Catena Media has reported revenue of €15.6m (£13.6m) for Q4 2025, representing a 53% increase year on year (YoY), as management said the business had reached an inflection point.
CEO Manuel Stan hailed the affiliate’s results as the “best operating performance since the organisational reset” implemented in 2024, as total new depositing customers (NDCs) rose 56% to 40,364.
The Google Search update implemented during the same year had an adverse affect on the affiliate’s operations, leading to redundancies in October.
At the time of writing, Catena Media’s share price sits at SEK3.44 (28p), up 79.1% from market open.
The majority of the Q4 2025 revenue was derived from North America, which delivered €15.2m.
From the revenue total, €13.9m came from Catena’s casino segment, up 81% YoY. This was split across both regulated and sweepstakes casino operators.
The vertical also saw a significant increase in NDCs, which rose 117% YoY to 34,889.
The remaining €1.7m of revenue came from sports betting, with the figure a 33% increase when compared to Q4 2024.
NDC’s in Catena’s sports segment saw a YoY decline, dropping 44% to 5,475.
The affiliate also noted that 92% of the total was derived from cost-per-acquisition (CPA) revenue agreements, with 6% coming from revenue sharing deals and the remaining 2% generated by fixed-fee revenue.
Adjusted EBITDA for the quarter amounted to €4.7m, up 211% compared to the corresponding period the previous year.
This left an adjusted EBITDA margin of 30%, up from 15% the year prior.
Operating expenses for the quarter totalled €11.4m, remaining flat YoY. While direct costs shot up 228.6% to €4.6m, personnel costs decreased 28.1% to €4.1m.
After accounting for €1.3m worth of income tax, profit for the period came to €2.8m, as opposed to the €1.4m loss recorded in Q4 2024.
Stan highlighted cost restructuring as a major contributing factor for the affiliate turning a profit.
The CEO said: “Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024. Revenue and adjusted EBITDA increased sharply year on year and quarter on quarter.
“These results flowed from disciplined execution across the business and positive impacts from the structural changes implemented during the first half of 2025.
“While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction.
“Cost discipline remained a central focus during the quarter. Our improved profitability in Q4 reflected not only a normalised cost base but also clearer priorities and stronger alignment across teams.
“The introduction of objectives and key results during the second half of 2025 helped target our efforts at the highest-value areas in Q3 and Q4.”
When looking at the full year, revenue decreased 6% YoYto €46.6m. Adjusted EBITDA for the year came to €9.9m, up 84% compared to 2024.
Stan also noted that Catena is “seeing healthy interest in other states” for sweepstakes casino products, despite uncertain regulatory headwinds across the US.
A ban on sweepstakes casinos came into effect in California on 1 January, while the likes of Connecticut, New Jersey, Montana and Nevada all signed anti-sweepstakes legislation into law last year.
Speaking on Catena’s Q4 analyst call, Stan added: “While California is the largest state in the US and [the ban] will definitely have a negative impact overall in the sweep segment, we do continue to see growth in other states in the US as well as new operators coming into the market.
“I do think we will continue to see growth in the sweepstakes segment in the near future. Obviously there’s the potential of other states regulating or changing the rules, and we will see how that will impact the business.
“But so far, the interest in other states, combined with the interest from new sweeps operators, is pretty much covering the losses in California.”
The post Catena Media shares soar 80% after Q4 revenue boost first appeared on EGR Intel.
CEO Manuel Stan hails the affiliate’s “best operating performance since the organisational reset” in 2024, yielding revenue of €15.6m
The post Catena Media shares soar 80% after Q4 revenue boost first appeared on EGR Intel.