Catena Media interim CEO Pierre Cadenas said the company is targeting organic revenue growth in the second half of 2024, as its “essential” transitional period continued to affect revenues.
Revenues for Q1 were down by 49 per cent year-on-year to €16m, dropping from €31.5m.
North American revenue also struggled, falling 50 per cent to €14.3m from €28.9m.
The number of new depositing customers fell by 41 per cent to 44,077, while adjusted EBITDA from continuing operations decreased by 90 per cent to €1.9m, corresponding to an adjusted EBITDA margin of 12 per cent.
Cadenas said: “Catena Media is implementing a programme of organisational and leadership changes to confront continued poor performance through Q1 2024.
“This transition is essential as we continue to target organic revenue growth in the second half of this year.”
Cadenas said operational outcomes during the period were “again unsatisfactory, especially in North American sports.”
“Stronger competition, tightened marketing spending by operators, and challenging comparables with Q1 2023 – when online sports betting went live in Ohio and Massachusetts – combined to push revenue and EBITDA lower,” he said.
However, Cadenas said the legalisation of online sports betting in North Carolina in March provided Catena Media with a “positive uplift.”
In fact, the Tar Heel State was the company’s strongest performing US state in Q1, Cadenas said.
“To prepare for the new chapter in our journey, we strengthened the executive management team with a number of key appointments, including a chief technology officer and a new CEO who will join us on July 1,” he added.
“We expect to expand the leadership rebuild in the near future with senior appointments for product and commercial roles.
“I am confident that the new team possesses the experience and acumen to improve operating performance and drive the business forward after several recent disappointing quarters.”
