Sportradar posts record revenue of €266m for Q1

Revenue for the first three months of the year was up 28 per cent year-on-year with broad-based strength across the product portfolio.

Press release.- Sportradar has today announced its financial results for its first quarter ended March 31, 2024. 

First quarter 2024 financial highlights 

• Revenue for the current quarter was €265.9m, up 28 per cent year-on-year with broad-based strength across the product portfolio. 
• Within our new revenue groupings, Betting Technology & Solutions revenues were €218.8m, up 35 per cent year-on-year, and Sports Content, Technology & Solutions revenues were €47.1m, up 5 per cent year-on-year. Betting Technology & Solutions and Sports Content, Technology & Solutions accounted for 82 per cent and 18 per cent of total revenue, respectively.  
• From a geographic perspective, the Rest of the World grew 19 per cent and accounted for 75 per cent of total revenue, while the U.S. grew 65 per cent and accounted for 25 per cent of total revenue.  
• The current quarter generated a loss of €0.6m compared to a profit of €6.8m for the same quarter last year.  
• Adjusted EBITDA (non-IFRS) for the current quarter was €47.2m, up 29 per cent year-over-year,  primarily due to strong revenue growth and operating efficiencies which offset higher sports rights costs.  
• The Company’s loss as a percentage of revenue for the current quarter was de-minimis, compared to a profit as a percentage of revenue of 3 per cent for the same quarter last year. Adjusted EBITDA Margin (non-IFRS) was 18 per cent, a slight improvement to the same quarter last year. 
• The Company’s customer Net Retention Rate (NRR) (non-IFRS) was 116 per cent in the first quarter of 2024, compared with 111 per cent in the fourth quarter of fiscal 2023, demonstrating the Company’s strength in cross-selling and upselling to its clients. 
• As of March 31, 2024, the Company had a total liquidity of €494.6m as compared to €459.6m as of March 31, 2023. 
• The Company expects to commence purchases under its $200m share repurchase program beginning with the opening of the upcoming trading window. 
• The Company raised its full-year 2024 outlook and now expects to deliver at least 21 per cent year-on-year growth in revenue and in Adjusted EBITDA (non-IFRS). 

Recent company highlights 

• The Company announced key additions to its leadership team, naming Craig Felenstein as chief financial officer commencing June 1st and Behshad Behzadi, who joined the Company on May 1st, as the Company’s chief technology officer and chief artificial intelligence officer.  
• Signed an extension of the Company’s partnership with the Chinese Men’s Professional Basketball  League (CBA) to grow the league’s global presence and help ensure integrity within Chinese basketball. 
• Announced a new long-term partnership with UTR Sports for the UTR Pro Tennis tour, the top tennis tour for rising professionals. Tennis is the second most bet on sport and UTR provides Sportradar with a consistent volume of tennis matches throughout the year, complementing our tennis portfolio and reinforcing our selective approach to expanding sports rights. 
• Announced a multi-year strategic partnership with Oddin.gg, a B2B betting-solutions provider for esports, to offer AV streaming of Oddin.gg’s exclusive esports content to Sportradar’s 800+ betting operator clients around the world. 
• Sportradar made Fast Company’s 2024 list of Most Innovative Companies in sports for the  Company’s leading Computer Vision technology and Enhanced Table Tennis solution.

Carsten Koerl, chief executive officer of Sportradar, said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full-year outlook and are commencing purchases under our share repurchase program. I would also like to welcome to the leadership team Craig Felenstein as our chief financial officer and Behshad Behzadi as our chief technology officer and chief AI officer.”