Lottery.com Inc. has published its financial report for Q1 2022. The report reflects substantial growth for the company for the quarter ending March 31, 2022.
During Q1, overall revenue increased by 287% in comparison to 2021’s first quarter. The company reported $21.2m in revenue for Q1.
Gross profit reached $18m, rising by $15.5m from the previous year’s corresponding quarter. The company reported a net loss during the first quarter of $15.8m. Adjusted EBITDA was $7.7m.
Co-Founder and CEO Tony DiMatteo commented: “I’m pleased with our first quarter results and the team’s continued focus on our core business and generating strong adjusted EBITDA. Once again, LotteryLink has demonstrated its ability to contribute to our top and bottom-line growth and expand our user base with limited advertising spend.
“In our B2C business, our focus on market testing and securing permission to advertise on large digital media platforms has solidified our foundation to launch accretive user acquisition campaigns over the balance of the year.”
DiMatteo concluded by saying: “So far in the second quarter, our B2C campaigns have been positive with solid increases in app downloads versus the prior year period while achieving relatively low customer acquisition costs. LotteryLink’s promotional programs have generated new users and created interest from additional national consumer brands looking to utilize LotteryLink for their marketing campaigns.
“Additionally, we have launched phase one of Project Nexus. We believe that these positive developments, combined with our strong balance sheet, position us well for future growth.”
Lottery.com is a technology company that creates mobile and online platforms for players throughout the United States, as well as around the world. Its website features real-time results on about 800 lottery games from more than 40 countries.