Catena Media Plc, a Stockholm-listed entity in the iGaming sector, has commenced a process to select a new independent auditor.
Today, investors learned that Catena’s board is seeking an auditing firm to review its financial statements for the year ending December 31, 2025. This decision aligns with the EU Audit Regulation (EU) No. 537/2014, which requires public interest organizations to change auditors every ten years. It also observes article 151A of the Maltese Companies Act.
Currently, Catena has not disclosed which auditing firms are under consideration, but noted that the chosen firm will need shareholder approval during the company’s 2025 Annual General Meeting (AGM).
Amidst challenges in 2024, Catena is restructuring its media network and partnerships under the new leadership of CEO Manu Stan and CFO Michael Gerrow.
Assuming leadership in the latter half of the year, Stan and Gerrow have revised all corporate goals due to Catena’s declining quarterly performances. By this year, revenues had dropped by 37% to €39.5 million, while the adjusted EBITDA fell by 84% to €3.9 million.
In a strategic overhaul of its media network, Catena laid off 29 marketing staff, aiming to optimize its operations and financials. This move is expected to save €2.2 million, starting from November 1, 2024.
For its 2024 financial outlook, Catena has recognized a €40 million impairment charge related to the devaluation of poorly performing media assets.
Despite this, leadership remains committed to Catena’s long-term plan to evolve its media operations and partnerships, focusing on growth in the US market and new artificial intelligence initiatives. The company’s financial position is bolstered by €22 million from the prior sale of its European assets, including €15 million from AskGamblers and €7 million from its Italian assets.