacks and the kind of high-impact moments where customer attention is most valuable to advertisers. GeniusIQ is what makes that possible. And importantly, it matches that moment to high-value audiences and activates them instantly. It's not just about identifying what is happening in the game. It's about understanding who it matters to and how they are likely to respond because not every fan reacts to the same moment in the game in the same way. That signal, the connection between the moment, the fan and the response is what advertisers pay for. What differentiates us is the combination of data and identity. Our FANHub:ID graph, 250 million consumers, combined with Legends intent signals drive better targeting and higher yields. The result is enabling advertisers to target high-intent audiences in real time, which drives higher yields and increased spend over time that translates directly into high-margin media revenue. To accelerate the growth of this opportunity, we have now integrated the Moment Engine with leaders, representing approximately 90% of the programmatic market, agencies, broadcasters and the major SSPs and DSPs. These integrations lets us connect into existing advertising workflows and budgets with minimal friction, supporting our ability to scale efficiently. The product was already live during the tentpole events like the Super Bowl and March Madness with NBA finals and FIFA World Cup still ahead. What we are executing here is a structural shift in how digital businesses create value. The economy has moved from selling attention to capturing intent. Search engines did it. Retail media did it at the point of purchase. In sports, we are enabling that shift to happen in real time, and the Moment Engine is built precisely for it. At our NewFront event in New York a few weeks ago, we partnered with nearly 70 new advertisers, clear evidence of growing demand for outcome-driven sports advertising. That builds on existing partnerships that we have with Publicis, WPP, DoorDash, Venmo and Samsung. Samsung, in particular, tested our self-serve CTV product early and quickly graded Genius as a Tier 1 partner within its internal evaluation framework, increasing spend by 220% from their test campaign to their most recent booking, a remarkable signal given Samsung's scale and selectivity in choosing advertising technology partners. We expect more of these graduations as advertisers complete their first full season with the product. As adoption continues to grow, we expect the Moment Engine to be a meaningful driver of high-margin media revenue over time. The core businesses in Betting and Media are on a strong footing. And now I want to spend a few minutes on the 3 areas that are accelerating our margin expansion and profitability. Legend, GeniusIQ and AI. They're all connected and all running on the same platform. First, Legend. As you know, Legend adds the intent layer of the system that we have been building for 2 decades, owned environments where 118 million unique users actively engage with sport and iGaming with more than 2/3 returning regularly. Combined with the official data and infrastructure that Genius already provides, the platform now connects context, engagement and action all in one place. As AI commoditizes information retrieval, owned environments are where users come back to engage. They become more defensible, not less. Legend also extends the Moment Engine into the global iGaming market, which is expected to grow at near 20% CAGR over the next 3 years. On customer acquisition, as U.S. markets mature, sophisticated operators are shifting spend from the blanket promotional offers towards targeted high-intent performance media, channels where Legend is a proven leader. We're already seeing clear evidence of this shift. For example, Legend acquired customers delivered 60% higher yield for operators after 1 year. The category is moving towards Legend's model. Integration is underway, and we'll share more on synergy execution next quarter. Second, GeniusIQ is replacing legacy systems across the sports league landscape. As we outlined at our Investor Day, GeniusIQ is the operating system of modern sport, one platform that captures live game action, understands fans, distributes data and powers every touch point where sports is consumed, officiating, coaching, betting, fan engagement, advertising, all running on the same system. Legacy manual data capture, where humans key in events from television feeds is obsolete. Leagues are transitioning towards automated AI-driven solutions, and we are winning that transition. Our recent expansion with Liga MX is one example, a single relationship covering officiating support, performance analytics for clubs, betting data and fan engagement, all powered by GeniusIQ. We see a meaningful opportunity to take market share and drive incremental revenue with limited additional costs as more leagues make this transition. This is the strategic shift that we anticipated and that we built for, and we are now seeing the return on that investment in real time. Third, AI lowers our cost base and increases speed across the business. GeniusIQ automates data collection in venues where it is deployed, delivering faster, more accurate data with reduced operational overhead. By the end of next year, we expect that automation to span our entire data rights portfolio. That is a meaningful margin lever as we scale. Internally, Agentic AI has cut feature development time by more than 50%, and we expect these gains to compound. We're extending the same capabilities into partner workflows, embedding our technology more deeply into customers' operations, which both creates stickiness and creates additional commercial opportunity. We have also developed automated antipiracy solutions to protect our most valuable asset, the data itself. AI is not just enabling innovation in our products, it is structurally improving our margin profile and reinforcing the defensibility of our business. The true line is this: one platform; three, accelerants, expanding operating leverage. That is what gives us confidence in sustained margin expansion from here. Bryan will take you through the financials, but I'll leave you with this. Q1 extends a consistent pattern of execution on a durable model. We are moving from a data provider to the operating system and monetization layer of global sport. We've built a competitive position and margin profile that few others in the sports ecosystem can replicate. Consider this against the backdrop of an industry that's being reshaped by AI. Every wave of AI progress increases the value of 2 things: data that can't be replicated and destinations audiences actively choose. We own both, which puts us in a rare position. AI doesn't threaten our core. It compounds it. The opportunity is to use AI to make our data more useful, our destinations more essential and the gap between us and everyone else even wider. I want to close with a direct comment. We understand and appreciate but it's early days with respect to Legend. As I wrote to shareholders in February, the gap between how we see this business and how some of the market currently sees it is where the asymmetric returns live. The way that we close that gap is by delivering quarter after quarter with the discipline that has defined this business for 2 decades. These results begin that process and every conversation between today and our next call will be about exactly that. And with that, I'll turn the call over to Bryan. Bryan Castellani: Thanks, Mark. Three things I want to land today. Q1 was another quarter of well-balanced, consistent growth. The Legend financing priced well with strong lender support and the combined company takes our 2026 EBITDA margin from 23% to 28%, pulling our long-term target forward by 2 years. Starting with Q1, we delivered well-balanced revenue growth across both segments. Betting was up 33% and Media up 22%, translating to group revenue growth of 31% and adjusted EBITDA growth of 21%. Geographic balance was equally strong with over 25% revenue growth across Europe, the Americas and Rest of World. Two housekeeping notes on the quarter. First, as outlined previously, we now consolidate our Sports Technology and Services business into Betting and Media. This aligns with how we manage the business and reflects where expected growth and profitability will come from. Going forward, we will report on those 2 segments only. Second, on cash, we historically see outflows in the first half and inflows in the second half, netting positive for the full year. We expect that pattern to repeat in 2026. Now on Legend. The financing tells you what outside capital thinks of this business. Concurrent with closing last week, we funded an $825 million Term Loan A at SOFR plus 350 basis points, better terms than where credit markets sat when we originally signed and a lower cost of capital than we initially expected. In a more selective credit environment, lender diligence reinforced the predictability of our cash flows, our low leverage profile and the durability of the model. We also elected to size the debt $25 million below the original structure, reflecting our confidence in free cash flow generation and our commitment to disciplined deleveraging. This reduces upfront and ongoing interest, fees and amortization while preserving ample liquidity which brings me to guidance, now reflecting the combined company beginning May 1. For Q2, we expect 1 month of stand-alone Genius and 2 months of combined group financials, delivering group revenue of approximately $185 million and group adjusted EBITDA of $45 million. For full year 2026, we expect group revenue of between $990 million and $1.01 billion and adjusted EBITDA of between $270 million and $280 million, in line with the 2026 annualized estimates we provided in February. The headline number. This raises our 2026 adjusted EBITDA margin expectation from 23% to 28%. The acquisition is immediately margin accretive and accelerates our path to our previously stated long-term revenue and margin targets by 2 years. On cash flow, 2 points. First, this year Q2 will mark the low point, consistent with the seasonality of prior years, while also having one-off acquisition expenses. In the second half, we expect