Rush Street Interactive (RSI) has released its Q2 results for FY23, showing a 15% year-on-year increase in revenue to $165.1m.
Revenue was also up 2% from $162.4m in the last quarter, but has remained steady over its last three quarters.
The company’s net loss improved both year-on-year and compared to the previous quarter. Net loss was $16.7m during the second quarter of 2023, compared to a net loss of $28.3m during the second quarter of 2022; improving by 41%.
Net loss for Q1 FY23 was $24.5m, reflecting an improvement of 32%, compared to the previous quarter.
The graph reflects a steady increase in revenue across recent quarters.
There appears to be improvements across the board in RSI’s financial report, with adjusted EBITDA reflecting a positive $1.2m during the second quarter of 2023, compared to an adjusted EBITDA loss of $18.6m during the second quarter of 2022; showing a 106% improvement year-on-year.
Rush Street also managed to decrease its expenditure on adjusted advertising and promotions; it dropped from $44.2m during the second quarter of 2022 to $40.4m during the second quarter of 2023.
The company’s Q2 results showed it had $128m of unrestricted cash and cash equivalents; which is a decrease of 13% from $147m in Q1.
Richard Schwartz, CEO of RSI, said: “Through the first half of the year the organisation performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule.
“This performance capped our strong first half with an adjusted EBITDA improvement of over $54m compared to the first half of the prior year. This increase in profitability was mainly driven by operational improvements, as well as 15% revenue growth, led by strong growth in Colombia and markets that we launched after 2020.”
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