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Mar 31, 2024
Rush Street Q1 2024 Earnings Report
Announced first quarter 2024 results with revenue up 34% year-over-year and raised full year guidance.
Key Takeaways
Rush Street Interactive reported a strong first quarter in 2024, achieving record revenue of $217 million and adjusted EBITDA of $17 million. The company's performance was driven by growth in both iCasino and Online Sports businesses. They raised the full year 2024 adjusted EBITDA guidance by 38% at the midpoint.
Revenue reached $217.4 million, a 34% increase compared to Q1 2023.
Net loss decreased to $2.2 million, compared to a $24.5 million net loss in Q1 2023.
Adjusted EBITDA was $17.1 million, a significant improvement from the Adjusted EBITDA loss of $8.7 million in Q1 2023.
Adjusted advertising and promotions expense decreased by 23% to $37.8 million.
Forward Guidance
Rush Street Interactive expects revenue for the full year 2024 to be between $810 and $860 million, and Adjusted EBITDA to be between $50 and $60 million.
Positive Outlook
- Revenue is projected to grow by 21% year-over-year, reaching $835 million at the midpoint.
- Adjusted EBITDA is expected to grow by 573% year-over-year, reaching $55 million at the midpoint.
- Guidance includes only operations in live jurisdictions as of today’s date.
- Guidance assumes RSI continues to operate in markets in which it is live today.
- Increasing Adjusted EBITDA guidance by 38% at the midpoint.
Challenges Ahead
- Guidance does not include potential new market launches.
- Future regulatory changes could impact the company's ability to operate in certain jurisdictions.
- General economic and market conditions could impact demand for RSI’s products and services.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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