The publicly traded online gambling information company, Catena Media, released its Interim Report, uncovering details regarding its performance for the January-June 2025 period.
During this transformational period, the company implemented business optimization measures that have already shown a positive impact.
In Q2, the company acknowledges that stabilization efforts are paying off
Per Catena Media's Interim Report, the revenue from continuing operations during the second quarter, or the three months ended June 30, 2025, was €9.6m.
A year-over-year comparison to the €12.8m reported during the corresponding period in 2024 points a 25% decrease in Q2 this year.
A quarter-over-quarter comparison to Q1 2025 reveals that revenue decreased only by 2%, while adjustment for currency translation due to the weaker US dollar revenue suggests a revenue increase by 6%.
Catena Media's report uncovers that its North American revenue decreased by 23% to €8.7m, down from €11.2m in Q2 2024.
Another dip was recorded in the number of new depositing customers.
In Q2 2025, Catena Media recorded 20,229 new depositing customers, a figure that points to a 36% decrease year-over-year.
Despite the decrease in revenue for the second quarter, the company posted significant increase in Adjusted EBITDA and EBITDA from continuing operations.
Adjusted EBITDA from continuing operations between April and June 2025 increased by 104% to €1.4m, a figure that corresponds to an adjusted EBITDA margin of 14%.
On the other hand, EBITDA from continuing operations for the same period soared by 483% to €2.2m.
Manuel Stan, Catena Media's CEO, said about the latest results: "Q2 brought signs that our stabilization efforts are having a measurable impact."
Moreover, he pointed out: "Although we remain cautious in our outlook, it is encouraging to report our strongest quarter-on-quarter performance for Q2 for several years – driven by underlying business improvements rather than state launches or seasonal tailwinds."
Stan further added: "Revenue was broadly unchanged for the third consecutive quarter, showing resilience in a period that is traditionally the slowest of the year. Adjusted for the weaker US dollar, our primary invoicing currency, revenue increased by 6% from Q1."
The second quarter was a busy period for Catena Media
During the second quarter of 2025, Catena completed a number of strategic objectives.
In April, the company confirmed the stepping down of Dan Castillo from his non-executive director role.
Then, in May, Catena unveiled a comprehensive cost optimization measure that involved the removal of one management layer.
This saw the company eliminate more than 50 roles, or a headcount reduction of approximately 25%, with the goal of cutting costs by an estimated €4.5m to €5.0m.
Equally as important, during its annual general meeting (AGM) in May, Catena selected a board of directors consisting of five members.
While Søren Vilby was elected as a new director, the company also re-elected Erik Flinck, Martin Zetterlund, Sean Hurley, and Stephen Taylor-Matthews.
All directors on the board would retain their roles through Catena's next AGM in 2026.
Further operational highlights from Q2 include a strategic divestment of non-core operations and the appointment of KPMG Malta as Catena's auditor.
When it comes to the first six months of 2025, the company reported revenue from continuing operations of €19.4m. This result points to a year-over-year decrease of 33%.
Similar decrease was recorded by Catena in North America, with revenue down by 32% year-over-year to €17.4m.
In the first six months, new depositing customers decreased by 44% to 42,147.
Still, EBITDA from continuing operations increased by a whopping 744% to €2.8m.
