One of the largest online marketing affiliate companies within the growing iGaming industry, Raketech, released its Q3 interim report. The company acknowledged it has seen strong growth in revenue between July and September this year.
Raketech Reveals Q3 Trading Update, Reports Revenue Increase
Overall, Raketech’s revenue hit €13 million ($12.9 million) for the third quarter of this year. This result represented a significant 34.9% increase from the €9.6 million ($9.5 million) reported for the same period last year. Not unexpectedly, reported EBITDA increased as well, hitting €4.8 million ($4.8 million), up 17.3% when compared to the €4.1 million ($4.1 million) result from Q3 2021.
On the other hand, adjusted EBITDA for the period increased by 8.8% to €4.8 million ($4.8 million). Raketech’s operating profit in Q3 this year soared after hitting €2.9 million ($2.9 million). This result marked a solid 22.3% increase when compared to the operating profit reported for the corresponding period in 2021.
In addition to its financial results, Raketech noted it achieved multiple operational objectives in Q3 this year. The company onboarded sub-affiliates to its AffiliationCloud. This increased the total number of partners to 20 by the end of the third quarter. Raketech noted its preparation for the busy fourth quarter that will be packed with sports events in the US, as well as the World Cup. The company said that in general, Q4 is also “high casino season.”
Revenue and Operating Profit for the First Nine Months Soar
Besides its Q3 results, Raketech released data for the company’s performance in the first nine months of this year. Overall, the company’s revenue for the nine months until September 30, 2022, hit €37 million ($36.8 million), marking a 38.6% increase when compared to the €26.7 million ($26.6 million) reported for the same period in 2021. Adjusted EBITDA for the first nine months of 2022 increased by 25.7%, hitting €13.9 million ($13.8 million). Additionally, operating profit for the period soared. Raketech’s operating profit for the first nine months this year hit €8.1 million ($8.1 million), up 45.9% when compared to the €5.6 million ($5.6 million) result from 2021.
“Revenues totaled €13.0 million, corresponding to 35% growth year over year, and 15% growth compared to the previous quarter.“
Oskar Mühlbach, Raketech’s group CEO, said that an increase in business volumes because of the seasonality helped boost the results in Q3. At the same time, he pointed out that the company captured a positive momentum and grew its AffiliationCloud. Mühlbach explained that other industries were affected by increases in prices and general inflation, while the iGaming industry proved to be resilient. He added: “The iGaming industry, where our customers are present, has been less affected by macro swings, partly driven by the ongoing digital transformation.” Finally, Mühlbach said that the company is excited it about its latest investments in its AffiliationCloud and the US market.
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