Catena Media has posted its Q2 financial results, which show an annual revenue drop of 5%, generating €28.9m ($29.4m) for the quarter against 2021’s €30.4m.
In the affiliate's report, it also noted its EDITBA saw a 40% fall, posting €9.1m for the three months ending in June.
This is in contrast with Catena’s Q1 results, which saw the company reveal revenue of €45.2m, up 11% on 2021.
Overall, Catena’s H1 still shows a 4% increase in revenue, with €74.1m taken across the first six months, though EBITDA for H1 showed a 14% decrease on 2021.
The news of Catena’s loss in Q2 may have come as a shock to many, after the affiliate launched in Louisiana and New York in Q1 – which was expected to buoy the Q2 results as it had in Q1.
Michael Daly, Catena Media CEO, commented on the disappointing results, saying: “Q2 proved a challenging quarter for Catena Media as largely external factors led to a disappointing 5 percent dip in group revenue and a margin squeeze in parts of the business that caused adjusted EBITDA to decrease by 40%."
He added: “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 taken on extra cost to support new market launches and product upgrades.”
The share price of Catena reacted as expected after the Q2 report dropped, tumbling 3% when the market opened – though, it began to rise again shortly after.