XLMedia Plans for Consolidation in 2024 Amid Revenue Drop
Date: 2024-02-12 Author: Dima Zakharov Categories: EVENTS
XLMedia's Financial Outlook:
XLMedia, a leading affiliate company, is gearing up for a year of consolidation in 2024, as per its recent announcements regarding the expected financial performance for 2023. The company forecasts that both revenue and adjusted EBITDA will align with the lower end of the previously set ranges, largely due to challenges in the North American market.
Financial Figures:
In an update, XLMedia disclosed that its revenue for 2023 is estimated to be approximately $50.0 million, reflecting a significant decrease of 32.2% compared to the previous year. Adjusted EBITDA is expected to reach $12.0 million, marking a decline of 28.1% from 2022 figures.
Performance Highlights and Challenges:
Despite experiencing growth in premium European assets such as Nettikasinot, WhichBingo, and Freebets.com, XLMedia faced hurdles in the US market. Factors such as changes in operator customer acquisition activities, including the withdrawal of prominent betting brands like Barstool Sportsbook, impacted the company's performance.
Future Plans:
Looking ahead, XLMedia outlines plans for 2024, emphasizing the launch of online sports betting in North Carolina and anticipating further market growth post-election. The company aims to focus on both European and US operations while preparing for potential market expansions in 2025.
CFO Departure:
In a separate development, XLMedia announced the resignation of its Chief Financial Officer, Caroline Ackroyd, who will depart from the company on 31 March. Ackroyd, who has been with XLMedia since March 2022, will be pursuing a new role within the gambling sector.
The departure of Ackroyd marks a significant change within XLMedia's leadership, adding to the company's ongoing developments as it navigates through its projected consolidation phase in 2024.
