For Q4, Rush Street posted $165.5m in revenue, 27% higher than in the same period in 2021 – which totalled $130.6m. Furthermore, its adjusted EBITDA was down $17.3m for Q4, though this is significantly better than the $31.2m loss it made in 2021.
The company also noted that it currently has $180m of unrestricted cash and cash equivalents.
For the year, revenue totalled $592.2m – up from $488.1m in 2021. Its yearly new loss sat at $134.3m, more than the loss it made last year, which totalled $71.1m. Meanwhile, its adjusted EBITDA was down $91.8m against a $65.1m loss last year.
For the coming year, Rush Street believes it will make between $630m to $700m in revenue, with a positive adjusted EBITDA in H2 2023.
Richard Schwartz, CEO of RSI, said: “We are proud to report another strong quarter and record results for the year, spurred by 95% annual growth in our Latin American and new North American markets launched after 2020.
"We expect to achieve positive adjusted EBITDA for the second half of 2023 and continue to be selective as we prioritise investments in markets with higher returns.
“Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point. We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results.”