Rush Street Interactive Announces Second Quarter 2023 Results
Rush Street Interactive has announced the financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Revenue was $165.1 million during the second quarter of 2023, an increase of 15%, compared to $143.7 million during the second quarter of 2022.
- Net loss was $16.7 million during the second quarter of 2023, compared to a net loss of $28.3 million during the second quarter of 2022.
- Adjusted EBITDA was a positive $1.2 million during the second quarter of 2023, compared to an Adjusted EBITDA loss of $18.6 million during the second quarter of 2022.
- Adjusted advertising and promotions expense was $40.4 million during the second quarter of 2023, compared to $44.2 million during the second quarter of 2022.
- Average Revenue per Monthly Active User (ARPMAU) in the US and Canada was $359 during the second quarter of 2023, up 11% year-over-year.
- As of June 30, 2023, RSI had $128 million of unrestricted cash and cash equivalents.
Richard Schwartz, Chief Executive Officer of RSI, said: “Through the first half of the year the organization performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule. This performance capped our strong first half with an adjusted EBITDA improvement of over $54 million compared to the first half of the prior year. This increase in profitability was mainly driven by operational improvements, as well as 15% revenue growth, led by strong growth in Colombia and markets that we launched after 2020.
“We have built a fundamentally strong business with a firm foundation. Looking ahead, we are optimistic about our ability to innovate and continue to improve the quality of the user experience. With a solid financial position, a proprietary and scalable technology platform, and effective operational discipline, we are confident in our ability to continue executing successfully, positioning ourselves for further revenue and profitability growth in the future.”
