Sportradar Reports First Quarter 2024 Financial and Operating Results
May 15, 2024
Sportradar Group AG (NASDAQ: SRAD), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its first quarter ended March 31, 2024. Key highlights include:
- Record Revenue: Sportradar achieved record revenue of €266 million, up 28% year-over-year.
- Adjusted EBITDA Growth: Adjusted EBITDA grew by 29%.
- 2024 Outlook: Outlook for revenue and adjusted EBITDA for 2024 is raised.
- Commencing Share Repurchase Program: Purchases under the previously announced share repurchase program have commenced.
Carsten Koerl, CEO of Sportradar, commented: “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.”
First Quarter 2024 Financial Highlights:
- Revenue for the current quarter was €265.9 million, up 28% year-over-year, with broad-based strength across the product portfolio.
- Within our new revenue groupings, Betting Technology & Solutions revenues were €218.8 million, up 35% year-over-year.
- From a geographic perspective, Rest of World grew 19% and accounted for 75% of total revenue, while the U.S. grew 65% and accounted for 25% of total revenue.
- Adjusted EBITDA (non-IFRS) for the current quarter was €47.2 million, up 29% year-over-year.
New Additions to the Leadership Team:
Sportradar also announced the addition of Craig Felenstein as Chief Financial Officer and Behshad Behzadi as Chief Technology Officer and Chief AI Officer.
Updated 2024 Outlook:
The outlook for 2024 is raised with expected at least 21% year-over-year growth in revenue and adjusted EBITDA (non-IFRS).
For further details and to participate in the earnings call to discuss these results, please visit Sportradar’s Investor Relations website.
Full Report here:
