Despite witnessing significant growth in both revenue and adjusted EBITDA, research firm Sportradar reported a loss of €649,000 for the first quarter of the year.
Sportradar's revenue for the first quarter surged to €265.9 million, marking a substantial 28.1% increase compared to the same period last year. Similarly, adjusted EBITDA showed remarkable growth, reaching €47.2 million, up 28.6% from the first quarter of 2023.
The rise in adjusted EBITDA was primarily attributed to robust revenue growth and enhanced operational efficiencies. These positive factors managed to offset the impact of higher sports rights costs. Despite the loss, Sportradar CEO Carsten Kerl expressed confidence in the company's performance, highlighting the stability of the adjusted EBITDA margin at 18%.
While the revenue surge paints a promising picture for Sportradar, the persistent losses indicate ongoing challenges that the company may need to address in the upcoming quarters.
