Leading gaming affiliate Catena Media has reported its financials for the three months ended September 30, 2025 (Q3), outlining a quarter of solid performance.
A Solid Quarter for the Business
In its interim report for the quarter, Catena Media reported Q3 revenue of EUR 11.6 million ($13.3 million), marking an increase of 9% year-on-year. The company’s strength was underpinned by an 18% increase in NA revenue to EUR 11.2 million ($12.9 million), which constituted 96% of the revenue from continuing operations.
Adjusted EBITDA, meanwhile, skyrocketed by 119% to EUR 2.9 million ($3.3 million), equivalent to an adjusted EBITDA margin of 25%. EBITDA, on the other hand was a staggering 300% up year-on-year to EUR 2.7 million ($3.1 million), equivalent to a margin of 23%.
In Q3, Catena reported 23,999 new depositing customers from continuing operations, down 12% year-on-year.
The company’s reported loss per share of EUR 0.19 ($0.22) for the period, marking a significant improvement from the loss of EUR 0.55 in the prior-year period.
Catena also recognized an impairment charge of EUR 16.5 million ($18.9 million) due to a writedown in the book value of certain NA sports assets and of casino assets in Asia-Pacific.
On a year-to-date basis, Catena reported revenue of EUR 31 million ($35.6 million), down 21% YOY, driven by an 18% decline in YTD revenue in North America (EUR 28.6 million / $32.81 million). Adjusted EBITDA from continuing operations increased by 35% to EUR 5.2 million ($6 million), corresponding to a margin of 17%. EBITDA increased by 645% to EUR 5.5 million ($6.31 million), equivalent to a margin of 18%.
From January to the end of September, Catena welcomed 66,146 new depositing customers, which highlighted a decrease of 36% from the prior-year period.
Loss per share, on the other hand, narrowed from EUR 0.62 to EUR 0.19 ($0.22) for the YTD period.
CEO Stan Was Pleased with the Result of Catena’s Optimization Measures
Catena Media’s chief executive officer, Manuel Stan, commented on the performance, calling Q3 a “quarter of steady operating progress.” He was pleased with the improvements across the board and attributed them to the previously introduced optimization measures.
The drive and resilience of our teams was instrumental to achieving the uplift in top-line growth and profitability. The objectives and key result metrics we introduced early this year have channeled clear priorities, sharper execution and stronger accountability across our products.
Manuel Stan, CEO, Catena Media
Stan addressed the various facets of the company, reporting strong interest in subaffiliation launch and continued SEO investments. He added that the impact of artificial intelligence on SEO remains hard to forecast.
In the meantime, Catena continued to “make solid headway” in the casino sector, while experiencing market challenges in sports.
In any case, Stan thanked everyone who has supported the company, including its dedicated team and shareholders.