Catena Media has reported a year-on-year fall decrease of 28% for Q3 2023, down to €15.9m ($17.4m). When accounting for discontinued operations, this total revenue decrease was 42% from Q3 2022 to €18.7m.
In Q2 2023, revenue including discontinued operations was down 37%.
Catena Media has sold off several assets this year, including the sale of Catena’s Italian online sports betting and casino business for €19.8m.
As such, when reflecting on revenue of the past few years, the affiliate has included in its report earnings from discontinued operations.
When accounting for continuing operations, Q2 2022 revenue was €21.9m, reflecting the previously mentioned 28% drop.
Adjusted EBITDA saw the most significant decline in Catena’s Q3 2023 report. From continuing operations, adjusted EBITDA totaled €3.1m, down 65%. This corresponds to a margin of 19%; however, Catena Media concluded that its North American EBITDA margin remained strong in Q3 2023 with a margin of 44%.
Despite this, Catena Media has reported that it is in a net cash position of €21.2m, accounting for a scheduled cash inflow of €46.6m expected from divestment proceeds from now to 2025. However, as of 30 September 2023, Catena’s net debt stood at €25.4m.
On the results, CEO Michael Daly commented: "It is 18 months since we announced our strategic review of the business and embarked on a journey that would streamline Catena Media and equip us for the next chapter in our story.
"Today, we stand strong as a lean and robust organisation that is net cash positive and geared to invest in future technologies to drive expansion in our core North American market."
We spoke to Daly in our CEO Special for the September/October edition of Gaming America, where we discovered how he got to his position, what he brings to the role and how he plans to lead Catena Media into the future. You can read the full interview here.
