Date: 17.05.2024

by Kajetan Sawicz

Raketech Q1 2024 Financial Review: Strategic Growth and Market Adaptability

Raketech, a leading entity in digital marketing within the iGaming sector, recently unveiled its financial results for the first quarter of 2024.

Financial Highlights and Market Dynamics

During the first quarter of 2024, Raketech reported revenues of EUR 19.0 million, marking an impressive organic growth of 20.1%. This growth is largely attributed to the strong performance of its sub-affiliation segment, which has proven to be a key driver in the company’s diversified revenue streams.

Despite facing certain market headwinds, especially in the Swedish market where the Google Core update impacted the Casumba assets, Raketech demonstrated remarkable resilience. The softer performance in this region was effectively counterbalanced by gains in other segments, showcasing the company’s ability to navigate through volatility.

Strategic Outlook and Operational Efficiency

Looking forward, Raketech maintains a cautiously optimistic outlook for 2024, with trading patterns suggesting an adjusted EBITDA of approximately EUR 20.0 million. The company also projects a favorable trajectory for free cash flow, which is expected to closely align with the adjusted EBITDA figures.

In a significant strategic move, Raketech’s board has decided to withdraw its dividend distribution proposal for 2024. This decision emphasizes the company’s focus on maintaining financial flexibility and fostering sustainable growth, key components of its long-term strategic objectives.

Leadership Insight

Raketech’s Acting CEO, Johan Svensson, shared her thoughts on the company’s performance and strategic initiatives: “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on May 1. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”