the combined business to generate approximately $100 million of total cash flow, including all interest expenses and debt repayment. This equates to roughly 50% to 55% conversion of the approximately $200 million of adjusted EBITDA we expect in the period. Second, the trajectory. As we move into 2027, free cash flow conversion increases towards our previously stated 2028 target of at least 60% on an unlevered basis. And 2027 is also the year we transitioned to positive GAAP net income on a sustained basis. One last point, and it's the most important forward-looking one. Today's guidance does not yet include the 4 revenue synergies we identified at the time of the transaction, and these are where we see significant upside potential. To recap them briefly, they are: first, customer cross-sell uniting Genius' official data with Legend's high-intent acquisition funnel; second, monetization of the combined audience asset across the advertising ecosystem; third, scaling Legend's technology platform across our 400-plus league and team partners; and fourth, distributing Genius data and products through Legend's channels. On that fourth synergy, work is already underway. Over the coming weeks, users on Legend's properties will begin seeing Genius products integrated directly into their experience. This will be the first visible signal of integration progress. In 2026, the majority of Legend's value comes from consolidation, margin uplift and cross-sell of Legend inventory into existing betting partners. Deeper data-driven media synergies build as we move into 2027 and beyond. One specific synergy worth calling out separately, prediction markets. As Mark covered, the ecosystem requires both official data and high-value audiences, capabilities we uniquely combine. Together, Genius and Legend create the only platform in our industry that delivers both at scale. We see this as one of the most attractive incremental revenue opportunities ahead and only the very early stages of this opportunity are reflected in today's guidance. To close, Q1 extended the track record, the financing validated the model. Legend pulls our long-term targets forward by 2 years. The combined business is set up to deliver sustained revenue growth, margin expansion and cash flow and meaningful long-term value for shareholders. With that, we'll open the line for questions. Operator: [Operator Instructions] Our first question comes from the line of Ryan Sigdahl from Craig-Hallum Capital Group. Ryan Sigdahl: Nice to see the strong Q1 results. I want to start, Bryan, with guidance just because you ended on it. Are you able to break out the legacy Genius guide relative to your new guide? And then what's included for Legend? I tried to do some reconciliation relative to the stand-alone expectations you had put out there. It appears like maybe a little lower on the revenue and the same EBITDA, but hopefully, hoping you can help me with that. Bryan Castellani: Ryan, thanks. On guidance, this is all in line with the earlier guidance we gave in February. And in February, we started with the Genius stand-alone guidance that had 22% revenue growth and 36% EBITDA growth, which is really strong, and we're on track to achieve that. With Legend closed just last week, we now present it as a combined business. So the guidance you see is effective May 1 on the combination. And you can see it's immediately accretive to margin and cash flow, potential synergies to drive upside. And so we feel good about that guidance. And again, I just want to stress it's all in line with that earlier guidance in February. Ryan Sigdahl: Helpful. NFL, so there's -- it's reported the NFL does not have an official Sportsbook. They're in those negotiations, previously DraftKings, FanDuel, Caesars that expired at the end of March. Curious kind of what your view is of that. I know it's a long time until the start of the season, but just how that relates to you guys and what you expect to happen there? Mark Locke: Ryan, thanks for the question. Yes, I mean, look, it is a long time to start the season, right? And I mean, this is nothing we haven't really seen before. I don't want to comment for the NFL or how those negotiations are going. But from our point of view, we've got very strong visibility over our future revenues and our partnerships and our relationship with the NFL, just to remind everybody, is locked in until Super Bowl 2030. Operator: Our next question comes from the line of Clark Lampen from BTIG. William Lampen: Thanks for really detailed thoughts around sort of Legend and the opportunity sort of moving forward. Maybe to drill down on that at a slightly more micro level. I wanted to see if you guys could talk about some of the ongoing work and the Publicis and sort of Moments integrations that you guys talked about in the March time frame. Could you give us a feel for early commercial traction, what you're seeing with the integrations? Are those driving incremental revenue now? Or are we still in the sort of activation and testing phase? And then a clarification on guidance. I think, Bryan, you just said immediately accretive. There are potential