Sports technology company, Sportradar Group AG has released its latest financial report revealing quarterly revenues of €266 million in Q1 2024.
The latest figures represent a 28% increase in revenues and set a new record for a quarter. Meanwhile EBITDA grew by 29% year-over-year. Yet despite continued growth across the board, the company reported a loss of €0.6 million for the quarter.
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Q1 2024 Key Highlights
- Group Revenue – €265.9 million, up 28% year-over-year
- Betting Technology & Solutions Revenues – €218.8 million, up 35% year-over-year
- Sports Content, Technology & Solutions Revenues – €47.1 million, up 5% year-over-year.
- U.S. – 25% of revenues
- Rest of World – 75% of revenues
- Loss – €0.6 million (Q1 2023 – profit of €6.8 million)
- Adjusted EBITDA – €47.2 million, up 29% year-over-year
- Customer Net Retention Rate (NRR) – 116% (111% in the fourth quarter of fiscal 2023)
- Total liquidity – €494.6 million (€459.6 million on March 31st, 2023)
- Full-year 2024 outlook – 21% year-over-year growth in revenue and in Adjusted EBITDA
Carsten Koerl, Chief Executive Officer of Sportradar, said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full year outlook and are commencing purchases under our share repurchase program. I would also like to welcome to the leadership team Craig Felenstein as our Chief Financial Officer and Behshad Behzadi as our Chief Technology Officer and Chief AI Officer.”
