NYSE:RSI
Rush Street Interactive Announces First Quarter 2024 Results and Raises Full Year Guidance
– First Quarter Revenue of $217 Million, up 34% Year-over-Year –
– First Quarter Net Loss of $2 Million –
– Strong Operating Momentum Drives First Quarter Adjusted EBITDA of $17 Million –
– Raising Full Year 2024 Adjusted EBITDA Guidance 38% at the Midpoint with a Revised Range of Between $50 and $60 Million –
CHICAGO, May 01, 2024 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), 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 31, 2024.
First Quarter 2024 Highlights
- Revenue was $217.4 million during the first quarter of 2024, an increase of 34%, compared to $162.4 million during the first quarter of 2023.
- Net loss was $2.2 million during the first quarter of 2024, compared to a net loss of $24.5 million during the first quarter of 2023.
- Adjusted EBITDA1 was $17.1 million during the first quarter of 2024, compared to an Adjusted EBITDA loss of $8.7 million during the first quarter of 2023, an improvement of $25.8 million.
- Adjusted advertising and promotions expense1 was $37.8 million during the first quarter of 2024, a decrease of 23% compared to $49.4 million during the first quarter of 2023.
- Monthly Active Users (“MAU”) in the United States and Canada were approximately 176,000, up 20% year-over-year. MAUs in Latin America (which includes Mexico) were approximately 224,000, up 72% year-over-year.
- Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $355 during the first quarter of 2024, up 9% year-over-year. ARPMAU in Latin America was $43, up 4% year-over-year.
- As of March 31, 2024, unrestricted cash and cash equivalents were $191 million.
____________________________
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are extremely pleased with our record first quarter results achieving company quarterly record Revenues and Adjusted EBITDA of $217 million and $17 million, respectively. This was accomplished by growing both our iCasino and Online Sports businesses by over 35% year-over-year, in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users. Our team is proud to have achieved these results, which stemmed from our long-standing, unwavering commitment to prioritize the quality of our product and customer experience.”
“We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum, which includes increasing our Adjusted EBITDA guidance by 38% at the midpoint. With this growth and scale comes improving earnings and free cash flow. Looking forward, we remain energized in our view that the team is primed to continue executing on our strategy and delivering value to shareholders.”
Guidance
RSI expects revenue for the full year ending December 31, 2024 to be between $810 and $860 million, increasing the midpoint by $35 million compared to the original guidance. At the midpoint of the range, revenue of $835 million represents 21% year-over-year growth when compared to $691 million of revenue for 2023.
RSI expects Adjusted EBITDA1 for the full year ending December 31, 2024 to be between $50 and $60 million, increasing the midpoint by $15 million compared to the original guidance. At the midpoint of the range, Adjusted EBITDA of $55 million represents 573% year-over-year growth when compared to $8.2 million of Adjusted EBITDA for 2023.
These guidance ranges are based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, and (ii) RSI continues to operate in markets in which it is live today.
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 2024. 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 971872.
A live audio webcast of the earnings conference call may be accessed on RSI’s 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’s investor relations website until at least June 1, 2024.
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: Pennsylvania, Illinois, New Jersey, New York, Ohio, Delaware, Michigan, Indiana, Virginia, Colorado, Maryland, Iowa, West Virginia, Arizona and Louisiana, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico. 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 in Chicago by gaming industry veterans, RSI was named the 2023 EGR North America Awards Customer Services Operator of the Year, the 2022 EGR North America Awards Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards 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 (“GAAP”), this press release includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Net Loss Per Share, Adjusted Net Loss 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’s 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 2024 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2024 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’s 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’s 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 (i.e., depreciation and amortization, and share-based compensation) or are not related to our underlying business performance (i.e., interest income or expense).
RSI defines Adjusted Operating Costs and Expenses as RSI’s 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 (i.e., share-based compensation) or are not related to our underlying business performance.
