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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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