Catena Media is now relying solely on revenue from North America operations, officially bringing its reorganisation to an end.
The Stockholm-listed gaming affiliate company started transitioning to a new operating model with a focus on US growth a little over a year ago, with the venture spearheaded by Catena CEO Manuel Stan and CFO Michael Gerrow.
Resulting headwinds such as currency fluctuations led to dormant but lower revenues YoY in the first two quartersof 2025, but Adjusted EBITDA not only stabilised but also skyrocketed – and still rose in Q3.
North America now sole contributor
In Q3 2025, 96% of the Group’s revenue from continuing operations came from North America — compared to 89% a year earlier. Localized revenue grew by 18% to €11.2m ($12.9m), up from €9.5m ($10.9m) in Q3 2024.
Total revenue from continuing operations increased by 9% in the third quarter to €11.6m ($13.3m), compared with €10.7m ($12.3m) in the same period last year.
Adjusted EBITDA rose 119% year-over-year to €2.9m ($3.3m), versus €1.3m ($1.5m) a year earlier. EBITDA climbed to €2.7m ($3.1m), whereas in Q3 2024 it stood at a negative €1.4m ($1.6m).
Still some catching up to do
While quarterly results show clear progress, a look at Catena’s performance year-to-date indicates that the company still has ground to recover.
From January to September, revenue reached €31m ($35.7m) — down 21% from €39.5m ($45.5m) in the same period last year.
North American revenue declined 18% year-on-year to €28.6m ($33.0m), compared with €35m ($40.4m) from January to September 2024.
The number of new depositing customers also dropped by 36%: 66,146 versus 102,894 a year earlier.
However, the company continues to demonstrate growth in Adjusted EBITDA: the metric increased by 35% to €5.2m ($6.0m), compared to €3.9m ($4.5m) a year ago.
EBITDA moved firmly into positive territory — €5.5m ($6.3m), whereas a year earlier it stood at –€1m (–$1.5m), representing a 645% increase.
Management confident on long-term profitability
Manuel Stan, Catena CEO, focused on Q3 developments and addressed some of the challenges the company continues to face in the US market.
For one, sports turned out to be a high risk venture, with Stan saying that market nuances combined with product underperformance to deliver undesired results.
Hopes remain high, Stan added, given that Missouri is launching regulated sports betting on 1 December and that six of the eight of its bordering states already have regulated online sports betting in place.
“A long-term plan is in place to improve delivery, but improvements are likely to be slow and incremental.”
Tightening regulations around social sweepstakes casinos are also something on Catena’s radar, Stan said, but the vertical remains “a positive revenue driver and a way to acquire user data ahead of future online casino regulation by new states.”
SEO-focused efforts will keep targeting customer retention and maximising the customer base value, Catena’s CEO further highlighted, with results “holding well through the quarter after the Google Core update in June”. Caution remains about the impact of AI on traditional SEO search.
Online casino also performed well, with Stan adding that work continues on the integration of Catena’s premier casino sites into its central platform.
“Given the industry headwinds from generative search and social sweepstakes casinos, I remain cautious in our short-term outlook but am confident in the progress we are making.
“The combination of diversified revenue, disciplined operations and stronger search performance creates a platform for sustainable growth.”
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