FansUnite reports 14% year-over-year revenue increase in Q1 2024
The company continued to expand its US footprint by participating in the launch of regulated wagering in North Carolina.
Online gaming provider, FansUnite, has released its first quarter financial results for 2024, reporting total revenue at CA$8.3m (US$6.1m). The total revenue amount represented a 14% increase from the reported total in the first quarter of 2023.
FansUnite’s gross margin also increased, with the Q1 2024 total being reported at CA$5.22m, as compared to the CA$4.7m reported after the first quarter in 2023 ended. The cost of revenue increased by over CA$500k, however.
The company saw a large increase in adjusted EBITDA, reporting a 58% year-over-year increase with a total of CA$1.7m in the first quarter of 2024.
“We are pleased to be able to show that our efforts to reach sustainable growth have been successful with our first quarter results. We continue to see year-over-year revenue growth while achieving strong earnings results with a first quarter increase in adjusted EBITDA of 58%,” FansUnite CEO Scott Burton said.
“Our team’s diligent efforts have propelled us to profitability and eliminated the need for outside capital funding. With our focus now on maintaining a strong balance sheet, we will aim to reduce our liabilities while continuing to grow our top and bottom lines.”
FansUnite continued to increase its US expansion by participating in the launch of regulated wagering in North Carolina. As part of the company’s long-term strategy to diversify revenue streams and lessen the impact seasonality has on North American sports, it increased revenue for the sectors of the business outside of live activation. Its Betting Hero research segment expanded after signing contracts with multiple US based sportsbooks during the past calendar year.
FansUnite did, however, finish this quarter with much less cash in-hand compared to the amount it completed Q1 2023 with. The company only reported a final cash amount of just under CA$1.4m as compared to the CA$5.18m amount they had after the comparable quarter. The biggest change that seemed to factor into these amounts were net cash flows used in financing activities. The company saw a decrease of CA$353k, a change from Q1 2023 where it returned CA$2.69m.
The change can be possibly attributed to the company’s expansion efforts and the increase in revenue for certain sectors of FansUnite.
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