Catena’s Q4 Financial Results Show Decline in Revenue for 2023

Catena Media’s most recent financial report was released, providing an insight into the company’s performance for the fourth quarter and full year of 2023. The report, released on Tuesday, acknowledged a weak quarter with declining revenue and other key metrics as the company continues to invest in future growth and profitability.

In the fourth quarter of 2023, Catena Media’s revenue from continuing operations took a significant hit, decreasing by 41% to €14.5 million ($15.5 million). The North American revenue also saw a steep decline, dropping to €12.3 million ($13.2 million), marking a 43% decrease from the same period in 2022.

Additionally, the adjusted EBITDA from continuing operations also decreased, halting at €1.5 million ($1.6 million), indicating an 88% decrease from the corresponding period in 2022. The number of new depositing customers (NDCs) for the fourth quarter also decreased by 43% to 32,032 compared to the same period in 2022.

When looking at the annual performance, Catena Media’s revenue for the full year of 2023 was down by 22% to €76.7 million ($82.2 million). North American revenue also decreased by 21% to €67.1 million ($71.9 million), while the adjusted EBITDA from continuing operations experienced a 47% dip to €25.4 million ($27.2 million). The NDCs for the year 2023 also showed a decrease compared to the previous year.

Despite the disappointing results, Catena Media’s CEO, Michael Daly, highlighted the company’s ongoing investments in artificial intelligence and technology, aimed at reshaping the online sports betting and casino gaming sector. Daly expressed confidence that these investments would position the company for future growth and lead to a resumption of organic growth in the second half of the year. Furthermore, he anticipated the company to generate full-year adjusted EBITDA in 2024 within the range of €20 million ($21.4 million) to €30 million ($32.2 million).