Key Moments:
- Catena Media recorded 96% of its Q3 2025 revenue from North America, rising from 89% in the prior year.
- Adjusted EBITDA for Q3 2025 increased by 119% to €2.9 million, with EBITDA turning from a €1.4 million loss to a €2.7 million gain.
- Despite a 21% drop in revenue for the first nine months of 2025, adjusted EBITDA climbed 35% to €5.2 million.
North American Strategy Dominates Revenue Composition
After completing a sweeping reorganization, Catena Media has redirected its business model to concentrate almost exclusively on the United States and Canada. In Q3 2025, North American markets delivered 96% of total revenue, up from 89% in the same quarter last year. Total quarterly revenue reached €11.6 million, marking a 9% increase compared to Q3 2024. Within that, local market revenue grew by 18% to €11.2 million.
Profitability Makes Significant Gains in Q3 2025
Catena Media saw substantial improvement in profitability during the reporting period. Adjusted EBITDA soared 119% to €2.9 million. Overall EBITDA demonstrated a major turnaround by moving from a €1.4 million loss one year ago to a €2.7 million profit this quarter.
| Metric | Q3 2024 | Q3 2025 | Change |
|---|---|---|---|
| North American Revenue (%) | 89% | 96% | +7 pp |
| Total Revenue (€M) | – | 11.6 | +9% |
| Local Market Revenue (€M) | – | 11.2 | +18% |
| Adjusted EBITDA (€M) | – | 2.9 | +119% |
| EBITDA (€M) | -1.4 | 2.7 | Turnaround |
Full-Year Performance Reflects Ongoing Hurdles
For the nine months ended in 2025, Catena Media experienced a 21% decrease in revenue, dropping to €31 million. Revenue from North America also declined, down 18% to €28.6 million. The count of new depositing customers was hit especially hard, shrinking by 36%. Despite these setbacks, profitability improved: adjusted EBITDA was up 35% to €5.2 million, and EBITDA swung from a €1 million loss to a €5.5 million gain over the period.
Leadership Maintains Long-Term Growth Approach
CEO Manuel Stan openly addressed continuing challenges, particularly in the sports betting segment, describing it as a “high-risk venture” and acknowledging that results had fallen short. Still, he saw growth opportunities ahead, especially with Missouri’s sports betting market entering the picture on December 1. Stan also pointed to social sweepstakes casinos as a revenue driver and potential data source as more states consider legalizing online casinos.
CFO Michael Gerrow and the senior management team emphasized ongoing efforts to enhance site engagement and SEO. The organization maintained stability after Google’s June algorithm update, though leadership is monitoring how AI-driven search changes might impact future traffic.
Consolidation and Cautious Optimism for 2026
Catena Media’s online casino segment continues to deliver, with ongoing integration of its highest-performing brands onto a unified platform. Progress is expected to be gradual, but Stan conveyed confidence in the group’s trajectory. He noted:
“The combination of diversified revenue, disciplined operations, and stronger search performance creates a platform for sustainable growth.”
While the past year presented significant challenges, Catena Media’s strengthened resolve in the North American market and increasing operational discipline lend management a cautiously optimistic outlook as 2026 approaches.
- Author
Daniel Williams
