Catena reports 41% decrease in Q4 revenue

CEO Michael Daly has anticipated a challenging reporting environment until new investments gain traction in the second half of 2024. 

Catena financial report

Catena Media has reported its Q4 2023 and FY2023 results, highlighting “a weak quarter as extensive investments deploy to secure future organic growth.” 

Q4 2023 

Revenue from continuing operations in the final quarter of 2023 was €14.5m ($15.6m), underlining a significant decrease of 41%, with revenue in North America decreasing by 43% to €12.3m. The revenue in North America during the quarter was equivalent to 85% of group revenue from continuing operations.  

Adjusted EBITDA also dropped significantly, by 88%, to a value of €1.5m, which led to an adjusted EBITDA margin of 10%. 


For Catena’s full year 2023 revenue, the change wasn’t as large, but still represented a decrease. Revenue from continuing operations was €76.7m, representing a fall of 22%. The North American market revenue fell by 21% and was equivalent to 87% of group revenue from continuing operations. 

For adjusted EBITDA, it decreased by 47% to €25.4m during the full year of 2023, corresponding to an adjusted EBITDA margin of 33%. 

Going forward 

Catena has set out updated financial targets for 2024-2026, including having double-digit organic growth in both revenue and adjusted EBITDA for 2025 and 2026 at group level, as well as net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. 

Looking ahead, the company is looking to develop a new range of technical and data-based capabilities, particularly within AI and has said organic growth is expected to resume in the second half of 2024, while cost optimisation measures will look to continue high profitability. 


Catena Media CEO, Michael Daly, gave some thoughts on the results, saying: “At Catena Media we are determined to be a leading force in this new landscape. We are currently implementing a wide-ranging internal investment programme – including large investments in both tech and AI – to fast-track our ambition to be the data- and technology-driven leader of online affiliate marketing in the sports betting and casino gaming space. These projects are significant in the context of our Q4 figures, which were disappointing and with which I am not satisfied. 

“We anticipate a challenging reporting environment until the investments I have outlined gain traction in the second half of this year. In Q4, market headwinds caused revenue and EBITDA declines in our core North American market. Lower cost-per-acquisition (CPA) rates paid by operators again impacted revenue, as did stiffer competition directed against us as the established market leader. As mentioned above, we are responding to this competition to minimise the impact on market share.  

“A strategic reboot on the scale that we have undertaken can take time and test the patience of employees and shareholders. Q4 was a difficult quarter, but I believe we are now turning the corner. My message today is that our goal is in sight: a leaner, nimbler multichannel Catena Media with the knowledge and technical infrastructure to thrive in our core regulated markets and to deliver a return to growth in the second half of this year.” 

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