synergies, but guidance should be considered basically in line. It sounds like you guys have a very nicely growing demand backlog from core and prediction customers. What would you want to see before maybe starting to underwrite or sort of embed those potential synergies that you just talked about? Mark Locke: Clark, thanks for the question. Look, I'll let Bryan pick up the second part of it. But I mean, suffice to say, I think we said a few times that the upside isn't priced -- sorry, isn't in any of the guide. To answer your question sort of micro details, I think you called them. Look, we've got a few main things we're going. On the Legend integration, things are going really, really well. From an operational point of view, we've got a 60-person commercial off-site together, I think, next week or the week after, which is going to bring the businesses together, and we're going to address a lot of the inbounds that we're getting already, which is a really, really good sign. So the combined offering is going down very well. From a product point of view, we're integrating BetVision into Legend at the moment, which gives us not only additional reach, but more inventory, which we should be able to immediately drive value from through our advertising partnerships. On the Moment Engine, you saw the comments or heard the comments in the prerecorded script. We think we picked up 70 new customers and 90% of the SSP, DSP market, and that's delivering immediate revenue. So we're extremely excited about the opportunities. It's going exactly to plan, and we feel very confident about the growth and the revenue numbers that we put out into the market previously. But I'll let Bryan pick up the second part of the question. Bryan Castellani: I think that second part, just on the what we would need to see to layer in those synergies. And we've always been consistent that the acquisition was -- we guided with what was in front of us. And as those synergies come to light, we will start to layer them in. We've said the nearest ones are the cross-sell opportunities. And as Mark said, the teams have started to get together. There's interest on both sets of customers and proposals going out where we can now leverage the combined opportunity. So as those things start to layer in, we will update you as we go. Operator: Our next question comes from the line of Jordan Bender from Citizens JMP. Jordan Bender: Mark, you touched on onboarding the market makers to your platform. Broadly, can you maybe just help us think through the economics of what selling that data might look like? I know you're not going to be able to kind of give us contract by contract, but just kind of help us size the overall opportunity there for you guys? And maybe the second part of that is you have the infrastructure in place, would you guys ever consider market making yourselves? Mark Locke: Yes, it's a good question, Jordan. I mean these are fairly early days. Whilst we've got a great deal of experience of doing this in Europe, I think we've mentioned before that we've worked with market makers there for a long time on the exchanges. And I think from a technical point of view, we don't really see much difference over here, saying all about the economics and the way it's going to wash out in the U.S. is clearly something that we're keeping an eye on and watching the evolution of. As a result of that, the deals that we're running are short-term deals. We have various different economic structures. But fundamentally, as time goes on, we'll evolve those deals as we get more clarity, frankly, on what the best economic deal is, but that's going to be on a case-by-case basis depending on the quality and the type of the market maker that we're working with. We're leaving ourselves a lot of flexibility. Jordan Bender: Understood. And then just on the follow-up, Bryan, I think I caught that you said $100 million of free cash flow in the second half of the year. If I look at the 1Q number, it kind of implies you have to not lose that much in the second quarter. Is that to say that you might actually be free cash flow negative for the entire year? Did I catch that correctly? Bryan Castellani: Sorry, no. So let me just give you a little bit of a walk on the cash flow. So Q1 seasonal pattern, that is part of our history and just the way timing vis-a-vis -- timing of rights payments versus revenue, right? We monetize our rights over 12 months, but the rights payments time into the season. Q2 will have a number of onetime impacts just given the transaction. So we will see the low point in Q2, probably around $140 million to $150 million. And then that build back that $100 million and starting from really the second half of the year, you really start to get a clean read on the earnings and cash flow power of the combined business. And so that's 50% to 55% total conversion just so that we were cleaner on where you might model that. And so that reflects basically the back half of the year earning about $200 million of EBITDA that may be more Q4 than Q3, again, in line with the pattern of history here. But hopefully, that answers your question as to how