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Gentoo Media has revealed a 15th consecutive quarter of record revenue growth, maintaining its commercial momentum following its recent split from Gaming Innovation Group (GiG).
In Q3 2024, revenues soared to €30.4m (Q3 2023: €22.5m) and represented a 35% growth YoY (12% organic) – as headline revenues stood in-line with Gentoo’s preliminary statement issued in October.
Adjusted EBITDA stood at €14.6m (Q3 2023: €10.4m) reflecting a 48% margin. Group accounts booked ‘special items’ related to the company’s September split, capped at €600k.
Excluding special items, EBITDA rose to €14m (46% margin) bringing up a 36% YoY growth. Media cash flow operations were valued at €19.9m, while IFRS5 standard platform & sportsbook cash flow was €12.2m.
A breakdown of period income, saw 58% of revenues generated from recurring revenue share (revshare) agreements (up 24% YoY).
Europe-centric revenue was up 51% YoY despite headwinds in Norway. Revshare from the Americas jumped 52% – reaching more than double digit growth in North America. Europe and the Americas stood as principal markets, contributing 59% and 21% of quarterly revenue respectively.
Gentoo’s portfolio saw non-top five websites constituted 65% of the total quarterly revenue, growing 46% YoY. Top five websites revenue (35% of total) also increased 14% YoY as Gentoo’s informs “a significant increase was seen in partners generating more than €10k per quarter (up 94% YoY)”.
This comes after an update by Google launched earlier this year which offset the search rankings of some of Gentoo’s websites, including flagship domain Casinotopsonline.com.
Management anticipates strong seasonality in Q4 to favour Gentoo, remaining on track of hitting 2024 guidance with projected revenues of €125-135m and an EBITDA margin of 45-50%.
Targeted 2025 outcomes include the growth of newly acquired assets KaFe Rocks and Casinomeister, and accelerated integration of Titan Inc for the reduction of SEO costs.
Jonas Warrer, Gentoo Media CEO, commented: “I am pleased to present our third quarterly report for 2024, marking yet another record-setting quarter for Gentoo Media, with 15 consecutive quarters of all-time high revenue.
“Our focused strategy on sustainable, long-term growth – emphasising diversification and increased revenue share earnings – continues to strengthen our business. Despite market volatility, our disciplined approach has proven resilient, driving steady success and positioning us with a competitive edge in an increasingly dynamic marketplace.
“We remain confident that our strategic path will support our continued growth and stability in the coming quarters.”
