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Rush Street Interactive (RSI) has disclosed its financial results for the fourth quarter and full year ending 31 December 2023.
For Q4 2023, RSI reported revenue of $193.9m, showing a 17% increase compared to the same period in 2022. The company experienced a net loss of $5.5m in Q4 2023, a significant year-on-year improvement from the net loss of $31.1m.
Adjusted EBITDA for the quarter reached $11.5m, improved from the adjusted EBITDA loss of $17.3m in Q4 2022.
Advertising and promotions expenses decreased by 45% in the fourth quarter of 2023, amounting to $34.6m.
Monthly Active Users (MAU) in the US, Canada and Latin America witnessed year-over-year growth, with Latin America particularly showing an increase of 33%.
For the full year 2023, RSI reported revenue of $691.2m, marking a 17% increase from 2022. The net loss for the full year was $60.1m, an improvement compared to the net loss of $134.3m in 2022.
Adjusted EBITDA for the full year 2023 was $8.2m, an improvement from the adjusted EBITDA loss of $91.8m in 2022.
Looking forward, RSI has provided revenue guidance for the full year ending 31 December 2024, projecting revenues between $770m and $830m. Additionally, the company has introduced adjusted EBITDA guidance for 2024, expecting it to be between $35m and $45m.
Richard Schwartz, RSI CEO, said: “We concluded 2023 with a fourth quarter that produced records in both revenues and adjusted EBITDA. For the year, we grew revenue to $691m on strong customer engagement and retention. At the same time, we improved our adjusted EBITDA by $100m compared to the prior year.”
RSI also achieved positive performance in the third quarter of 2023, where revenue increased by 15% compared to Q3 2022.