to think about the cash flow in that. Operator: Our next question comes from the line of Barry Jonas from Truist Securities. Barry Jonas: Maybe just talk a little bit more about the prediction opportunity right now. I don't believe the NFL has reached an agreement at this point. So just curious what the opportunity is and then what you're sort of waiting on to proceed once you get more buy-in from the NFL or any other leagues. Mark Locke: Yes. It's a good question and clearly a hot topic at the moment. So I think it's probably best to break it into 3 buckets because already the prediction markets are driving a lot of value for us. And the first one, we touched upon a minute ago with the market makers, we're generating good revenues there. Early days, but we're seeing real positive opportunities there. You've got the second part of the -- or the second bucket, if you like, I'm sure you've all watched the valuations and some of the raises that have been going on at the moment, which, frankly, is going to be for marketing for product. And we see a lot of that raise coming through to Genius and Legends as part of customer acquisition and the marketing. So there's a significant opportunity there, which we are already starting to capitalize on. And then finally, on the data side, look, we've got to have a very close eye on the regulators and the regulatory environment is something that we are obviously very sensitive to and our partners are very sensitive to. But you're seeing positive moves from the CFTC towards official data. A lot of our partners outside of the NFL are showing strong interest in engaging. So we expect that those sorts of deals will come in on a longer -- sorry, on a short-term basis. On a medium-term basis, the NFL and the U.S. sports leagues, I'm sure, are considering their positions. But I think it's fair to say that for the prediction market to have a long and rosy future, they're going to want to work very closely with those leagues and with the CFTC. So as a result of that, we expect in the medium term some progress on that front. Barry Jonas: That's helpful. Then just for Mike, can you talk about allocation specifically customer purchases? I think the company volume in the quarter fell off. Mark Locke: So we will prioritize our capital in the highest ROI opportunity. We're closing the trends and finance favorable focus on management. We always focus on scheme and to a paying down that as well. We get done because we've set our strap and the quick lever, the quick have optionality to do those other types of things you're asking about. Our focus right now is the delever. Operator: Our next question comes from the line of Chad Beynon from Macquarie. Chad Beynon: Wondering if you could expand a little bit just in terms of engagement in Syria as that season comes to a close. And this was a big integration year with your new rights contract in BetVision. So any additional color just in terms of what you've seen from that contract in this first year? Mark Locke: Yes. Thanks for the question. Look, it's super interesting. I mean the -- Italy is the biggest betting market in Europe. It's often missed by people. Our relationship with them is very strong. We're very happy with the technology integration that we've done and the distribution of the products. And we feel really good about the future of that relationship. Chad Beynon: Okay. Great. And then as we think about the NFL ad inventory opportunities and kind of tying that back with the event that you just had with NewFront, when will we start to see you kind of fill the bucket in terms of that inventory? Is that something that's closer into the season? Or is that a process that's going on right now? And any commentary there would be helpful. Mark Locke: Yes, sure. Look, we're already outselling the NFL inventory. And clearly, with the addition of the Moment Engine and the improvement in ROI that our advertisers see a result of that, we are very confident that's going to generate a very good result for us this year. Operator: Our next question comes from the line of Eric Handler from ROTH Capital. Eric Handler: I wonder in terms of your Media business, is -- would you be willing to sort of quantify either from a volume or dollar basis, how interest is shaping up for the NBA finals this year? And as well, when you look at the incremental opportunity with the World Cup, is there any color you can give around that? Mark Locke: Yes. So this is an interesting moment for us, excuse the pun, with our Moment Engine. We -- the great thing about it and the fact that we've distributed it so widely and it's being picked up by so many clients is that we're part of the workflow of those clients. And so when you combine that with the fact that we have a rolling set of events throughout the year, you mentioned a couple, and obviously, the World Cup is a big one. The combination of that means that this product will automatically be used by our clients as part of their campaign management. So effectively, we are now running our product sets on a 24/7, 365 basis based on the events, based on what's going on in the match and generating