Catena Media Reports Q3 Results: Strong Net Cash Position Despite Revenue Dip
Date: 2023-11-21 Author: Dima Zakharov Categories: EVENTS
Q3 Revenue Decline
Catena Media discloses a 28% year-on-year decrease in revenue to EUR 15.9 million ($17.4 million). The dip is attributed to the shift of contracts in North America from CPA to revenue share. Adjusted EBITDA from continuing operations sees a 65% decrease to EUR 3.1 million ($3.4 million).
North American Challenges
North American revenue plunges by 29% to EUR 13.3 million ($14.5 million), despite a 44% EBITDA margin and a 17% increase in depositing customers. However, the total number of new depositing customers (NDCs) drops by 34%.
Financial Snapshot
Earnings per share from continuing operations stand at EUR -0.02 ($-0.022), with 90% of group revenue from regulated markets. Catena Media ends the quarter with a net cash position of EUR 21.2 million ($23.2 million) despite a net debt of EUR 25.4 million ($27.8 million).
Strategic Moves
After Q3, Catena Media sells its Italian gaming business for EUR 19.8 million ($21.7 million) and invests in an AI-based affiliation platform. Year-to-date results indicate a 16% decrease in revenue, with adjusted EBITDA down 34%.
Restructuring Continues
Catena Media’s restructuring includes a share buyback program, divestment of UK and Australian sports betting brands, and a media partnership with The Sporting News. CEO Michael Daly emphasizes a focus on stable markets for sustainable growth.
