30% growth: Sportradar announces Q3 results
Sportradar’s third-quarter finished on September 30 and the results are in with strong growth on several fronts as the company continues to maintain its place as one of the preeminent B2B technology platforms in the industry.
Revenue increased by 30% on a year-on-year basis to €136.8m ($158.7m). The US market has been a notably strong growth area, with a year-on-year increase of 119%. In the first nine months of the fiscal year, total US revenue has come to €48.5m. Adjusted EBITDA was up 21% to €20.9m.
The third quarter saw some other accomplishments for the Switzerland-based company. It is listed on the Nasdaq Stock Market, a move which raised €546m bringing its cash war chest up to €878m. Sportradar intends on reinvesting this into the company to ensure future growth.
Also achieved during Q3 was an extension of the company’s partnership with FanDuel, a move that will help Sportradar solidify its presence in the US market.
The good times are expected to continue, with total annual revenue predicted to be between €553m and €555m and adjusted EBITDA between €99.5m and €101.5m.
Carsten Koerl, Group CEO, struck an upbeat tone: “Our strong results demonstrate the value we provide to our partners and customers around the world. We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale.
“Critically, we believe we are also the most innovative in developing technology solutions that enable our league customers, media and betting partners to use our ever-increasing data to attract and engage sports fans.”
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