RSI defines Adjusted Earnings (Loss) Per Share as Adjusted Net Income (Loss) divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Income (Loss) is defined as net loss attributable to Rush Street Interactive, Inc. as used in the basic and diluted net 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 basic and diluted net loss per share calculation, adjusted for the assumed conversion of the non-controlling interest’s Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis, and in periods of Adjusted Net Income, incremental shares from assumed conversion of stock options and restricted stock units.
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI’s 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’s 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’s 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 Monthly Active Users (“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 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’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s 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,” “propose”, “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’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s 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 or regulations; RSI’s ability to manage and sustain growth; RSI’s 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’s 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’s 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
(609) 788-8548
[email protected]
Investor Contact:
[email protected]
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data) |
|||||||
| Three Months Ended March 31, |
|||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Revenue | $ | 217,428 | $ | 162,361 | |||
| Operating costs and expenses | |||||||
| Costs of revenue | 144,523 | 107,154 | |||||
| Advertising and promotions | 38,404 | 49,940 | |||||
| General administration and other | 25,868 | 21,592 | |||||
| Depreciation and amortization | 7,101 | 5,755 | |||||
| Total operating costs and expenses | 215,896 | 184,441 | |||||
| Income (loss) from operations | 1,532 | (22,080 | ) | ||||
| Other income | |||||||
| Interest income, net | 1,559 | 380 | |||||
| Income (loss) before income taxes | 3,091 | (21,700 | ) | ||||
| Income tax expense | 5,300 | 2,800 | |||||
| Net loss | $ | (2,209 | ) | $ | (24,500 | ) | |
| Net loss attributable to non-controlling interests | (1,482 | ) | (17,240 | ) | |||
| Net loss attributable to Rush Street Interactive, Inc. | $ | (727 | ) | $ | (7,260 | ) | |
| Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted | $ | (0.01 | ) | $ | (0.11 | ) | |
| Weighted average common shares outstanding – basic and diluted | 76,027,427 | 65,260,064 | |||||
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited and in thousands) |
|||||||
| Three Months Ended March 31, |
|||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Net loss | $ | (2,209 | ) | $ | (24,500 | ) | |
| Other comprehensive income | |||||||
| Foreign currency translation adjustment | 101 | 344 | |||||
| Comprehensive loss | $ | (2,108 | ) | $ | (24,156 | ) | |
| Comprehensive loss attributable to non-controlling interests | (1,416 | ) | (16,997 | ) | |||
| Comprehensive loss attributable to Rush Street Interactive, Inc. | $ | (692 | ) | $ | (7,159 | ) | |
Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands)
Adjusted EBITDA:
| Three Months Ended March 31, |
|||||||
| ($ in thousands) | 2024 | 2023 | |||||
| Net loss | $ | (2,209 | ) | $ | (24,500 | ) | |
| Interest income, net | (1,559 | ) | (380 | ) | |||
| Income tax expense | 5,300 | 2,800 | |||||
| Depreciation and amortization | 7,101 | 5,755 | |||||
| Share-based compensation expense | 8,425 | 7,675 | |||||
| Adjusted EBITDA | $ | 17,058 | $ | (8,650 | ) | ||
Adjusted Operating Costs and Expenses:
| Three Months Ended March 31, |
|||||||
| 2024 | 2023 | ||||||
| GAAP operating costs and expenses: | |||||||
| Costs of revenue | $ | 144,523 | $ | 107,154 | |||
| Advertising and promotions | 38,404 | 49,940 | |||||
| General administration and other | 25,868 | 21,592 | |||||
| Depreciation and amortization | 7,101 | 5,755 | |||||
| Total operating costs and expenses | $ | 215,896 | $ | 184,441 | |||