revenue from every campaign. Eric Handler: Great. And I wonder if there's any sort of updates or color or data you can give for BetVision in the quarter. Mark Locke: Yes. Look, BetVision, we're super happy with it. It's going really nicely at the moment. We've seen BetVision's growth in global football actually now with the with the off-season, but now pass some of the NFL. So there's a huge amount of opportunity that we're seeing outside of the core U.S. market there. We're really happy with the output and the results that we're getting are really strong. And clearly, we're winning result -- sorry, we're winning rights away from our competition, and that product is really helping us do that. So we feel very, very strongly about it, and we're super happy with the ROI that we're getting on that. Operator: Our next question comes from the line of Bernie McTernan from Needham & Company. Bernard McTernan: Maybe to start, Mark, I know it's early days, but is official data holding that same demarcation that had in online sports betting meeting? Are you and your competitors staying in your own lanes in terms of selling data to prediction market stakeholders that only you have official data for? Or is it more of the Wild West out there at this moment in time? Mark Locke: Yes. I mean it's certainly not the Wild West. It's much more -- the market has evolved. It's much more rational than it used to be, and I think you're seeing that in the results. We are pretty clear, and I think our competitors are pretty clear about what rights we hold, and we're engaging with not only the rights holders, but the prediction markets on that basis. I think the most important thing that people need to think about in terms of prediction markets is as they evolve and mature and become -- move towards sort of stronger regulatory framework, they're going to need to fall much more in line with the way that, I guess, the more traditional sports betting market work. So they're going to look to mirror those -- that type of framework, which provides a significant opportunity for us and also other players in the market who have access and the control over that data. And again, if you look at the -- and I think I mentioned this before, you look at what the CFCC has said about the need to move towards official data and the fact that the leagues are starting to align, you're just going to see more adoption on that basis. Again, we're very well placed for that. Bernard McTernan: Got it. And then just a clarification. Bryan, I believe you mentioned the full year kind of legacy Genius guide was unchanged, but there was a pretty substantial beat in the first quarter. So was this just a pull forward or just maybe some confusion that we had on seasonality? Bryan Castellani: No confusion. We're always mindful in managing to the full year guide, and we're consistent with that. And so again, here with Q2 just closing the transaction, we want to come out of the gate here well. And so really no change, just managing the full year rather than quarter-to-quarter. Operator: Our next question comes from the line of Jed Kelly from Oppenheimer. Jed Kelly: I think when you acquired Legend, you were kind of calling for like 20% growth for the full year. It seems like 2 of the largest sports books are increasing the amount they're willing to invest in prediction markets. Kalshi has gotten funding. So it seems like we're ramping up for what one would call maybe a '22, '23 advertising spend that you saw in OSB in prediction markets. So just how should we think about the back half advertising ramp for Legend? Mark Locke: Thanks for that. Look, obviously, we love that comparison, and we agree with it as well. We're seeing a lot of the sort of excitement that we saw in those early days. The back half is going to be seasonal. There's still going to be rational spenders and even though they raised a lot of money and they're being aggressive with their acquisition. However, it's going to be based around sports events, and we would think it's likely to follow that calendar, albeit it's a big opportunity for us. And as I've said for a while, we're extremely well placed, even more so now with Legend and the distribution network that they have. Jed Kelly: Got it. And then just as a follow-up, just with Legends, I guess, just in the relationship with the LLMs, when you go do and you kind of go into some of these LLMs, they are scraping covers and taking the sources. Is there any way to protect that data or protect what they have or maybe integrate with the LLMs? Can you just talk about that relationship in terms of preserving some of the uniqueness around the Legends portfolios? Mark Locke: Yes. Look, LLMs are a big opportunity for us through Legend. We -- I think I said in my prepared remarks, we -- what LLMs are good is aggregating information. But really, this is all about destination sites, which Legend has and the new app that's just been soft launched as well. So we feel from an AI point of view and an LLM point of view, we're a net winner. And we're seeing record audience coming through the LLMs to Legend at the moment, which is obviously translating