Rush Street Interactive Announces First Quarter 2025 Results and Reiterates Full Year Guidance
Rush Street Interactive (NYSE: RSI) reported strong Q1 2025 financial results, with revenue reaching $262.4 million, marking a 21% increase year-over-year. The company achieved a significant turnaround with a net income of $11.2 million, compared to a $2.2 million loss in Q1 2024.
Key highlights include:
- Adjusted EBITDA nearly doubled to $33.2 million, up 95% from Q1 2024
- Monthly Active Users in US and Canada grew 17% to 203,000
- Latin American user base expanded 61% to 354,000
- Average Revenue per Monthly Active User in US/Canada increased 3% to $368
The company maintained its full-year 2025 guidance, projecting revenue between $1,010-$1,080 million and Adjusted EBITDA of $115-$135 million. RSI's success is attributed to innovation in player experience and efficient high-value customer acquisition.
Rush Street Interactive (NYSE: RSI) ha riportato solidi risultati finanziari per il primo trimestre 2025, con ricavi pari a 262,4 milioni di dollari, segnando un aumento del 21% rispetto allo stesso periodo dell'anno precedente. L'azienda ha registrato una significativa inversione di tendenza con un utile netto di 11,2 milioni di dollari, rispetto a una perdita di 2,2 milioni nel primo trimestre del 2024.
I punti salienti includono:
- L'EBITDA rettificato 猫 quasi raddoppiato, raggiungendo 33,2 milioni di dollari, con un incremento del 95% rispetto al primo trimestre 2024
- Gli utenti attivi mensili negli Stati Uniti e in Canada sono cresciuti del 17%, raggiungendo 203.000
- La base utenti in America Latina 猫 aumentata del 61%, arrivando a 354.000
- Il ricavo medio per utente attivo mensile in US/Canada 猫 salito del 3%, raggiungendo 368 dollari
L'azienda ha confermato le previsioni per l'intero anno 2025, prevedendo ricavi tra 1.010 e 1.080 milioni di dollari e un EBITDA rettificato tra 115 e 135 milioni di dollari. Il successo di RSI 猫 attribuito all'innovazione nell'esperienza del giocatore e all'acquisizione efficiente di clienti ad alto valore.
Rush Street Interactive (NYSE: RSI) report贸 s贸lidos resultados financieros en el primer trimestre de 2025, con ingresos que alcanzaron los 262,4 millones de d贸lares, lo que representa un aumento del 21% interanual. La compa帽铆a logr贸 un cambio significativo con un ingreso neto de 11,2 millones de d贸lares, en comparaci贸n con una p茅rdida de 2,2 millones en el primer trimestre de 2024.
Los aspectos destacados incluyen:
- El EBITDA ajustado casi se duplic贸 a 33,2 millones de d贸lares, un aumento del 95% respecto al primer trimestre de 2024
- Los usuarios activos mensuales en EE. UU. y Canad谩 crecieron un 17% hasta 203,000
- La base de usuarios en Am茅rica Latina se expandi贸 un 61% hasta 354,000
- Los ingresos promedio por usuario activo mensual en EE. UU./Canad谩 aumentaron un 3% hasta 368 d贸lares
La compa帽铆a mantuvo su gu铆a para todo el a帽o 2025, proyectando ingresos entre 1,010 y 1,080 millones de d贸lares y un EBITDA ajustado de 115 a 135 millones de d贸lares. El 茅xito de RSI se atribuye a la innovaci贸n en la experiencia del jugador y a la adquisici贸n eficiente de clientes de alto valor.
Rush Street Interactive (NYSE: RSI)電� 2025雲� 1攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 毵れ稖鞚� 2鞏� 6,240毵� 雼煬鞐� 雼暣 鞝勲厔 霃欔赴 雽�牍� 21% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 2024雲� 1攵勱赴 220毵� 雼煬 靻愳嫟鞐愳劀 1,120毵� 雼煬 靾滌澊鞚�鞙茧 韥� 氚橃爠鞚� 鞚措（鞐堨姷雼堧嫟.
