Raketech Q4 2025 Revenue Collapses 45% But Losses Narrow

Gaming market technology company Raketech (RAKE) saw revenue take a heavy hit across the board – down 45.5% in Q4 (€5.7 million/$6.72) and down 47.4% for the full year (€27.0 million). 

The setback was the result of a plunge in New Depositing Customers (NDCs), which dropped 51.6% in Q4 and 64.3% for the year. The marked decline was largely anticipated, as the company stepped back from the volatile, low-margin Paid Publisher Network.

In early morning price action, the stock, listed on Nasdaq Stockholm, was initially 1.19% lower at SEK1.82 ($0.20).

Still, despite the revenue bleed, reported EPS came in at roughly €-0.002 (a net loss of just €0.1 million), comfortably beating the €-0.03 estimated loss. 

Inte ofta jag tycker synd om företag

Men #Raketech … tråkigt att det blev såhär pic.twitter.com/EDo2RfG2wP

— Abcpoker (@AbcpokerBI) February 19, 2026

X post translation: “It’s not often I feel sorry for companies But #Raketech … sad that it turned out like this”

Aggressive cost-cutting pays off for Raketech

This was achieved through substantial cost reductions: publisher expenses fell by €3.0 million, and the full-time employee headcount was nearly halved year over year (from 106 to 60). Stripping out the restructuring costs, Raketech actually posted an adjusted profit of €0.1 million for the quarter.

Thanks to the sharp reduction in overhead and contractor expenses, the company maintained an EBITDA margin of 14.8% (slightly up from 14.4% in Q4 2024), demonstrating that its leaner operating model can effectively cushion the impact of lower traffic.

In 2025, Raketech aggressively reigned in expenses, slashing full-year publisher costs by over 70% (down to €6.3 million) and nearly halving its full-time employee headcount (from 106 to 60). Full-year EBITDA margin actually improved to 15.9% (up from 12.0% in 2024).

In his statement accompanying the results report, CEO Johan Svensson said:

“During the quarter, we continued to sharpen Raketech’s strategic focus, advancing our platform-first model while improving performance across our core Nordic assets. 

“With disciplined execution, a continued shift toward growing the Organic Publisher Network within SubAffiliation, and ongoing development of AffiliationCloud, we are strengthening the foundations for long-term value creation.”

Table: Raketech Full Year & Quarterly Results 2024 and 2025

Table note: For negative EPS consensus estimates, the percentage beat indicates how much the actual loss narrowed relative to the forecasted loss.

From Impairment Carnage in 2024 to 2025’s Clean Slate

While 2024 was defined by brutal impairment charges that led to an annual loss of €55.3 million. By contrast, 2025 represents a clean slate. Despite shrinking revenue, Raketech posted a reported Full-Year Net Profit of €0.6 million (€1.1 million adjusted for restructuring costs). Q4’s fractional €0.1 million loss comfortably beat analyst expectations, proving the new leaner model works.

Management is actively shifting focus away from the volatile and underperforming Paid Publisher Network. Instead, they are doubling down on its Organic Publisher Network and the proprietary AffiliationCloud platform. 

By prioritizing its Organic Publisher Network – which saw growth in active, revenue-generating publishers throughout the year – and utilizing entrepreneurial partnerships, Raketech is trading high-volume junk traffic for lower-volume, higher-margin quality leads.

‘Platform-First’ Strategy Aims to Deliver a Unified And More Efficient System

The organic network demonstrated quarter-over-quarter growth and remains the cornerstone of its “platform-first” strategy as it moves into 2026.

“We continue to advance our platform-first strategy through the ongoing development of our technology platform, AffiliationCloud,” Svensson stated.  

“The platform integrates Raketech Owned Publishers (Affiliation Marketing) together with SubAffiliation and external publishers into a unified system, enabling more efficient operations, improved data utilization, and faster execution of our commercial strategy.”

Q4 2025  was the first full quarter reflecting the absence of the Casumba assets (divested in Q3 2025 for €12 million) and the US advisory assets. While this fundamentally shrank Raketech’s top line, it stabilized its balance sheet. 

Raketech intentionally shrank in 2025 to survive. The sale of non-core US tipster/advisory assets and the exit from the underperforming Casumba brand fundamentally reduced top-line revenue while also reducing the business’s significant risk. 

Raketech drew on its €7.2 million in operating cash flow to pay down its Bank of Valletta credit facility and settle lingering Casumba earnouts, freeing it from heavy future liabilities.

Will the FIFA World Cup Bring Home the Bacon?

The painful restructuring is now mostly behind the company. Beyond cutting full-time staff, contractor reliance was slashed from 52 to 24 by year-end. 

By centralizing operations, tech, and commercial agreements while decentralizing the actual asset management to partners, Raketech enters 2026 as a smaller, highly streamlined, and financially predictable and resilient entity.

At the end of his opening remarks on the earnings call, the CEO was upbeat on future trading performance:

“We will continue scaling our investments in expanding our go-to product while at the same time preparing for the upcoming FIFA World Cup.

“Preliminary data for January shows that Affiliation Marketing Raketech own publishers are performing slightly above the Q4 average, while the external organic publisher network has been impacted by a slow start of the year from softness in US publishers.”

Investors were presumably somewhat convinced by Svensson’s warm words, as, at the time of writing, the stock is little changed at SEK1.84 following the conference call.

The company’s price-to-sales ratio of 0.22 is a ‘good’ reading, but in the case of Raketech, it could indicate that the stock is a value trap – that’s to say its price is low for a reason. 

Trading at multi-year lows, those holding the stock today will be inclined to hang on for the turnaround, while others might prefer to sit on the sidelines and await developments.

Stay updated with GI

Follow Gambling Insider for independent news, analysis and industry expertise.

Add as a preferred source on Google

Gary McFarlane

Financial Journalist

As an experienced financial journalist and analyst, Gary McFarlane has worked at some of the leading online finance publications.

Gary spent 15 years as production editor for highly regarded UK investment magazine Money Observer, covering subjects ranging from social trading to fixed-income exchange-traded funds. Gary introduced coverage of Bitcoin to Money Observer in 2013. For three years Gary was the cryptocurrency analyst at the UK’s No. 2 retail investment platform Interactive Investor.

He has written widely on digital assets across the crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.

Gary has also provided expert commentary on crypto to media outlets such as the Daily Telegraph, The Evening Standard, CityAM and The Sun.

In 2018 global private investor network ADVFN awarded Gary the prestigious Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards.

Visit Profile