Catena Media Reports 14% Revenue Drop in Q2
The latest financial report from Catena Media reveals a 14% drop in revenue for the second quarter of 2024, totaling €12.8 million, down from €14.9 million in the same quarter of the previous year.

Decrease in Customer Acquisition and Financial Performance
A great portion of this decline is attributed to the North American market, where revenue decreased by 11% to €11.2 million. This region now accounts for 88% of the group’s total revenue from continuing operations, up from 84% previously.
New depositing customers (NDCs) from continuing operations fell by 17% to 31,475. Adjusted EBITDA from continuing operations also saw a sharp decline, dropping 67% to €0.7 million, which corresponds to an adjusted EBITDA margin of 5%, lower than the 14% margin recorded in the same period last year.
EBITDA, including items affecting comparability, turned negative, amounting to €-0.6 million, down from €2.3 million in Q2 2023. The shift resulted in a negative EBITDA margin of -4%, compared to a positive 16% margin in the previous year.
Additionally, earnings per share (EPS) from continuing operations declined to €-0.04 before dilution, compared to €-0.03 in the same quarter last year.
Despite these financial challenges, new CEO Manuel Stan, who assumed his role on July 1, expressed optimism about the company’s future. “In my first weeks, I have seen first-hand the strength and potential of our products and the talents and ambition of our people,” said Stan.
Impact of Strategic and Market Changes
The financial struggles reported in this quarter were exacerbated by increased expenses and strategic shifts. Total operating expenses, including items affecting comparability, amounted to €14.7 million, a slight decrease from €15.2 million in the same period last year.
Direct costs rose to €3.5 million, primarily due to the increased costs associated with media partnerships and the development of a sub-affiliation network.
These expenses were partly driven by a new Google site reputation update in May, which negatively impacted the rankings of sports betting and casino content on major news media websites. This led to a decision not to renew certain lower-margin media partnerships as their terms expire.
Personnel expenses also increased to €6.9 million, compared to €5.3 million in Q2 2023, reflecting the inclusion of new hires and the transfer of full-time equivalent contractors from other operating expenses to personnel costs. Despite these increases, other operating expenses were reduced to €3 million, attributed to a decrease in outsourced content, search engine optimization support costs, and professional fees.
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