欤检殧 雮挫毄鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 臁办爼 EBITDA電� 瓯办潣 霊� 氚半 歃濌皜頃橃棳 3,320毵� 雼煬搿� 2024雲� 1攵勱赴 雽�牍� 95% 靸侅姽
- 氙戈淡瓿� 旌愲倶雼れ潣 鞗旉皠 頇滌劚 靷毄鞛� 靾橁皜 17% 歃濌皜頃橃棳 203,000氇� 霃勲嫭
- 霛柬嫶 鞎勲⿺毽勾 靷毄鞛� 旮半皹鞚� 61% 歃濌皜頃橃棳 354,000氇� 頇曤寑
- 氙戈淡/旌愲倶雼� 鞗旉皠 頇滌劚 靷毄鞛愲嫻 韽夑窢 靾橃澋鞚� 3% 歃濌皜頃橃棳 368雼煬 旮半
須岇偓電� 2025雲� 鞝勳泊 鞐瓣皠 臧�鞚措崢鞀るゼ 鞙犾頃橂┌ 毵れ稖鞚� 10鞏� 1,000毵� 雼煬鞐愳劀 10鞏� 8,000毵� 雼煬 靷澊, 臁办爼 EBITDA電� 1鞏� 1,500毵� 雼煬鞐愳劀 1鞏� 3,500毵� 雼煬 靷澊搿� 鞝勲頄堨姷雼堧嫟. RSI鞚� 靹标车鞚� 頂岆爤鞚挫柎 瓴巾棙 順侅嫚瓿� 瓿犼皜旃� 瓿犼皾 須湪鞝� 頇曤炒 雿曤秳鞛呺媹雼�.
Rush Street Interactive (NYSE : RSI) a annonc茅 de solides r茅sultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires atteignant 262,4 millions de dollars, soit une augmentation de 21 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un retournement significatif avec un r茅sultat net de 11,2 millions de dollars, contre une perte de 2,2 millions au premier trimestre 2024.
Les points cl茅s incluent :
- L'EBITDA ajust茅 a presque doubl茅, atteignant 33,2 millions de dollars, en hausse de 95 % par rapport au premier trimestre 2024
- Le nombre d'utilisateurs actifs mensuels aux 脡tats-Unis et au Canada a augment茅 de 17 % pour atteindre 203 000
- La base d'utilisateurs en Am茅rique latine s'est 茅tendue de 61 % pour atteindre 354 000
- Le revenu moyen par utilisateur actif mensuel aux 脡tats-Unis/Canada a augment茅 de 3 % pour atteindre 368 dollars
La soci茅t茅 a maintenu ses pr茅visions pour l'ann茅e 2025, pr茅voyant un chiffre d'affaires entre 1 010 et 1 080 millions de dollars et un EBITDA ajust茅 entre 115 et 135 millions de dollars. Le succ猫s de RSI est attribu茅 脿 l'innovation dans l'exp茅rience utilisateur et 脿 une acquisition efficace de clients 脿 forte valeur ajout茅e.
Rush Street Interactive (NYSE: RSI) meldete starke Finanzergebnisse f眉r das erste Quartal 2025 mit einem Umsatz von 262,4 Millionen US-Dollar, was einem Anstieg von 21 % gegen眉ber dem Vorjahr entspricht. Das Unternehmen erzielte eine deutliche Kehrtwende mit einem Nettoeinkommen von 11,2 Millionen US-Dollar im Vergleich zu einem Verlust von 2,2 Millionen US-Dollar im ersten Quartal 2024.
Wichtige Highlights sind:
- Das bereinigte EBITDA verdoppelte sich nahezu auf 33,2 Millionen US-Dollar, ein Anstieg von 95 % gegen眉ber dem ersten Quartal 2024
- Die monatlich aktiven Nutzer in den USA und Kanada stiegen um 17 % auf 203.000
- Die Nutzerbasis in Lateinamerika wuchs um 61 % auf 354.000
- Der durchschnittliche Umsatz pro monatlich aktivem Nutzer in den USA/Kanada stieg um 3 % auf 368 US-Dollar
Das Unternehmen best盲tigte seine Prognose f眉r das Gesamtjahr 2025 und erwartet einen Umsatz zwischen 1.010 und 1.080 Millionen US-Dollar sowie ein bereinigtes EBITDA von 115 bis 135 Millionen US-Dollar. Der Erfolg von RSI wird auf Innovationen im Spielerlebnis und eine effiziente Gewinnung von hochwertigen Kunden zur眉ckgef眉hrt.
