Catena Media has released its Q2 financial results, which show a 5% decrease in annual revenue, with €28.9m ($29.4m) generated for the quarter compared to €30.4m in 2021.
According to the affiliate’s report, its EDITBA saw a 40% drop, posting €9.1m for the three months ending in June.
This contrasts with Catena’s Q1 results, which revealed revenue of €45.2m, up 11% from 2021.
Overall, Catena’s H1 revenue increased by 4%, with €74.1m collected in the first six months, though EBITDA decreased by 14% compared to 2021.
Many may have been surprised to learn of Catena’s loss in Q2 after the affiliate launched in Louisiana and New York in Q1 – which was expected to boost Q2 results as it had in Q1.
“Q2 proved a challenging quarter for Catena Media as largely external factors led to a disappointing 5% drop in group revenue and a margin squeeze in parts of the business that caused adjusted EBITDA to decrease by 40%,” said Michael Daly, CEO of Catena Media.
“A sharp deterioration in global economic conditions affected trading in multiple markets, denting performance in parts of our online sports betting and casino portfolio just as we had incurred additional costs to support new market launches and product upgrades,” he continued.
Catena’s share price dropped as expected following the Q2 report, falling 3% when the market opened – though it quickly began to rise again.
These expectations may coincide with the affiliate’s strategic review of its operations.