Catena Media’s recent disclosure of its Q4 2023 and FY2023 results has sparked considerable interest and scrutiny within the online affiliate marketing industry. As a leading player in the sports betting and casino gaming space, Catena Media’s performance metrics provide valuable insights into the state of the market and the company’s strategic direction moving forward.
In the final quarter of 2023, Catena Media experienced a notable decline in revenue from continuing operations, amounting to €14.5m ($15.6m), representing a significant decrease of 41%. In Particular, revenue in North America dropped by 43% to €12.3m, accounting for 85% of the group’s revenue. Adjusted EBITDA also witnessed a substantial decline of 88%, reaching €1.5m, resulting in an adjusted EBITDA margin of 10%.
The full-year 2023 results for Catena Media demonstrated a decrease in revenue from continuing operations, totaling €76.7m, reflecting a fall of 22%. Similarly, revenue from the North American market experienced a 21% decrease, constituting 87% of the group’s revenue. Adjusted EBITDA for FY2023 declined by 47%, amounting to €25.4m, with an adjusted EBITDA margin of 33%.
Looking ahead, Catena Media has outlined updated financial targets for the period spanning 2024 to 2026. The company aims to achieve double-digit organic growth in both revenue and adjusted EBITDA for 2025 and 2026 at the group level. Additionally, Catena Media targets a net interest-bearing debt to adjusted EBITDA ratio of 0-1.75 during this timeframe.
In response to the Q4 2023 results, Catena Media CEO Michael Daly provided insights into the company’s future initiatives and developments. The company is poised to invest significantly in new technical and data-based capabilities, particularly within artificial intelligence (AI). Daly expressed confidence that organic growth would resume in the second half of 2024, supported by ongoing cost optimization measures aimed at maintaining high profitability levels.
Michael Daly acknowledged the challenges faced by Catena Media in Q4 2023 but emphasized the company’s determination to emerge as a leading force in the evolving landscape of online affiliate marketing. He underscored the strategic significance of internal investment programs, particularly in technology and AI, aimed at positioning Catena Media as the data- and technology-driven leader in the industry.
Catena Media’s Q4 2023 and FY2023 results provide valuable insights into the company’s performance and strategic direction. Despite facing challenges, Catena Media remains committed to driving growth and innovation in the online affiliate marketing space. With a focus on technology, data-driven capabilities, and strategic investments, Catena Media is poised to navigate the evolving market landscape and deliver sustainable value to its stakeholders.
