May 17, 2024 2 min read


XLMedia’s FY 2023 Results Decrease amid Internal Restructuring

CFO Rich said that XLMedia anticipates an initial return to capital shareholders from sale proceeds in Q4 2024

Sports and gaming digital media company XLMedia has published its audited results for FY 2023, outlining significant declines across the board.

Key highlights included revenue of $50.3 million, down 29% year-on-year. For comparison, the company’s revenue for FY 2022 stood at $70.9 million. The decline in revenue resulted in a 26% decrease in gross profit to $26.6 million (previously $36 million).

Additionally, the FY 2022 operating profit of $6.2 million turned into an operating loss of $300,000 in FY 2023.

Adjusted EBITDA, on the other hand, plummeted 36% to $12.1 million, down from $18.9 million in 2022. Adjusted EBITDA margin for FY 2023, meanwhile, stood at 24%, reflecting a decrease of 3% from the prior year period.

XLMedia also reported a statutory loss of a whopping $45.5 million for the period, offsetting a statutory profit of $3.4 million in 2022.

Whereas the company recorded basic earnings per share of $0.009, it now recorded a loss per share of $0.173.

XLMedia’s business in Europe remained somewhat stable. The Europe (Gaming) segment reported a decline of 8%, offsetting an increase of 9% in Europe (Sport). Overall, the company’s revenue in Europe experienced a decline of 2%.

The company’s business in North America, however, experienced significant setbacks as the North America (Sport) and North America (Gaming) segments declined by 42% and 54% respectively. Despite an overall decline of 42%, proceeds from the region still represented 55% of the group’s revenues.

After divesting certain assets, XLMedia now expects FY 2024 adjusted EBITDA of approximately $5 million.

Other Key Highlights

Not everything is grim for XLMedia as the media giant continues to steadily expand its presence in the highly lucrative US market. The company is now operating in 21 states and counting.

In 2023, XLMedia also supported PENN Entertainment’s re-entry with the launch of ESPN BET in Q4.  The company also re-platformed its Europe Sports websites alongside investing in Europe Gaming websites, delivering 9% YOY growth in Europe Sports.

In 2023, the company proceeded to streamline its business, cutting non-core activities and delivering cost savings of over $8 million.  

David King, XLMedia’s chief executive officer, commented on the results, saying that the company will focus on driving organic revenues in North America while continuing to expand its footprint in preparation for market expansion.

Marcus Rich, the company’s chairman, added that the company is delighted to have realized value for shareholders. He added that XLMedia anticipates an initial return to capital shareholders from sale proceeds in Q4 2024.


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