| Non-GAAP operating cost and expense adjustments: | |||||||
| Costs of revenue1 | $ | (270 | ) | $ | (257 | ) | |
| Advertising and promotions1 | (570 | ) | (536 | ) | |||
| General administration and other1 | (7,585 | ) | (6,882 | ) | |||
| Depreciation and amortization | — | — | |||||
| Total non-GAAP operating cost and expense adjustments | $ | (8,425 | ) | $ | (7,675 | ) | |
| Adjusted operating costs and expenses: | |||||||
| Costs of revenue | $ | 144,253 | $ | 106,897 | |||
| Advertising and promotions | 37,834 | 49,404 | |||||
| General administration and other | 18,283 | 14,710 | |||||
| Depreciation and amortization | 7,101 | 5,755 | |||||
| Total adjusted operating costs and expenses | $ | 207,471 | $ | 176,766 | |||
1 Non-GAAP Operating Costs and Expense Adjustments 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)
Adjusted Net Income (Loss), Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings (Loss) Per Share:
| Three Months Ended March 31, |
|||||||
| 2024 | 2023 | ||||||
| Adjusted net income (loss) | |||||||
| Net loss attributable to Rush Street Interactive, Inc. – basic and diluted | $ | (727 | ) | $ | (7,260 | ) | |
| Adjustments: | |||||||
| Net loss attributable to non-controlling interests | (1,482 | ) | (17,240 | ) | |||
| Share-based compensation expense | 8,425 | 7,675 | |||||
| Adjusted net income (loss) | $ | 6,216 | $ | (16,825 | ) | ||
| Adjusted weighted average common shares outstanding | |||||||
| Weighted average common shares outstanding – basic and diluted | 76,027,427 | 65,260,064 | |||||
| Adjustments: | |||||||
| Conversion of weighted average RSILP Units to Class A Common Shares | 147,070,024 | 155,855,584 | |||||
| Adjusted weighted average common shares outstanding – basic | 223,097,451 | 221,115,648 | |||||
| Adjustments: | |||||||
| Incremental shares from assumed conversion of stock options and restricted stock units(1) | 6,154,804 | — | |||||
| Adjusted weighted average common shares outstanding – diluted | 229,252,255 | 221,115,648 | |||||
| Loss per share | |||||||
| Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted: | $ | (0.01 | ) | $ | (0.11 | ) | |
| Adjusted earnings (loss) per share | |||||||
| Adjusted earnings (loss) per share – basic and diluted | $ | 0.03 | $ | (0.08 | ) | ||
1 In periods of Net Loss and Adjusted Net Loss, stock-based awards are anti-dilutive and therefore excluded from the diluted loss per share calculation.
NYSE:RSI
Rush Street Interactive to Participate at the Oppenheimer Technology, Internet & Communications Conference
CHICAGO, Aug. 08, 2025 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced that Richard Schwartz, Chief Executive Officer, and Kyle Sauers, Chief Financial Officer, will participate in a fireside chat at Oppenheimer’s Technology, Internet & Communications Conference on Wednesday, August 13, at 9:55 a.m. Eastern Time.
Access to the webcast of the event will be available through the “Investors” section of RSI’s website at www.rushstreetinteractive.com. A replay of the webcast will be archived on the website for 90 days.
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 Latinoamérica 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.
Contacts
Media:
Lisa Johnson
[email protected]
Investors:
[email protected]
NYSE:RSI
Rush Street Interactive Announces Second Quarter 2025 Results and Raises Full Year Guidance
– Record Quarterly Revenue of $269 Million, up 22% Year-over-Year –
– Record Quarterly Net Income of Approximately $29 Million –
– Record Quarterly Adjusted EBITDA of More Than $40 Million, up 88% Year-over-Year –
– Raising Full Year 2025 Revenue & Adjusted EBITDA Guidance Ranges, reflecting +16% and +51% growth at each respective midpoint –
CHICAGO, July 30, 2025 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Revenue was $269.2 million during the second quarter of 2025, an increase of 22%, compared to $220.4 million during the second quarter of 2024.
- Net income was $28.8 million during the second quarter of 2025, compared to a net loss of $0.3 million during the second quarter of 2024.
- Adjusted EBITDA1 was $40.2 million during the second quarter of 2025, an increase of 88%, compared to $21.4 million during the second quarter of 2024.