to cash. Operator: Our next question comes from the line of Mike Hickey from StoneX. Michael Hickey: Mark, Bryan, congrats guys on a great 1Q and the closing of your deal here. Just 2 questions from us, Mark. First one, renewals. Obviously, you've had a lot of success in renewals historically. Just curious sort of how you're thinking about any upcoming operator renewals in the U.S. And what are the key levers you think in terms of driving incremental growth from these agreements? Mark Locke: Yes. I mean, look, Mike, we're horizontally relaxed about this stuff. We've been doing it for years, and we expect this to carry on in the same way that we've seen it historically. We know what the levers are. We know what our value proposition is, and we've got an incredible track record of customer renewals and net revenue retention and growth. So we feel very confident and very relaxed about that. Michael Hickey: Then just curious on the marketing opportunity you see, Mark, international. Obviously, the U.K. is a big area. I think in terms of Legend on gaming marketing, just the tax situation there has gotten nasty. Obviously, that's already baked into your guidance. Just wondering the impact you're seeing there. Do you think it will normalize or I guess, how it will trend through the year? And then just broadly speaking, when you look at the Moment Engine, which has been absolutely exceptional. And now Legend, when you look international, the biggest opportunities for growth that you guys see in the future? Mark Locke: Yes. Thanks, Mike. Good question. Look, I mean, Legend obviously globally diversified, and that's a super important part. One of the things that might be quite interesting is to think about the U.S. If you remember, look at Flutter's results yesterday, 90% of the growth was iGaming versus 1% betting. Now clearly, Genius is outperforming on the betting front in a very significant way, as you've seen from the results this month and going forward. But I think the proportion of the money that's coming and growth that's coming from iGaming is very significant and a really good indicator for how well Legend is going to perform in the U.S. market. Suffice to say, we're pretty excited about that, pretty excited about the new exposure that we've got to the iGaming market. That, combined with the growth that we're seeing in the advertising product means that we expect some really strong results from that space. Operator: Our next question comes from the line of Trey Bowers from Wells Fargo. Raymond Bowers: Just first, a couple of guidance questions. Any seasonality to call out around Legend? The incremental EBITDA for Q2 just relative to 2 months, seems a little lower in that quarter, if I just annualize the overall annualized EBITDA contribution of Legend. And then with that, any update to those long-term guide targets that you guys provided at the time of the acquisition? And then I have a quick follow-up. Bryan Castellani: While Legend is less seasonal than Genius, and you guys know our back half, just given the sports calendar and the advertising calendar is significantly weighted to Q3, Q4. Legend is more even given that it is iGaming, but they still have their peak quarters in Q3, Q4. So there is some seasonality to it where the front half is notably less than the back half. And no change on the guide. We remain consistent. And I think you guys know me well enough that I keep saying we're consistent. Raymond Bowers: And then just on cash flow, just if we could put a finer point on this. If Q1 burned around $80 million, Q2, you guys expect that to be $140 million to $150 million and then a rebound in the second half of $100 million, it's a negative cash flow year of north of $100 million. And then you mentioned kind of conversion showing up at the 50% plus rate in the second half. But if you're usually in a cash draw position in the first half, you should be well north of that in the second half. So I think it would be super helpful just to kind of try to quantify what the one-timers related to the deal, et cetera, were in the first half, just to get a better sense of what kind of underlying cash flows look like. Bryan Castellani: The underlying cash flow, again, Q3, Q4 is the clean read. It's about $100 million total. And that Q2, a reminder that given just the confidence in the business, we did reduce the loan balance in any transaction as any company would upon close, you do have the financing and the closing costs. So -- and as we end the year, we will have optionality on that cash balance in terms of delever or invest in the business. So again, the Q3, Q4 is the better read. And the guidance to '28, we expect '27 to build towards that 60% free cash flow conversion in '28. And so all of it remains consistent. And as you get through the second half into '27, much cleaner and moving away from one-off transaction-related costs. Operator: Our next question comes from the line of Jeff Stantial from Stifel. Jeffrey Stantial: Maybe just starting off by following up on, I think, Bernie's question earlier. So the CFTC just wrapped up an engagement process for some potential