Media company Catena, specializing in the support and advertising of online casinos, reported weakened results for 2023. Despite investments aimed at driving growth and profits, the company experienced a decline in revenue in the fourth quarter.
The overall revenue for the corporation dropped by 41% to €14.5 million, and for the North American subsidiary, it fell to €12.3 million compared to the third quarter. In comparison to the same period in 2022, Catena's revenue witnessed a 43% decline.
Adjusted EBITDA also experienced a decrease between October and December 2023, settling at €1.5 million. This reflected an 88% decrease compared to the corresponding period in 2022.
Catena CEO Michael Daly expressed disappointment with the company's latest financial results. He highlighted that, as per the current plan, the company is focusing on investments in artificial intelligence and related technologies. Daly emphasized Catena's aim to emerge as a leader in the world of online casinos and sports betting, a domain gradually being influenced by AI.
