Affiliate Monitor Company by company Q1 results analysis

Can Catena Media claim to have turned a corner ? Or is the underlying performance in Q1 that of a company on life support ?

When looked at through the year-on-year lens , the latter would appear to be the case . Revenue of € 16m represents a 49 % drop on the prior year period while EBITDA fell over 90 % from just under € 20m to just under € 2m .

Meanwhile , the NDCs chart also shows a consistent picture of yearon-year decline .

Interim CEO Pierre Cadena , standing in until new CEO Manuel Stan takes the reins on 1 July , noted that Q1 was a “ quarter of underperformance ” and went through a slew of mitigating factors .

This included what he termed as “ lacklustre execution in our core operations ”, stronger competition , tightened marketing spending by operators and a less favourable state-by-state rollout backdrop as well as the adverse impact from the recent Google core updates .

But new chief financial officer Michael Gerrow was keen to stress the sequential improvement in the EBITDA figure , which he attributed to a “ streamlining ” of the Asia- Pacific segment and profitable growth in the sports business .

And while the year-on-year

Chart 10 : Catena Media revenue Q222-Q124 (€ m )

Chart 11 : Catena Media EBITDA Q222-Q124 (€ m )

Source : company reports

picture remained grim overall – growth in online casino in Q1 . sports betting-based revenue “ This is an early validation of fell two-thirds to € 6.1m while the turnaround strategies that are revenues from online casino already underway ,” he added . focused affiliation was down 20 % – Indeed , further validation for the the sequential numbers painted a claim comes from the NDC figures . prettier picture with Gerrow talking As can be seen from the above about 12 % quarter-on-quarter NDC chart , while the absolute iGB Affiliate Monitor