DraftKings has released its Q2 2022 financial report. Company figures for this period reflect strong results, something executives anticipate will continue throughout the year.
Revenue for the second quarter rose by 57% when compared to last year’s corresponding period. The company posted an overall revenue of $466m for Q2. Results from its B2C segment reflected a significant increase as well when compared to Q2 2021, rising by 68% reach $455m.
However, DraftKings posted a Q2 net loss of $217.1m.
DraftKings Co-founder, Chief Executive Officer and Chairman of the Board Jason Robins said: “DraftKings had an excellent second quarter, exceeding expectations for revenue and adjusted EBITDA. Customer engagement remains strong, and we continue to see no perceivable impact from broader macroeconomic pressures.
“Due to our ongoing investments in core online gaming technologies, we are in a strong position from a competitive perspective as we approach the beginning of the NFL season. We remain well capitalized, ready to enter new markets as they become live, and confident in our ability to compete and win with customers.”
Quarterly revenue and adjusted EBITDA results during the second quarter exceeded the company’s estimated guidance range projections it had previously released on May 6 during its quarterly conference call.
DraftKings Chief Financial Officer Jason Park said he is hopeful this trend will continue throughout the rest of 2022.
He commented: “We executed very well in the second quarter and outperformed the midpoints of the Q2 guidance ranges for revenue and adjusted EBITDA that we provided on our first quarter earnings call.”
Park went on to add that DraftKings will adjust its midpoint for the fiscal year based on the second quarter’s results.
He concluded by saying: “Our B2C segment drove revenue growth due to stronger than anticipated customer activity, while we continued to make progress on identifying and capturing operating efficiencies. As a result, looking forward, we are increasing the midpoint of our fiscal year 2022 revenue guidance by $15m and improving the midpoint of our fiscal year 2022 adjusted EBITDA guidance by $60m.”