Raketech is a digital marketing and content service company focused on the iGaming (online gaming and gambling) sector, headquartered in Malta and established in 2010.
The company primarily helps users find high-quality online gambling, sports betting, and entertainment services through affiliate marketing and content distribution, while providing precise traffic acquisition and user conversion solutions for gambling operators.
Raketech announced its full-year financial results for 2024, with revenue down 23% year-over-year, totaling 61.2 million euros (69.7 million USD).
Along with the revenue decline, the agency's operating profit/loss significantly decreased by 308%, from a profit of 11.7 million euros reported last year to a loss of 55 million euros. Additionally, the adjusted EBITDA also decreased by 38.5% year-over-year to 15.7 million euros, with an EBITDA profit margin of 24%.
In terms of expenses, Raketech's operating expenses in 2024 also significantly increased compared to the data reported in 2023. In fact, the associated company's expenses for 2024 were 116.2 million euros, while the total expenses for the previous year were 66.4 million euros. In fact, under the overall break-even situation, the company reported a cumulative loss of 7.7 million euros for 2024, while the retained earnings at the end of 2023 were 48.9 million euros.
Raketech CEO Johan Svensson commented on the latest performance, saying: "2024 was a challenging year for Raketech, although the measures we took have prepared us for a strong recovery in the future. Revenue reached 61.2 million euros, down 21.3% from last year.
The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) were 15.7 million euros (23.2 million euros), and EBITDA was 14.7 million euros (23.6 million euros), corresponding to a profit margin of 24%, lower than 30.4%. Throughout the year, we were committed to reducing our cost base according to revenue growth, while maintaining core capabilities. The profit margin was affected by changes in the profit structure, as the business of subsidiaries with lower profit margins now accounts for a larger share of the overall business.
It is worth noting that Raketech's performance in the second quarter of 2024 indicates a good start to the year for this affiliate company, despite setbacks, its sports assets still performed well.
2024 was a busy year for Raketech, at the beginning of the year the company signed a three-year cooperation agreement with Danske Spil.
Shortly thereafter, in May, Johan Svensson was appointed as the CEO of the company. Last month, Raketech announced that Chairman Ulrik Bengtsson will step down in July, at which time he will become the CEO of another company.
