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Affiliate Monitor Company-by-company Q1 results analysis
Catena Media Turning circle
The disappointments continue for the once market leader Catena Media with revenue of € 10.2 million from continuing operations representing a 30 % year-on-year decline and a 5 % sequential decline from the third quarter.
Adjusted EBITDA of € 1.5 million was at least 13 % better than in the third quarter and up 2 % yearon-year but from a small base. Adjusted EBITDA margin of 15 % was up 5 percentage points year-on-year and 10 percentage points from the second quarter of last year, marking the highest margin since the third quarter of 2023. But it is still some way behind the market margin leader, Gambling. com Group.
The net cash position has at least stabilised following the final € 15 million payment from the AskGamblers sale to Gentoo.
“ We have continued to improve our profitability, reaching the highest adjusted EBITDA margin since Q3 2023,” said CEO Manuel Stan.“ However, revenue remains under pressure as our strategic shift is gaining traction more slowly than anticipated.”
Casino revenue was down 12 % year-on-year and 9 % sequentially, primarily due to competitive pressures and Google search ranking volatility caused by algorithm updates.
Sports revenue dropped precipitously, off by 56 % yearon-year as a result of increased competition and the absence of a major new state launch. The Kentucky market launch in September 2023 had a trailing revenue impact into Q4 2023, creating tough comparables. Sequential growth of 6 % in North America sports revenue indicates early signs of stabilisation.
“ North America sports grew by 6 % versus Q3 2024, a welcome shift from seasonally adjusted declines in prior quarters,” said chief financial officer Michael Gerrow.
NDCs declined by 45 % YoY in the sports segment, reflecting weaker acquisition trends. Sports business losses decreased by 42 % YoY due to cost-control measures.
Hopes remain for further US market expansion with the opening of the Missouri market for sports betting expected in the second half of 2025. There is also Alberta in Canada where legislation is expected in the spring. Some residual potential icasino hopes remain with early-stage discussions in New York, Indiana
“ Revenue remains under pressure as our strategic shift is gaining traction more slowly than anticipated”
MANUEL STAN, CATENA MEDIA iGB Affiliate Monitor