Raketech is continuing to reshape its business, zeroing in on core strengths. The company saw revenue fall to €7.8m in Q2 2025, but that comes alongside a major clean-up of non-core operations. A key area of focus is the SubAffiliation pipeline, which Raketech says is gaining strength in key markets.

  • Revenue fell to €7.8m in Q2 2025 from €17.0m year-on-year, though last year included €0.8m from a now-divested US advisory unit. The decline was mostly driven by headwinds in Casumba and the Paid Publisher side of SubAffiliation. Excluding these, core Affiliation Marketing delivered 5% growth compared to Q1.

  • Adjusted EBITDA came in at €2.1m, while reported EBITDA stood at €2.0m. After stripping out the €0.5m loss from the US tipster business, adjusted EBITDA was €2.6m. Free cash flow before earnouts was €1.8m—closely tracking EBITDA.

  • Raketech completed the sale of its US Tipster and Subscription assets in June. This strategic exit is expected to improve future profitability, removing around €150k in monthly costs. The divestment also realized a €200k net gain, despite the €500k operating loss in Q2.

  • SubAffiliation pipeline progress was marked by stable performance in the Organic Publisher Network. The Paid Publisher side continued to struggle due to Google’s changing ad dynamics. The company is focusing more on exclusive commercial operator agreements and organic partnerships going forward.

  • Affiliation Marketing now makes up 63% of this business area’s revenue, excluding Casumba. The model lets Raketech own the assets while its partners manage SEO, content, and product development. New agreements, including one with a major Nordic TV streaming operator, reflect steps to expand beyond traditional SEO.

  • Casumba’s ongoing challenges were noted, with market headwinds and Google changes dampening its performance. The earn-out has been extended, and Raketech is working closely with its founders. The segment still forms a central part of Raketech’s platform strategy.

  • Cost savings reached 35% in Q2 compared to the same period last year, excluding publisher costs. These savings are part of an ongoing review of the operating model. The strategic shifts aim to drive long-term margin improvement.

  • CEO Johan Svensson said: “Focus remains on delivering on AffiliationCloud and our platform-first strategy, anchored in Affiliation and SubAffiliation.” Svensson also pointed to growing momentum in exclusive operator agreements and a deepening SubAffiliation pipeline. The company continues to explore new entrepreneurial partnerships and asset expansion in key markets.

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