rule-making. We know there's some understandably mixed responses regarding whether or not the CFTC should require the use of official data. I think it's specifically from the exchanges. Mark, can you just help us think about sort of sensitivity to the addressable customer mix and the TAM here for your data if the CFTC does require the usage of official data versus the scenario where it's really more a function of latency that determines official versus nonofficial data? Mark Locke: Yes. I think the key thing is that quality of data that you need to have an official result set by. Otherwise, you've got the Wild West. And I think that's well understood. And you're only going to get the official result from the official holder of data, and that's fundamentally the leagues and Genius or the leagues and whoever holds those rights. So I think that's a fairly clear relationship that's out there. In terms of the TAM, the way I think about or the way we think about it, the way we model it is we think of each of the major prediction markets being like one of the top U.S. sports books. So we see the economics of Flutter or DraftKings or Kalshi or Polymarket or Robinhood, we see all of them being equal in terms of their size. So when we think about the TAM and then we think about the opportunity for revenue from us, that's our sort of base case. You've then got marketing around the edge. You've got the addition of Legend, which obviously over-indexes on customer acquisition, which in the current market is extremely good for us because they've got the opportunity to go outside of the current states where you've seen potential saturation from the existing OSB. So we see an outsized opportunity in the prediction market. But ultimately, we think that the underlying data piece will settle down, as I said, around the large OSB players size. Jeffrey Stantial: That's great. And then switching gears, Mark, you touched on this briefly in your prepared remarks, but just double-clicking here into some of the focus on specifically or only regulated markets and operators. I just want to clarify, does any of your betting business or material -- any material portion of your betting business revenues come via B2B resellers? Or is it only direct relationships with regulated license operators? And then if you could just sort of broadly refresh us on your compliance processes that are in place to ensure that customers are behaving according to commercial terms and conditions, that would be helpful as well. Mark Locke: Yes, sure. Look, I mean, I think it's a good question. And obviously, we expect it to talk about this. But I've been doing this for 25 years, and we've always taken very deliberate steps to avoid any exposure to any sorts of these risks. And the way we operate is that we're very, very selective by site. And what that means is that we structurally set ourselves up to only work with operators that meet our very high property standards, which is why we've limited ourselves to such a carefully curated list of only about 500 operators. Operator: And our last question comes from the line of Greg Gibas from Northland Securities. Gregory Gibas: You mentioned being flexible with respect to market maker contracts and them being fairly shorter term relatively as a result. So I was wondering if you could -- maybe how you expect those contract terms to evolve over time as prediction markets mature. Mark Locke: Sure. It's a good question. Look, you've got a couple of levers, right? You've got liquidity and you've got breadth of market and then you've also got regulatory change. And we've got to be focused on all 3 of those. So taking short-term contracts gives us a bit of a view and flexibility around that. As liquidity in those markets grow, clearly, the value of our data and the need for low latency, high-quality specific data becomes more valuable. And that's something that we've got a very clear eye on. So we see a very, very clear path to revenue -- significant revenue growth in that space as the natural evolution of that market values the higher quality data that's available. Gregory Gibas: Got it. Very helpful. And as a follow-up, I wanted to just see with your Moment Engine now generally available or greater availability now integrated across partners that represent 90% of programmatic advertising ecosystem, how would you maybe characterize early adoption or engagement with those advertising partners relative to your early expectations? Mark Locke: Yes. Look, we're super excited about this. The adoption rate that we've seen is really, really good. And more importantly, the results that we're getting are very, very strong. As I think you heard in the prepared remarks, we mentioned Samsung out spending by 220%, and it's early days. So I mean, look, there's a number of test campaigns that we're running at the moment and is still to finish. But if the initial results maintain at the level that we've seen, this is going to be a very strong product in the market. Operator: Thank you, everyone. That concludes our conference call for today. You may now disconnect. 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