The provider of premium sports betting services to iGaming and betting operators across the globe, Kambi, released its latest financial update, uncovering details about its performance for the first quarter of this year. In its Q1 2024 unaudited report, the company posted €43.2 million ($46.2 million) in revenue, a result that showed a slight 2% decrease year-over-year when compared to the Q1 2023 figure of €44.0 million ($47 million)
Besides revenue, Kambi disclosed details regarding the reported operating profit for the first quarter of 2024. In Q1 2024, the company posted €4.4 million ($4.7 million) in operating profit at a margin of 10.2%. Both figures were on par with the €4.5 million ($4.8 million) in operating profit and at a 10.3% margin reported a year earlier, in 2023.
A further financial breakdown provided by Kambi reveals that EBITDA in Q1 2024 hit €14.1 million ($15.1 million). This result, marked a solid increase of 10% when compared to the €12.8 million ($13.7 million) in EBITDA reported for the corresponding period last year.
On the other hand, Kambi’s profit after tax in Q1 2024 was €3.2 million ($3.4 million). A year-over-year comparison shows a slight decrease of 1%. For Q1 2024, Kambi reported net cash of €46.0 million ($49.2 million), compared to €61.2 million ($65.4 million) for Q1 in 2023.
The Recent Results, in Line with Expectations
Kristian Nylén, Kambi’s CEO, shared his excitement about the latest results. He pointed out that the reported revenue for the first quarter of the year was in line with the company’s expectations. Moreover, Nylén said that the reported expenses for the period were within the lower end of Kambi’s guidance.
Back in January, the CEO of the company confirmed his intention to step down from his role. At the time, he explained that he plans to step down this year with that process being contingent on the appointment of a successor for the important position. Although Nylén confirmed his plans to step down from the CEO role, Kambi said that its Nomination Committee proposed him for election to the company’s Board during the upcoming 2024 Annual General Meeting (AGM).
“In summary, we have continued to build solid foundations for the future. Our commitment to pushing the boundaries of product excellence and innovation, as highlighted by the development of our modular odds feeds, is positioning Kambi as a leader in shaping the future of sports betting technology.“
Kristian Nylén, co-founder and CEO of Kambi
In the latest trading update, Nylén acknowledged a number of important announcements made by the company recently, including the launch of the new Kambi-powered sportsbook for LiveScore in Nigeria, among others. He predicted a bright future for the company, in light of its robust strategy and solid foundation. Finally, Nylén said that Kambi remains dedicated to delivering innovative products that provide exceptional experiences for its growing list of partners.
