Catena Media, a company specializing in content-rich websites for online sports betting and casino gaming, released its Q3 financial results, showing a favorable net cash position despite a drop in revenue. The company reported a 28% year-on-year decrease in revenue to EUR 15.9 million. This decline was attributed to the transition of some North American contracts from CPA to revenue share. Adjusted EBITDA from continuing operations also decreased by 65% to EUR 3.1 million, with North American revenue plummeting by 29% to EUR 13.3 million.
Despite the decline in revenue, the company reported a net cash position of EUR 21.2 million at the end of the quarter, with 90% of its group revenue coming from regulated markets. Additionally, Catena Media finalized the sale of its online sports betting and casino gaming business in Italy for EUR 19.8 million and continued to invest in AI-based affiliation platforms.
The year-to-date results showed a 16% decrease in revenue from continuing operations to EUR 62.3 million, with North American revenue dropping to EUR 54.8 million. The company also initiated a share buyback program and agreed to divest its UK and Australian sports betting brands in a EUR 6 million deal. Catena Media also formed a media partnership with The Sporting News and launched sports betting affiliation in Kentucky.
Michael Daly, the CEO of Catena Media, commented on the report, emphasizing the company’s focus on stable markets for growth. He highlighted the importance of predictable regulatory frameworks in providing stability for operators and affiliates. In addition, Catena Media recently joined forces with five other affiliates to establish the Responsible Gambling Affiliate Association.
Overall, despite a decrease in revenue, Catena Media remains optimistic about its net cash position and strategic initiatives for future growth in stable markets.