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Sep 30, 2023
Rush Street Q3 2023 Earnings Report
Announced third quarter results with revenue up 15% year-over-year and increased adjusted EBITDA profitability for the second consecutive quarter.
Key Takeaways
Rush Street Interactive reported a 15% increase in revenue to $169.9 million for the third quarter of 2023, compared to $148.0 million in the third quarter of 2022. The company's net loss decreased to $13.4 million from $22.7 million year-over-year, and adjusted EBITDA was a positive $4.1 million, compared to a loss of $12.5 million in the same period last year. RSI is raising its full year 2023 revenue guidance to between $665 and $685 million.
Revenue increased by 15% year-over-year, reaching $169.9 million.
Net loss improved to $13.4 million, compared to a $22.7 million loss in the prior year.
Adjusted EBITDA turned positive at $4.1 million, a significant improvement from the prior year's loss of $12.5 million.
The company expects to be Adjusted EBITDA positive for the full year 2023.
Rush Street
Rush Street
Forward Guidance
RSI expects revenue for the full year ending December 31, 2023 to be between $665 and $685 million.
Positive Outlook
- Strong revenue growth
- Efficient marketing spend
- Increasing quarterly profitability on an adjusted EBITDA basis
- Expectation to have positive Adjusted EBITDA for the full year
- Focus on innovation and efficiency
Challenges Ahead
- Operations are included only in live jurisdictions as of today’s date
- RSI continues to operate in markets in which it is live today, except for Connecticut.
- Changes in applicable laws or regulations
- RSI’s ability to manage and sustain growth
- RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses