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Raketech Group (RAKE) investor relations material
Raketech Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was €7.8M, down 53.8% year-over-year, mainly due to SubAffiliation and Casumba challenges, and the divestment of US tipster operations.
Adjusted EBITDA reached €2.1M, reported EBITDA was €2.0M, both down over 50% year-over-year.
Cost base reduced by 35% year-over-year (excluding publisher costs) due to restructuring and divestments.
Free cash flow for Q2 was €1.8M, closely tracking EBITDA.
Divestiture of non-core US tipster and subscription assets completed, removing €500K negative EBITDA impact per quarter and resulting in a €200K net gain.
Financial highlights
Affiliation Marketing accounted for 73% of Q2 revenue, growing 5% quarter-over-quarter excluding Casumba.
SubAffiliation contributed 25% of revenue; Paid Network remains weak, organic network stable with strong pipeline.
Adjusted EBITDA margin was 27% in Q2 2025.
Cost savings initiatives led to a 35% reduction in total costs (excluding publisher cost) from Q1 last year.
Free cash flow of €1.8M in Q2; EBITDA and free cash flow closely correlated over 12 months.
Outlook and guidance
Elimination of US tipster costs from July 1 expected to improve profitability by €150K per month.
Focus remains on developing Affiliation Cloud as a leading iGaming affiliate platform and expanding exclusive operator agreements.
Anticipated seasonal uptick in activity toward end of summer; FIFA World Cup preparation underway.
Paid Network continues to face headwinds, while the organic network performs as expected.
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