Global sports technology company Sportradar reported that its revenue for the second quarter of 2024 increased by nearly 30% year-over-year, reaching a record €278.4 million ($306.2 million), as most of its business divisions improved their performance.
Sportradar CEO Carsten Koerl highlighted the company's strong performance and stated that the "record revenue" reflects the "strong operational momentum across the business."
In the company's financial report, Koerl expressed satisfaction with the upward revision of the full-year performance forecast, attributing it to the company's continued efforts to achieve strong revenue growth, enhanced operational leverage, and increased cash flow.
Sportradar's revenue grew 29% year-over-year to €278.4 million ($306.2 million), thanks to the strong performance of its portfolio. The betting technology and solutions division led this growth, with revenue reaching €229.1 million ($252 million), a 30% increase from the previous year.
Similarly, the revenue of the sports events, technology, and services division also saw a significant increase of 22%, reaching €49.3 million ($54.2 million).
The company achieved broad growth across various regions, with revenue in the rest of the world growing by 22% and the U.S. market expanding by 59%.
Despite the substantial revenue growth, Sportradar reported a net loss of €1.5 million ($1.7 million) for the quarter, compared to a slight profit in the same period last year. However, adjusted EBITDA grew by 22%, reaching €48.8 million ($53.7 million), reflecting the company's focus on improving operational efficiency.
So far this year, net cash generated from operating activities reached €152.6 million ($167.9 million), a 17% increase year-over-year. As of June 30, 2024, the company's total current assets stood at €542.2 million ($596.4 million), higher than last year's €483.7 million ($532.1 million).
Sportradar continues to consolidate its market position through strategic initiatives. The company expanded its Managed Trading Services (MTS) client base, signing 46 new clients in the first half of 2024.
Additionally, Sportradar expanded its partnership with UEFA, covering all club and national team matches, and launched innovative advertising solutions to broaden operators' coverage. In this quarter, Sportradar also executed a stock buyback program, repurchasing about 748,000 shares at a price of $8 million as of August 9, 2024.
Given its strong performance, Sportradar has raised its financial forecast for the full year of 2024. The company now expects revenue to reach €1 billion ($1.17 billion), a 22% increase year-over-year, with adjusted EBITDA expected to be at least €204 million ($224.4 million), also a 22% increase.
