Rivalry has announced record figures in its Q4 and year-end results for 2023.
The sports betting and media company closed 2022 with a betting handle of CA$232.8m, up from $78.2m in 2021 and revenue of a record $26.6m, climbing from $11m in 2021.
While the net loss figure for the year was $31.1m, $8.2m of which was share-based compensation expense, the company states that the increased income is steering a trend "towards profitability."
This narrowing of losses can be seen most clearly across the four quarters of the year. The net loss for Q4 2022 was $4.9m when adjusted to remove non-recurring items.
Rivalry also released its Q1 2023 figures, which show net losses continuing to narrow. Net loss for the period ending March 31 was $3.5m compared to $6.6m in Q1 2022.
Said Steven Salz, co-founder and CEO of Rivalry: “Underpinning our growth is significant brand loyalty among the millennial and Gen Z audience and true product innovation in online betting, enabling every marketing dollar to go further, enhancing retention and creating a distinctly unique platform.
“Rivalry continues to be economically rewarded for taking an inventive approach to the betting experience and tailoring it for a demographic with unique consumption habits.”
As of December 31, 2022, the company had $16.4m of cash and no debt.
