Rush Street Interactive has posted its Q4 and FY24 financial report, revealing a 31% year-on-year increase in revenue to $254.2 million and a 166% increase in adjusted EBITDA which reached $30.6 million.
Additionally, the company has also revealed a net income of $6.5 million in Q4 which also reversed the net loss of $5.5 million in Q4 in 2023.
From here, the company also increased its total number of monthly active users in both the United States and Canada, with this figure rising by 28% to 205,000, whereas Latin America saw an even more substantial increase to 348,000 monthly users by 71%.
Interestingly enough, despite the increase in monthly active users, the average revenue per monthly active user in North America stayed flat at $346, whereas Latin America noted a slight decline from $42 to $39.
When it comes to promotional and advertising expenses, the company reported a 24.5% growth in Q4 to $43.1 million, while expenses and total operating costs increased by 22.6% to $242.1 million.
Furthermore, Rush Street Interactive generated $924.1 million in revenue for the full year of 2024, making for a 34% increase. Additionally, the company also reported $7.2 million in net income, which is in contrast with the $60.1 million net loss it reported in 2023.
RSI’s adjusted EBITDA for 2024 also increased by a whopping 1,000% to $92.5 million, compared to the $8.2 posted by the company in 2023. RSI also reduced promotional spending, with promotions expenses and adjusted advertising going down to $155.8 million by 1.6%.
Lastly, the company had $229 million in unrestricted cash and cash equivalents, making for a $61 million increase, citing the reason for this positive trend as higher margins and operational improvements across the markets where it operates.
