Sportradar has released its financial and business results for the first quarter of 2024. Overall, company revenue reached $288.1m during the quarter, representing a 28% increase when compared to last year’s report.
Adjusted EBITDA grew by 29% year-over-year during the first quarter. The company reported more than $51.3m in Q1 adjusted EBITDA.
Sportradar’s US segment accounted for 25% of total revenue during the first quarter. The company posted more than $71m in revenue from its US division during Q1.
Along with financial figures, Sportradar also announced the appointment of two company executives, Craig Felenstein and Behshad Behzadi.
Felenstein will serve as the company’s CFO, while Behzadi will fill the positions of Chief Technology Officer and Chief AI Officer.
Behzadi assumes his duties effectively immediately. Felenstein will officially step into his new role on June 1.
Company CEO Carsten Koerl further discussed the quarterly report and took a moment to welcome the two new executives to the team.
He commented, “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full-year outlook and are commencing purchases under our share repurchase program.
"I would also like to welcome to the leadership team Craig Felenstein as our Chief Financial Officer and Behshad Behzadi as our Chief Technology Officer and Chief AI Officer.”
Along with its expanding presence into the South American region, Sportradar’s reach extends throughout North America, including several US states, as well as territory in Canada.
