On November 1, 2023, Rush Street Interactive Inc (RSI, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a 15% year-over-year increase in revenue, reaching $170 million. RSI also reported a net loss of $13.4 million, a significant improvement from the net loss of $22.7 million in the same quarter of the previous year.
Financial Highlights
RSI's Q3 2023 revenue was $169.9 million, a 15% increase compared to $148.0 million in Q3 2022. The company's net loss for the quarter was $13.4 million, compared to a net loss of $22.7 million in Q3 2022. Adjusted EBITDA was a positive $4.1 million, a significant improvement from the Adjusted EBITDA loss of $12.5 million in Q3 2022. The company also reported $171 million of unrestricted cash and cash equivalents as of September 30, 2023.
Company Performance and Outlook
RSI's CEO, Richard Schwartz, commented on the company's performance, stating,
With strong revenue growth and more efficient marketing spend, we are proud to report another quarter of increasing quarterly profitability on an adjusted EBITDA basis as well as our expectation to have positive Adjusted EBITDA for the full year, underscoring our commitment to sustainable growth and profitability."The company also raised its full year 2023 revenue guidance midpoint, with a revised range of between $665 and $685 million, representing a 14% year-over-year growth.
Key Financial Tables
RSI's operating costs and expenses for Q3 2023 were $181.6 million, compared to $168.6 million in Q3 2022. The company's loss from operations was $11.7 million, a significant improvement from the loss of $20.6 million in Q3 2022. The company's net loss before income taxes was $10.9 million, compared to a loss of $20.8 million in Q3 2022.
RSI's Adjusted EBITDA for Q3 2023 was $4.1 million, compared to an Adjusted EBITDA loss of $12.5 million in Q3 2022. The company's Adjusted Operating Costs and Expenses for the quarter were $174.2 million, compared to $164.5 million in Q3 2022.
RSI's Adjusted Net Loss for Q3 2023 was $5.96 million, compared to an Adjusted Net Loss of $18.57 million in Q3 2022. The company's Adjusted Net Loss per Share for the quarter was $0.03, compared to $0.08 in Q3 2022.
RSI's strong Q3 2023 performance and increased profitability indicate a positive outlook for the company's future growth and profitability.
Explore the complete 8-K earnings release (here) from Rush Street Interactive Inc for further details.
