Summary
- Catena Media has released its interim financial report, showcasing its performance during the second quarter and the first half of 2025.
- Even though our revenue experienced a decline, we are proud to share that both Adjusted EBITDA and EBITDA from ongoing operations have risen significantly.
- Catena took decisive action to optimize costs, alongside achieving other vital goals.
Catena Media, a leader in online gambling information, has unveiled its Interim Report, offering a glimpse into its performance from January to June 2025. Throughout this pivotal time, the company undertook a series of business optimization strategies that have already begun to yield impressive results.
In Q2, the company acknowledges that stabilization efforts are paying off
According to Catena Media's Interim Report, their revenue for the second quarter ending June 30, 2025, was €9.6 million. This marks a 25% drop compared to the €12.8 million from the same period in 2024. Comparing it to the first quarter of 2025 shows a smaller dip of just 2%, and when accounting for currency shifts due to a weaker US dollar, there's actually a 6% rise in revenue. The report highlights a 23% drop in North American revenue, down to €8.7 million from the €11.2 million seen in Q2 of 2024. There’s also been a decrease in the number of new depositing customers, with 20,229 recorded in Q2 2025, a 36% decline from the previous year. Despite the revenue challenges, the company achieved a notable rise in both Adjusted EBITDA and EBITDA from ongoing operations. Between April and June 2025, Adjusted EBITDA doubled to €1.4 million, with an adjusted EBITDA margin of 14%. Meanwhile, EBITDA from continuing operations surged by an impressive 483%, reaching €2.2 million. Manuel Stan, CEO of Catena Media, commented on these results, saying, The second quarter showed clear signs that our stabilization efforts are beginning to pay off. He added, While we maintain a cautious outlook, it’s heartening to report our best quarter-on-quarter performance for a Q2 in several years, driven by core business improvements rather than one-off factors like state launches or seasonal effects. Stan also noted, For the third straight quarter, revenue has stayed stable, reflecting our resilience during what is usually our slowest period. When adjusted for the weaker US dollar, our main invoicing currency, there was actually a 6% revenue increase from Q1.
The second quarter was a busy period for Catena Media
In the second quarter of 2025, Catena achieved a series of strategic milestones that marked a period of significant transformation. In April, the company announced that Dan Castillo would be stepping down from his role as a non-executive director, signaling a change in leadership. By May, Catena took bold steps to streamline operations through a comprehensive cost optimization plan. This involved removing a management layer, resulting in the difficult decision to reduce the workforce by more than 50 positions, around 25% of the total staff. This move aimed to cut costs by an estimated €4.5 to €5 million. During the same month, Catena held its annual general meeting, where the selection of a strong and diverse board of directors was finalized. Søren Vilby joined as a new face, while Erik Flinck, Martin Zetterlund, Sean Hurley, and Stephen Taylor-Matthews were re-elected, each committed to serving until the next AGM in 2026. Notably, this quarter also witnessed the strategic divestment of non-essential operations and the pivotal appointment of KPMG Malta as Catena's auditor, positioning the company for a streamlined future. Looking at the first half of 2025, Catena reported €19.4 million in revenue from ongoing operations—a 33% decrease compared to the previous year. A similar trend was observed in North America, with revenue dropping by 32% to €17.4 million. Additionally, there was a 44% drop in new depositing customers, totaling 42,147 for the period. Despite these challenges, the company experienced a remarkable 744% rise in EBITDA from continuing operations, reaching €2.8 million. This growth highlights Catena's resilience and ability to adapt in a rapidly changing landscape.
