Catena Q4 & FY24: Revenue falls but margin improves

The super affiliate’s Q4 and FY24 revenue falls year-over-year by 30% and 35%, respectively.  

Affiliate Catena Media has unveiled its final financial report of the 2024 calendar year, with Q4 and FY24 revenue both falling, despite an improved margin and a reduction in costs.  

A year of continuous financial struggles for Catena has culminated in a 35% year-over-year decrease in the affiliate’s revenue during 2024. Further, results from the final quarter of the year also highlighted a revenue decrease when compared to the prior quarter.  

Q4 2024 financials  

Indeed, a 6% fall in revenue quarter-over-quarter saw Catena’s total for Q4 2024 settle at a figure of $10.74m – representing a further 30% decrease year-over-year. Additional revenue results from the affiliate highlighted a 28% fall in North American revenue, of which the company made $9.2m during the year’s final quarter.  

Elsewhere, EBITDA from continuing operations rose by a notable 62% to $0.83m during the quarter, with adjusted EBITDA also experiencing an uptick of 2% to $1.55m. Moreover, earnings per share from continuing operations totalled –$0.21 both before and after dilution – up from the –$0.49 recorded in the latter stages of 2023.  

New depositing customers (NDCs), however, fell by 19% year-over-year – totalling 25,806 during Q4 2024.  

FY24 financials 

Regarding Catena’s full-year 2024 results, revenue from continuing operations fell by 35% to $51.24m year-over-year, with North American revenue also decreasing by 35% in comparison to the year prior to total $45.4m – a figure which accounts for approximately 88% of overall group revenue.  

In juxtaposition to EBITDA figures from Q4, FY24 adjusted EBITDA from continuing operations fell to $5.58m – a decrease of 79% year-over-year. Further, EBITDA totalled -$0.31m for FY24, down from $24.38m in comparison to figures from 2023.  

Elsewhere, earnings per share totalled –$0.65 both before and after dilution, with NDCs also decreasing year-over-year during the full year period by a total of 30% – settling at 128,700 for FY24.  

Good to know: Catena Media made several senior appointments throughout 2024 to try and help curb the losses being suffered within the competitive US market 

Key events of 2024 

Indeed, following the establishment of an online sports betting market in the state of Vermont early last year, the affiliate organisation’s former CEO, Michael Daly, announced that he would be stepping down in February 2024.  

Subsequently, Daly was replaced by current CEO Manuel Stan, who stepped in in May. Also in the spring of 2024, Michael Gerrow was appointed as Catena’s new CFO, shortly followed by the announcing of a new VP of product – Jasleen Kals. More recently, the affiliate entered into an exclusive partnership with Daily Racing Form in December 2024.  

Reflecting on Catena’s 2024 financials, CEO Manuel Stan stated, “The Q4 results reflected the ongoing challenges we face in our core markets. For the second consecutive quarter, profitability improved following the measures taken since mid-year to streamline the cost structure. These actions reduced the cost base by 33% from Q4 2023, lifting our adjusted EBITDA margin from 5% in Q2 to 15 percent in Q4. This represents a significant improvement, but reaching higher profitability will also require a return to top-line growth.  

“In Q4, revenue remained under pressure as measures to focus the group on the new strategic priorities set by management gained traction more slowly than anticipated. A 6% decline in revenue compared to Q3 reflected flat performance in our sports business and the impact of two Google algorithm updates in Q4 that created high volatility levels in our casino-facing organic search operations, with rankings experiencing large day-to-day swings.  

“It is clear that our initiatives in search engine optimisation (SEO), product development and geographic expansion will take additional time to translate into revenue gains. While this is unsatisfactory in the short term, I believe we now have the right focus areas and organisational structure in place to create a sustainable business with solid long-term growth prospects.” 

Will Underwood

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.