- Revenue grew 21% YoY to $262.4M in Q1 2025
- Achieved net profit of $11.2M, reversing Q1 2024 loss of $2.2M
- Adjusted EBITDA nearly doubled to $33.2M, up 95% YoY
- MAUs in Latin America grew 61% YoY to 354,000 users
- US/Canada MAUs increased 17% YoY to 203,000
- US/Canada ARPMAU rose 3% YoY to $368
- Company maintains strong 2025 guidance of $1,010M-$1,080M revenue
- Latin America ARPMAU declined from $44 to $36 YoY
- Marketing expenses increased 3% YoY to $38.8M
- Limited stock buyback of only $5.2M from $50M authorized program
Insights
RSI delivers strong Q1 with 21% revenue growth, swings to profitability, and nearly doubles Adjusted EBITDA while maintaining full-year guidance.
Rush Street Interactive's Q1 2025 results reflect significant financial improvements across key metrics. Revenue reached
The standout metric is Adjusted EBITDA (a non-GAAP measure), which surged
User engagement metrics further validate this strong performance. Monthly Active Users grew
Management has reiterated full-year 2025 guidance, projecting revenue between
- First Quarter Revenue of
- First Quarter Net Income of
- First Quarter Adjusted EBITDA exceeds
- Reiterating Full Year 2025 Adjusted EBITDA Guidance Range of Between
CHICAGO, April 30, 2025 (GLOBE NEWSWIRE) -- Rush Street Interactive, Inc. (NYSE: RSI) (鈥淩SI鈥�), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the first quarter ended March听31, 2025.
First Quarter 2025 Highlights
- Revenue was
$262.4 million during the first quarter of 2025, an increase of21% , compared to$217.4 million during the first quarter of 2024. - Net income was
$11.2 million during the first quarter of 2025, compared to a net loss of$2.2 million during the first quarter of 2024. - Adjusted EBITDA1 was
$33.2 million during the first quarter of 2025, an increase of95% , compared to$17.1 million during the first quarter of 2024. - Adjusted sales and marketing expense1 was
$38.8 million during the first quarter of 2025, an increase of3% compared to$37.8 million during the first quarter of 2024. - Monthly Active Users (鈥淢AU鈥�) in the United States and Canada were approximately 203,000, up
17% year-over-year. MAUs in Latin America (which includes Mexico) were approximately 354,000, up61% year-over-year. - Average Revenue per Monthly Active User (鈥淎RPMAU鈥�) in the United States and Canada was
$368 during the first quarter of 2025, up3% year-over-year. ARPMAU in Latin America was$36 , compared to$44 last year. - Repurchased
$5.2 million of Class A common stock under the Company鈥檚$50.0 million authorized buyback program.
Richard Schwartz, Chief Executive Officer of RSI, said, 鈥淲e have started 2025 with strong momentum, building on our success from recent years. Our first quarter revenue increased by
________________________
1 This is a non-GAAP financial measure. Please see 鈥淣on-GAAP Financial Measures鈥� for more information about this non-GAAP financial measure and 鈥淩econciliations of GAAP to Non-GAAP Financial Measures鈥� for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Guidance
RSI expects revenue for the full year ending December 31, 2025 to be between
RSI expects Adjusted EBITDA1 for the full year ending December 31, 2025 to be between
These guidance ranges are based on certain assumptions, including that (i) only operations in live jurisdictions as of today鈥檚 date are included, and (ii) RSI continues to operate in markets in which it is live today under similar tax structures.
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast today at 6:00 p.m. Eastern Time (5:00 p.m. Central Time), during which management will discuss first quarter results and provide commentary on business performance and its current outlook for 2025. A question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local) or, for international callers, 1-929-526-1599. The conference call access code is 378379.
