The online marketing corporation specializing in the iGaming and betting sectors, Catena Media, publicized its most recent financial results on Tuesday. This statement, an interim report spanning January to March 2024, displayed underwhelming figures, indicating declines across several operation fields year-over-year.
The latest analysis published by Catena highlighted a near 50% year-over-year fall in revenue from ongoing operations. Quarterly revenue from the continued operations this year hit a standstill at €16 million ($17.2 million), a decline of 49% when contrasted to the €31.5 million ($33.9 million) for the same span in 2023.
No surprises were met when adjusted EBITDA from ongoing operations also presented a downfall. Catena recorded a disappointing €1.9 million ($2 million) for the opening quarter this year, a figure showing a dive of 90% compared to last year’s comparable period.
Additional insights from the interim report expose a downturn in the firm’s North American revenue. Overall, Catena’s North American revenue fell by 50%, settling at €14.3 million ($15.4 million), contrasting considerably with the €28.9 million ($31.1 million) generated over the same timeframe the previous year.
Disatisfying Performance amid Restructuring
During the commencement of the year, the corporation unveiled a series of alterations to its top-tier management, inclusive of new board attendees. These modifications led to the resignation of Michael Daly, Catena’s CEO, late February. This triggering C-suite change was accompanied by the announcement of Pierre Cadena assuming the interim CEO position during the search for a permanent replacement.
“The operational results during the period were once again disappointing, particularly in North American sports. Increased competition, expected cuts in operator marketing budgets, and tough comparisons with Q1 2023 – marked by the introduction of online sports betting in Ohio and Massachusetts – pushed revenue and EBITDA even lower.”
Pierre Cadena, Interim CEO at Catena Media
In a commentary released alongside the financial report, Cadena addressed the ongoing executive shift in Catena. He reasoned that this particular transformation is aimed at rectifying the lacklustre Q1 2024 performance.
Furthermore, Cadena emphasized the value of the restructuring, conveying that when finalized, it’s anticipated to promote sustainable revenue growth within the second half of 2024. Even so, he admitted that the recent financial figures were unsatisfactory, underlining numerous factors contributing to the deterioration of the firm’s performance, especially in the North American market.
Following the most recent trading period, Catena broadcast another top-level addition. Early April saw Michael Gerrow being appointed as the company’s new CFO. Tasked with enhancing the online gaming and marketing sectors within Catena, Gerrow is expected to deploy his comprehensive expertise gained through years of service.
