Catena Media recently released its financial report for the fourth quarter and full year of 2023. The report acknowledged a weak quarter, attributing the results to ongoing investments for future growth and profitability.

In the fourth quarter of 2023, Catena’s revenue from continuing operations decreased by 41% to €14.5 million, with North American revenue also plummeting to €12.3 million. Adjusted EBITDA for the period was €1.5 million, marking an 88% decrease from the previous year. The number of new depositing customers also decreased by 43% compared to the same period in 2022.

For the full year of 2023, Catena reported a 22% decrease in revenue, amounting to €76.7 million. North American revenue was down by 21%, and adjusted EBITDA from continuing operations saw a 47% dip. The number of new depositing customers in 2023 also posted a decrease compared to the previous year.

Despite the disappointing results, Catena’s CEO, Michael Daly, emphasized the company’s ongoing investments in artificial intelligence and technology. He expressed determination to be a leading force in the online sports betting and casino gaming sector, leveraging innovative technology to reshape the verticals.

Daly predicted that these investments would position the company for future growth, with a resumption of organic growth expected in the second half of the year. He also anticipates generating full year adjusted EBITDA in 2024 within the range of €20 million to €30 million.

Overall, while the latest financial report revealed concerning results for Catena Media, the company remains focused on implementing strategic investments to drive future growth and profitability.

By admin