A live audio webcast of the earnings conference call may be accessed on RSI鈥檚 website at ir.rushstreetinteractive.com, along with a copy of this press release and an investor slide presentation. The audio webcast and investor slide presentation will be available on RSI鈥檚 investor relations website until at least May 30, 2025.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 by gaming industry veterans, RSI was named the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the SBC Latinoam茅rica Awards 2024 Casino Operator of the Year and 2021 Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Non-GAAP Financial Measures
In addition to providing financial measurements based on accounting principles generally accepted in the United States of America (鈥淕AAP鈥�), this press release includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Earnings Per Share, Adjusted Net Income and Adjusted Weighted Average Common Shares Outstanding, each of which is a non-GAAP performance measure that RSI uses to supplement its results presented in accordance with GAAP. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP financial measure can be found below. RSI believes that presentation of these non-GAAP financial measures provides useful information to investors regarding RSI鈥檚 results of operations and operating performance, as they are similar to measures reported by its public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
By providing full year 2025 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2025 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to RSI without unreasonable effort due to, among other things, the inherent difficulty in forecasting and quantifying the comparable GAAP measure and the applicable adjustments and other amounts that would be necessary for such a reconciliation, and certain of these amounts are outside of RSI鈥檚 control and may be subject to high variability or complexity. Preparation of such reconciliations would also require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to RSI without unreasonable effort. RSI provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, RSI cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. RSI provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with RSI鈥檚 results calculated in accordance with GAAP, provides useful information for the reasons noted herein. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
RSI defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Operating Costs and Expenses as RSI鈥檚 GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Earnings Per Share as Adjusted Net Income divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Income is defined as net income (loss) attributable to Rush Street Interactive, Inc. as used in the diluted earnings (loss) per share calculations, adjusted for the reallocation of net loss attributable to non-controlling interests, share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Weighted Average Common Shares Outstanding is defined as the weighted average number of common shares outstanding as used in the diluted earnings (loss) per share calculation, and in periods of Adjusted Net Income, adjusted for the assumed conversion of the non-controlling interest鈥檚 Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis and incremental shares from assumed conversion of stock options and restricted stock units not otherwise included in the diluted earnings (loss) per share calculation.
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI鈥檚 core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI鈥檚 past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI鈥檚 management in operating our business. Management also believes these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Key Metrics
RSI provides certain key metrics, including MAUs and ARPMAU, in this press release. RSI defines MAUs as the number of unique users per month who have placed at least one real-money bet across one or more of our online casino, poker, or online sports betting offerings, and it defines ARPMAU as average revenue for the applicable period divided by the average MAUs for the same period.
