Kambi Group’s marginal revenue uptick in Q3 2024 failed to impress investors, with shares sliding 8.7% in early morning trading [Wednesday].
The sports betting solutions provider posted €43m [$46m] in revenue for Q3 2024, a modest 2% increase compared to Q3 2023. Approximately 90% of this revenue was generated by its core sportsbook product, with the remainder coming from its modular products.
Operating profit (EBIT) for the quarter declined by 23% year-on-year to €3.6m, however, as the operating margin slipped from 11% to 8.3%. EBITDA fell slightly by 3% to €13.5m.
Cash flow, excluding working capital and M&A, dropped to €5.7m from €6.1m in Q3 2023, while earnings per share fell 29% year-on-year to €0.083.
