Catena Media faced a 35% revenue decline in 2024, despite efforts to streamline costs and improve efficiency. While North America remained the company’s biggest market, contributing 88% of total revenue, the region also saw a 35% drop in revenue. The company increased its EBITDA margin to 15% in Q4, but growth challenges persist.

  • Revenue from continuing operations fell to EUR 49.6m in 2024 from EUR 76.7m in 2023. North American revenue declined to EUR 43.9m, representing 88% of the total. New depositing customers dropped 30% to 128,700.
  • Q4 performance showed mixed results, with revenue declining 30% year-over-year. North America contributed EUR 8.9m, down 28%. However, adjusted EBITDA rose 2% to EUR 1.5m, reflecting improved cost efficiency.
  • Cost-cutting measures were implemented to create a leaner, product-focused organization. Staff reductions and operational streamlining resulted in an estimated EUR 2.2m annual savings from November 2024.
  • The company incurred a non-cash impairment charge of EUR 40m due to a write-down of casino and sports assets. A further EUR 1.2m impairment was recorded for an AI venture, which the company has decided to discontinue.
  • New leadership appointments included Stephen Taylor-Matthews and Martin Zetterlund as non-executive directors. The company also initiated a public tender for independent external auditors for the 2025 financial year.
  • Catena Media continues to focus on SEO, product development, and geographic expansion. CEO Manuel Stan noted that while SEO efforts take time to generate revenue, the company is prioritizing core brands and user engagement.
  • A strategic media partnership with Daily Racing Form (DRF) was signed to strengthen the company’s presence in the US horse racing sector. Unlike previous media deals, this agreement is designed for mutual long-term profitability.
  • AI operations were restructured, with the company deciding to acquire and discontinue an AI-based content generation platform. Catena Media will recoup EUR 0.7m from its initial investment.
  • Debt reduction efforts were prioritized, with the company repaying its EUR 10m revolving credit facility. Future debt obligations include the senior unsecured bond due in June 2025, which Catena Media is positioned to repay.
  • CEO Manuel Stan acknowledged the revenue challenges, stating: “Reaching higher profitability will also require a return to top-line growth.” He emphasized the company’s strategic shift toward long-term sustainability.

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