The numbers RSI uses to calculate MAUs and ARPMAU are based on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base for the applicable period of measurement, there are inherent challenges in measuring usage and engagement with respect to RSI鈥檚 online offerings across its customer base. Such challenges and limitations may also affect RSI鈥檚 understanding of certain details of its business. In addition, RSI鈥檚 key metrics and related estimates, including the definitions and calculations of the same, may differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," 鈥減ropose鈥�, "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding revenue and Adjusted EBITDA guidance, RSI鈥檚 future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI鈥檚 strategic plans and focus, anticipated launches or withdrawals of RSI鈥檚 current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives, outcomes of current or future regulatory developments and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws and regulations, applicable taxes and tax rates; RSI鈥檚 ability to manage and sustain growth; RSI鈥檚 ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; general economic and market conditions impacting the demand for RSI鈥檚 products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation and interest rates and unemployment on RSI鈥檚 liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI's filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contacts:
Lisa Johnson
Investor Contact:
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data)听 | ||||||
| 听 | ||||||
| 听 | Three Months Ended March 31, | |||||
| 听 | 2025 | 听 | 2024 | |||
| 听 | (Unaudited) | 听 | (Unaudited) | |||
| Revenue | $ | 262,407 | 听 | $ | 217,428 | 听 |
| 听 | 听 | 听 | 听 | |||
| Operating costs and expenses | 听 | 听 | 听 | |||
| Costs of revenue | 听 | 170,883 | 听 | 听 | 144,523 | 听 |
| Sales and marketing | 听 | 42,139 | 听 | 听 | 38,404 | 听 |
| General and administrative | 听 | 25,317 | 听 | 听 | 25,868 | 听 |
| Depreciation and amortization | 听 | 9,491 | 听 | 听 | 7,101 | 听 |
| Total operating costs and expenses | 听 | 247,830 | 听 | 听 | 215,896 | 听 |
| Income from operations | 听 | 14,577 | 听 | 听 | 1,532 | 听 |
| 听 | 听 | 听 | 听 | |||
| Other income | 听 | 听 | 听 | |||
| Interest income, net | 听 | 1,699 | 听 | 听 | 1,559 | 听 |
| Income before income taxes | 听 | 16,276 | 听 | 听 | 3,091 | 听 |
| 听 | 听 | 听 | 听 | |||
| Income tax expense | 听 | 5,065 | 听 | 听 | 5,300 | 听 |
| Net income (loss) | 听 | 11,211 | 听 | 听 | (2,209 | ) |
| Net income (loss) attributable to non-controlling interests | 听 | 5,892 | 听 | 听 | (1,482 | ) |
| Net income (loss) attributable to Rush Street Interactive,听Inc. | $ | 5,319 | 听 | $ | (727 | ) |
| 听 | 听 | 听 | 听 | |||
| Earnings (loss) per common share attributable to Rush Street Interactive,听Inc. 鈥� basic | $ | 0.06 | 听 | $ | (0.01 | ) |
| Weighted average common shares outstanding 鈥� basic | 听 | 93,850,707 | 听 | 听 | 76,027,427 | 听 |
| Earnings (loss) per common share attributable to Rush Street Interactive,听Inc. 鈥� diluted | $ | 0.05 | 听 | $ | (0.01 | ) |
| Weighted average common shares outstanding 鈥� diluted | 听 | 234,292,159 | 听 | 听 | 76,027,427 | 听 |
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited and in thousands) | ||||||
| 听 | ||||||
| 听 | Three Months Ended March 31, | |||||
| 听 | 2025 | 听 | 2024 | |||
| 听 | (Unaudited) | 听 | (Unaudited) | |||
| Net income (loss) | $ | 11,211 | 听 | $ | (2,209 | ) |
| 听 | 听 | 听 | 听 | |||
| Other comprehensive income | 听 | 听 | 听 | |||
| Foreign currency translation adjustment | 听 | 4,527 | 听 | 听 | 101 | 听 |
| Comprehensive income (loss) | 听 | 15,738 | 听 | 听 | (2,108 | ) |
| Comprehensive income (loss) attributable to non-controlling interests | 听 | 8,555 | 听 | 听 | (1,416 | ) |
| Comprehensive income (loss) attributable to Rush Street Interactive,听Inc. | $ | 7,183 | 听 | $ | (692 | ) |
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) | |||||||
| 听 | |||||||
| Adjusted EBITDA: | |||||||
| 听 | |||||||
| 听 | Three Months Ended March 31, | ||||||
| ($ in thousands) | 2025 | 听 | 2024 | ||||
| Net income (loss) | $ | 11,211 | 听 | 听 | $ | (2,209 | ) |
| 听 | 听 | 听 | 听 | ||||
| Interest income, net | 听 | (1,699 | ) | 听 | 听 | (1,559 | ) |
| Income tax expense | 听 | 5,065 | 听 | 听 | 听 | 5,300 | 听 |
| Depreciation and amortization | 听 | 9,491 | 听 | 听 | 听 | 7,101 | 听 |
| Share-based compensation expense | 听 | 8,813 | 听 | 听 | 听 | 8,425 | 听 |
| Tax receivable agreement expense | 听 | 345 | 听 | 听 | 听 | 鈥� | 听 |
| Adjusted EBITDA | $ | 33,226 | 听 | 听 | $ | 17,058 | 听 |
| Adjusted Operating Costs and Expenses: | |||||||
| 听 | |||||||
