Genius Sports Ltd (NYSE:GENI) shares are trading higher after the company reported better-than-expected first-quarter FY24 sales.

The company reported first-quarter FY24 sales of $119.72 million, beating the analyst consensus estimate of $116.89 million.

Segment Revenue: Betting Technology, Content & Services increased 14.1%, Media Technology, Content & Services jumped 63%, and Sports Technology & Services fell 3.5%.

The gross profit increased 34% to $12.8 million, and the gross margin expanded 90 basis points to 10.7%.

Total operating expenses increased 13.8% to $37.1 million. Operational loss for the quarter was $(24.3) million.

Adjusted EBITDA for the quarter decreased 14.5% to $6.87 million with an adjusted EBITDA margin of 5.7%.

EPS of $(0.11) missed the consensus estimate of $(0.09).

The company held $67.5 million in cash and equivalents as of March-end.

"As we expand our technology footprint and work to extend one of our most important data partnerships with Football DataCo, we feel an enhanced sense of excitement and confidence in our outlook for 2024 and beyond," said Co-founder and CEO Mark Locke.

Outlook: Genius Sports sees FY24 group revenue of about $500 million against an estimate of $480.82 million. The company sees group Adjusted EBITDA of $82 million.

Genius expects second-quarter FY24 revenue of $94 million versus an estimate of $94.12 million. Genius expects revenue of $119 million for the third quarter and $167 million for the fourth quarter.

The company also expects to generate positive cash flow in the full year of 2024.

Price Action: GENI shares are trading higher by 4.80% at $5.68 at the last check Wednesday.