GENI · CIK 0001834489
What Genius Sports Ltd told the SEC could break it.
Genius Sports' disclosures center on concentration at both ends of its sports-data business and a war-zone operating footprint. Its costs concentrate in league data-rights vendors — two of them made up 56% of accounts payable at the end of 2025, after a single vendor was 68% a year earlier, consistent with large rights deals like its NFL license — while one unnamed customer accounted for 13% of revenue and 12% of receivables. It also operates an office and revenue-generating business in Zaporizhzhia, Ukraine, an active conflict-zone city, exposing staff safety and operational continuity to the Russia-Ukraine war.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one unnamed customer — 13% of revenue, 12% of receivablesmedium
A single unnamed customer was 13% of revenue in both FY2025 and FY2024 (none >10% in 2023) and 12% of accounts receivable at year-end 2025.
“One customer accounted for 13 % of revenue in the year ended December 31, 2025. One customer accounted for 13 % of revenue in the year ended December 31, 2024.”
SEC filing →As of 2026
Geographic concentration
- Ukraine — Zaporizhzhia office in active conflict zonemedium
Operates an office and revenue-generating business in Zaporizhzhia, Ukraine — an active war-zone city — with staff safety and operational continuity risk from the Russia–Ukraine conflict; pre-invasion Russia revenue is gone.
“For example, we operate an office in Zaporizhzhia, Ukraine and have operations and revenue generating business within Ukraine and, prior to the invasion by the Russian army, revenue from Russia.”
Supplier concentration
- two vendors — 56% of accounts payable (one was 68% in 2024)medium
Payables are highly concentrated in sports data-rights vendors: two vendors were 56% of accounts payable at end-2025, and a single vendor was 68% at end-2024 — consistent with large league rights deals (e.g. the NFL license).
“As of December 31, 2025, two vendors accounted for 56 % of the Company's accounts payable. As of December 31, 2024, one vendor accounted for 68 % of the Company's accounts payable.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Additionally, we rely on third-party sports data providers, such as SportRadar and Genius Sports, among others, to obtain accurate information regarding schedules, results, performance and outcomes of sporting events for our sportsbook product.”
Cited →“We rely on third-party sports data providers, such as SportRadar and Genius Sports, among others, to obtain accurate information regarding schedules, results, performance and outcomes of sporting events for our Sportsbook and DFS products.”
Cited →
Its suppliers
National Football League (NFL)
“Pursuant to the extended License Agreement, the Company issued the NFL an additional 9,500,000 warrants with each warrant entitling the NFL to purchase one ordinary share of the Company for an exercise price of $0.01 per warrant share.”
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