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Sep 30, 2024
Rush Street Q3 2024 Earnings Report
Reported record revenue and adjusted EBITDA, and raised full year guidance.
Key Takeaways
Rush Street Interactive announced strong Q3 2024 results with a 37% increase in revenue to $232.1 million and a net income of $3.2 million, compared to a net loss in the same quarter last year. Adjusted EBITDA increased significantly to $23.4 million. The company raised its full-year Adjusted EBITDA guidance by 24% and announced a $50 million share repurchase authorization.
Revenue increased by 37% year-over-year to $232.1 million.
Net income was $3.2 million, a significant improvement from the prior year's net loss of $13.4 million.
Adjusted EBITDA increased to $23.4 million, compared to $4.1 million in the third quarter of 2023.
Full year 2024 Adjusted EBITDA guidance was raised by 24% at the midpoint, with a revised range of $82 to $86 million.
Revenue by Geographic Location
Forward Guidance
RSI expects full year 2024 revenue to be between $900 and $920 million and Adjusted EBITDA to be between $82 and $86 million.
Positive Outlook
- Revenue is expected to be between $900 and $920 million for the full year 2024.
- The midpoint of the revenue guidance represents a 32% year-over-year growth compared to 2023.
- Adjusted EBITDA is expected to be between $82 and $86 million for the full year 2024.
- The midpoint of the Adjusted EBITDA guidance compares to $8.2 million in 2023.
- Guidance is based on operations in live jurisdictions as of today.
Challenges Ahead
- 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.
- Unforeseen circumstances could impact the ability to achieve these results.
- Changes in regulations could impact the ability to achieve these results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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