A major participant in the online gaming affiliate sector, Catena Media, has announced its financial performance for the third quarter of 2023. While experiencing a 28% decrease in income compared to the previous year, the firm highlighted a robust net cash balance of €21.2 million.
The organization achieved €15.9 million in overall earnings for the quarter, with a substantial 84% originating from the North American region. This emphasizes a calculated transition for Catena, as it progressively concentrates on the expanding US sports wagering and internet gaming domain.
The income reduction was foreseen, given Catena’s divestiture of non-essential holdings to optimize operations and prioritize its core North American enterprise. Notably, the organization offloaded its Italian operations earlier this year.
Despite the dip in income, Catena’s modified EBITDA margin in North America stayed healthy at 44%, showcasing the company’s profitability within this crucial market.
Looking forward, Catena maintains an optimistic outlook, bolstered by its strong cash reserves and anticipated proceeds from additional asset disposals. The company is well-situated to leverage the ongoing expansion of the North American online gaming market.
Approximately eighteen months ago, Catena Media opted to optimize its business practices and prepare for its upcoming expansion stage. Chief Executive Officer Michael Daly states that the organization is now more agile, productive, and well-situated to allocate resources towards its future endeavors, especially within the North American sector. In a recent discussion with Gambling USA magazine, Daly elaborated on his professional journey, his aspirations for the company, and his outlook on the trajectory of Catena Media. The complete interview is featured in the September/October edition.