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FansUnite Entertainment reported its financial results for Q1 2024, showing a 14% increase in revenue to $8.3 million compared to Q1 2023. Gross margins slightly declined from 65% to 63%. However, adjusted EBITDA rose by 58% year-over-year to $1.7 million.
The company expanded its U.S. presence, particularly in North Carolina's regulated wagering market, which enhanced brand recognition. Additionally, FansUnite diversified revenue streams by increasing earnings from non-live activation lines of business. The Betting Hero segment also grew through new contracts with multiple U.S. sportsbooks.
FansUnite's CEO, Scott Burton, highlighted the company’s progress towards sustainable growth and profitability, stating that the firm has eliminated the need for external capital funding and plans to focus on reducing liabilities while boosting revenue and earnings.
FansUnite reported a 12% to 16% increase in total revenue for the first quarter of fiscal 2024, with a gross margin of 62% to 64% and adjusted EBITDA up by 40% to 68% year-over-year. The company will release its financial statements on May 15, 2024, and host an earnings call on May 16, 2024, to discuss its results. The positive financial performance was driven by increased activations during March Madness, a record-breaking Super Bowl weekend, improved revenue from props.com, and cost-saving measures.