| 听 | Three Months Ended March 31, | ||||||
| 听 | 2025 | 听 | 2024 | ||||
| GAAP operating costs and expenses: | 听 | 听 | 听 | ||||
| Costs of revenue | $ | 170,883 | 听 | 听 | $ | 144,523 | 听 |
| Sales and marketing | 听 | 42,139 | 听 | 听 | 听 | 38,404 | 听 |
| General and administrative | 听 | 25,317 | 听 | 听 | 听 | 25,868 | 听 |
| Depreciation and amortization | 听 | 9,491 | 听 | 听 | 听 | 7,101 | 听 |
| Total operating costs and expenses | $ | 247,830 | 听 | 听 | $ | 215,896 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Non-GAAP operating cost and expense adjustments: | 听 | 听 | 听 | ||||
| Costs of revenue1 | $ | (63 | ) | 听 | $ | (270 | ) |
| Sales and marketing1 | 听 | (3,324 | ) | 听 | 听 | (570 | ) |
| General and administrative1 | 听 | (5,771 | ) | 听 | 听 | (7,585 | ) |
| Depreciation and amortization | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Total non-GAAP operating cost and expense adjustments | $ | (9,158 | ) | 听 | $ | (8,425 | ) |
| 听 | 听 | 听 | 听 | ||||
| Adjusted operating costs and expenses: | 听 | 听 | 听 | ||||
| Costs of revenue | $ | 170,820 | 听 | 听 | $ | 144,253 | 听 |
| Sales and marketing | 听 | 38,815 | 听 | 听 | 听 | 37,834 | 听 |
| General and administrative | 听 | 19,546 | 听 | 听 | 听 | 18,283 | 听 |
| Depreciation and amortization | 听 | 9,491 | 听 | 听 | 听 | 7,101 | 听 |
| Total adjusted operating costs and expenses | $ | 238,672 | 听 | 听 | $ | 207,471 | 听 |
| 1 | Non-GAAP Operating Costs and Expense Adjustments for the three months ended March 31, 2025 include Share-based compensation expense and Tax receivable agreement expense. Non-GAAP Operating Costs and Expense Adjustments for the three months ended March 31, 2024 include Share-based compensation expense. |
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands, except share and per share data) | ||||||
| 听 | ||||||
| Adjusted Net Income, Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings Per Share: | ||||||
| 听 | ||||||
| 听 | Three Months Ended March 31, | |||||
| 听 | 2025 | 听 | 2024 | |||
| Adjusted net income | 听 | 听 | 听 | |||
| Net income (loss) attributable to Rush Street Interactive, Inc. 鈥� basic | $ | 5,319 | 听 | $ | (727 | ) |
| Effect of diluted securities: | 听 | 听 | 听 | |||
| Increase to net income attributable to non-controlling interests | 听 | 5,892 | 听 | 听 | 鈥� | 听 |
| Net income (loss) attributable to Rush Street Interactive, Inc. - diluted | 听 | 11,211 | 听 | 听 | (727 | ) |
| Adjustments: | 听 | 听 | 听 | |||
| Net loss attributable to non-controlling interest(1) | 听 | 鈥� | 听 | 听 | (1,482 | ) |
| Share-based compensation expense | 听 | 8,813 | 听 | 听 | 8,425 | 听 |
| Tax receivable agreement expense | 听 | 345 | 听 | 听 | 鈥� | 听 |
| Adjusted net income | $ | 20,369 | 听 | $ | 6,216 | 听 |
| 听 | 听 | 听 | 听 | |||
| Adjusted weighted-average common shares outstanding | 听 | 听 | 听 | |||
| Weighted-average common shares outstanding 鈥� basic | 听 | 93,850,707 | 听 | 听 | 76,027,427 | 听 |
| Adjustments: | 听 | 听 | 听 | |||
| Assumed conversion of weighted-average RSILP units to Class A Common Shares | 听 | 134,065,127 | 听 | 听 | 鈥� | 听 |
| Incremental shares from assumed conversion of stock options and restricted stock units | 听 | 6,376,325 | 听 | 听 | 鈥� | 听 |
| Weighted-average common shares outstanding - diluted | 听 | 234,292,159 | 听 | 听 | 76,027,427 | 听 |
| 听 | 听 | 听 | 听 | |||
| Adjustments: | 听 | 听 | 听 | |||
| Assumed conversion of weighted-average RSILP units to Class A Common Shares(1) | 听 | 鈥� | 听 | 听 | 147,070,024 | 听 |
| Incremental shares from assumed conversion of stock options and restricted stock units | 听 | 鈥� | 听 | 听 | 6,154,804 | 听 |
| Adjusted weighted-average common shares outstanding | 听 | 234,292,159 | 听 | 听 | 229,252,255 | 听 |
| 听 | 听 | 听 | 听 | |||
| Adjusted earnings per share | 听 | 听 | 听 | |||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. 鈥� basic | $ | 0.06 | 听 | $ | (0.01 | ) |
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. 鈥� diluted | $ | 0.05 | 听 | $ | (0.01 | ) |
| Adjusted earnings per share | $ | 0.09 | 听 | $ | 0.03 | 听 |
| 1 | Adjusted net income includes the reallocation of net loss attributable to non-controlling interests that is not otherwise included in net income (loss) attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted. |
FAQ
How much revenue did Rush Street Interactive (RSI) generate in Q1 2025?
What is Rush Street Interactive's (RSI) earnings guidance for full-year 2025?
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