Revenue for Rush Street Interactive spiked 37 percent during the third quarter, reaching $232.1 million. The company also posted a profit of $3.2 million, reversing a prior-year loss of $13.4 million.
Cash flow more than quintupled, achieving $23.4 million. However, advertising and promotions were up 13 percent to $38.6 million.
Earnings guidance for the full year was increased to between $900 million and $920 million of sheer revenue, up from $880 million. That would constitute a 32 percent increase from 2023’s $691 million.
Cash flow for 2024 is expected to ultimately land between $82 million and $86 million, up from $68 million. Cash flow for all of last year was $8.2 million.
The company counted 168,000 monthly active users in North America and another 329,000 in Latin America. Average revenue per Latin American user was down somewhat to $39 per month from $43 a month last year.
“We are excited to report that we have achieved another quarter of exceptional performance,” said CEO Richard Schwartz, “setting new quarterly records in both revenue and adjusted EBITDA. Our third-quarter revenue surged by 37 percent year over year and our adjusted EBITDA increased more than fivefold from the same period last year. These record results highlight the effectiveness of our strategic initiatives and ability to execute. Our focus on innovation to attract and retain high-value players continues to drive significant growth and profitability.”
The CEO resumed, “Our strategy has yielded broad-based growth and success across all of our geographies and products. We’ve accelerated player growth for another consecutive quarter and acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance.”
He concluded, “In addition to these strong results, we’re pleased to announce a share-repurchase authorization of up to $50 million. This move reflects our confidence in the company’s future and our commitment to enhancing shareholder value. Our cash generation and strong balance sheet provide us with the option to make this strategic investment.”
