On July 31, 2024, Rush Street Interactive Inc (RSI, Financial) released its 8-K filing announcing its financial results for the second quarter ended June 30, 2024. Rush Street Interactive Inc is an online gaming and entertainment company that focuses primarily on online casinos and online sports betting in the U.S. and Latin American markets. It provides customers with an array of gaming offerings such as real-money online casinos, online sports betting, and retail sports betting, as well as social gaming.
Performance Overview
Rush Street Interactive Inc (RSI, Financial) reported a revenue of $220.4 million for Q2 2024, marking a 34% increase compared to $165.1 million in Q2 2023. This figure significantly surpassed the analyst estimate of $201.37 million. The company also reported a net loss of $0.3 million, a substantial improvement from the $16.7 million net loss in the same quarter last year. Adjusted EBITDA for the quarter was $21.4 million, compared to $1.2 million in Q2 2023.
Key Financial Achievements
RSI's financial achievements in Q2 2024 are noteworthy. The company managed to reduce its net loss significantly while increasing its revenue and Adjusted EBITDA. The reduction in advertising and promotions expenses by 10% year-over-year to $36.3 million also contributed to the improved financial performance. The company's unrestricted cash and cash equivalents increased to $194 million as of June 30, 2024.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $220.4 million | $165.1 million |
| Net Loss | $0.3 million | $16.7 million |
| Adjusted EBITDA | $21.4 million | $1.2 million |
Operational Metrics
RSI reported an increase in Monthly Active Users (MAUs) in the United States and Canada by 24% year-over-year to approximately 164,000. In Latin America, MAUs surged by 79% year-over-year to approximately 288,000. The Average Revenue per Monthly Active User (ARPMAU) in the United States and Canada was $380, up 6% year-over-year, while in Latin America, ARPMAU was $37, compared to $38 last year.
CEO Commentary
"We are thrilled to announce another quarter of record-breaking revenues and adjusted EBITDA. The first half of the year has seen our revenue grow by 34% coupled with a $46 million improvement in Adjusted EBITDA compared to last year. The improvement in our results is a direct testament to the strategic decisions we have made over recent years, as well as constantly refining and bettering our approach to attracting and retaining players. The efficiency is leading to strong increases in the number and value of our users." - Richard Schwartz, Chief Executive Officer of RSI
Guidance and Future Outlook
RSI has raised its full-year 2024 revenue guidance to be between $860 million and $900 million, increasing the midpoint by $45 million compared to the prior guidance. The company also expects Adjusted EBITDA for the full year to be between $64 million and $72 million, increasing the midpoint by $13 million compared to the prior guidance.
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Explore the complete 8-K earnings release (here) from Rush Street Interactive Inc for further details.
