Raketech Q2 revenue down 54% amid US divestment and paid traffic challenges
Organic SubAffiliation holds steady as core Affiliation Marketing grows 5% quarter-on-quarter.
Key points:
– Q2 2025 revenue declined 54% year-on-year to €7.8m
– Adjusted EBITDA dropped 52.3% to €2.1m, with a €0.5m loss from divested US tipster operations
– Core Affiliation Marketing rose 5% quarter-on-quarter, excluding Casumba
Raketech posted a 54% year-on-year decline in revenue for Q2 2025, falling to €17.0m ($19.9m).
The drop was reportedly attributed mainly to the divestment of its non-core US Tipster and Subscription assets and continued headwinds in the Paid Publisher Network, part of the SubAffiliation segment.
Adjusted EBITDA declined 52.3% to €2.1m, down from €4.4m in Q2 2024. Excluding the €0.5m loss from the now-divested US assets, adjusted EBITDA reached €2.6m. Free cash flow before earnouts was €1.8m – largely aligned with earnings performance.
Raketech extended the earn-out agreement for Casumba in July 2025, shifting the deadline to March 2028 as operational work continues on the asset.
The company reported stable performance in its Organic SubAffiliation segment and a 5% quarter-on-quarter revenue increase in its core Affiliation Marketing portfolio, excluding Casumba.
The group’s partnership-led approach, where Raketech retains ownership but collaborates with external domain experts, now accounts for around 63% of revenues in this area.
Good to know: SubAffiliation’s Organic Publisher Network held steady compared to Q1, with operator partnerships in target markets like the US continuing to grow
However, the Paid Publisher Network suffered a quarter-on-quarter decline, which Raketech linked to broader industry challenges related to structural changes in Google’s advertising ecosystem.
The strategic exit from US tipster operations, finalised in June, resulted in a €200,000 net gain and removed ongoing losses from the balance sheet.
Raketech expects this divestment to improve profitability and reduce costs by approximately €150,000 per month going forward.
The Q2 results follow a difficult Q1, where revenue dropped 48.4% to €9.8m and adjusted EBITDA fell 52.9% to €2.4m.
Despite these declines, Raketech cited continued progress on its platform-first strategy and noted cost savings of 35% in Q2 2025 (excluding publisher costs) compared to Q1 2024.
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