Sports technology company Sportradar has released its financial results for the first quarter, an while revenue was up year over year, the company reported a loss.
Total revenue reached $288.7 million (€265.9m), up 28 percent compared to the same quarter last year. The U.S. market accounted for 25 percent of this figure, generating $71.1 million (€65.5m) in revenue, a 65 percent increase from first quarter 2023. The “Betting Technology & Solutions” segment of the business accounted for 82 percent ($237.5m/€218.8m), and “Sports Content, Technology & Solutions” collected the remaining 18 percent. Adjusted EBITDA was also up 29 percent year-over-year to $51.3 million (€47.2m).
“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,” said Carsten Koerl, Sportradar CEO.
The company generated a loss of around $0.65 million (€0.6m) for the period, compared to a $7.4 million (€6.8m) profit made in first quarter of 2023. Reasons for the loss include a foreign currency loss of $15.8 million (€14.5m) and finance costs of $20.3 million (€18.7m).
In the past month, Sportradar has appointed several senior staff members, including Michael Foster as chief information officer, Craig Felenstein as chief financial officer and Behshad Behzadi as chief technology officer and chief artificial intelligence officer.