- Adjusted sales and marketing expense1 was $36.2 million during the second quarter of 2025, substantially the same as the second quarter of 2024.
- Monthly Active Users (“MAU”) in the United States and Canada were approximately 197,000, up 21% year-over-year. MAUs in Latin America (which includes Mexico) were approximately 403,000, up nearly 42% year-over-year.
- Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $391 during the second quarter of 2025, hitting a new quarterly high since becoming a public company. ARPMAU in Latin America was $30, compared to $38 last year, reflecting the impact of RSI’s bonusing strategy in Colombia in response to the temporary VAT tax.
- Repurchased $2.5 million of Class A common stock during the second quarter under RSI’s $50.0 million authorized buyback program, leaving approximately $42 million available under the current authorization.
Richard Schwartz, Chief Executive Officer of RSI, said, “I’m excited to report that we’ve delivered another exceptional quarter with records across the board, marking our 9th consecutive quarter of improving both revenue and adjusted EBITDA from the preceding quarter. Our impressive record Adjusted EBITDA growth of 88% year-over-year was driven by strong, broad-based performance across our business, with online casino revenue growing 25% and online sports betting up 15%. The consistency and strength of our business model is evident in our results, particularly in North American markets that include online casino, where we saw Monthly Active User growth exceeding 30%. Our strategic focus on markets where we can deploy our full suite of gaming offerings continues to drive exceptional performance and maximize player value.”
_____________________
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Guidance
RSI is raising its full year ending December 31, 2025 guidance for both revenue and Adjusted EBITDA1. Revenue is now expected to be between $1,050 and $1,100 million. At the midpoint of the range, revenue of $1,075 million represents 16% year-over-year growth compared to $924 million of revenue for 2024.
RSI expects Adjusted EBITDA to now be between $133 and $147 million. At the midpoint of the range, Adjusted EBITDA of $140 million represents 51% year-over-year growth compared to $92.5 million of Adjusted EBITDA for 2024.
These guidance ranges are based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s 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 second 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 013188.
A live audio webcast of the earnings conference call may be accessed on RSI’s 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’s investor relations website until at least August 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 Latinoamérica 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 (“GAAP”), 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’s 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’s 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’s 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’s 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’s 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’s 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’s 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’s 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’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s 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,” “propose”, “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’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s 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’s ability to manage and sustain growth; RSI’s 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’s 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’s 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
[email protected]
Investor Contact:
[email protected]
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data) |
|||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Revenue | $ | 269,217 | $ | 220,379 | $ | 531,624 | $ | 437,807 | |||||||
| Operating costs and expenses | |||||||||||||||
| Costs of revenue | 174,147 | 144,477 | 345,030 | 289,000 | |||||||||||
| Sales and marketing | 37,132 | 36,944 | 79,271 | 75,348 | |||||||||||
| General and administrative | 23,787 | 27,206 | 48,759 | 53,074 | |||||||||||
| Depreciation and amortization | 9,827 | 7,555 | 19,318 | 14,656 | |||||||||||
| Total operating costs and expenses | 244,893 | 216,182 | 492,378 | 432,078 | |||||||||||
| Income from operations | 24,324 | 4,197 | 39,246 | 5,729 | |||||||||||
| Other (expense) income | |||||||||||||||
| Tax receivable agreement expense | (112,692 | ) | — | (113,037 | ) | — | |||||||||
| Interest income, net | 2,181 | 1,917 | 3,880 | 3,476 | |||||||||||
| Total other (expense) income | (110,511 | ) | 1,917 | (109,157 | ) | 3,476 | |||||||||
| (Loss) Income before income taxes | (86,187 | ) | 6,114 | (69,911 | ) | 9,205 | |||||||||
| Income tax (benefit) expense | (115,017 | ) | 6,396 | (109,952 | ) | 11,696 | |||||||||
| Net income (loss) | 28,830 | (282 | ) | 40,041 | (2,491 | ) | |||||||||
| Net income (loss) attributable to non-controlling interests | 12,142 | (182 | ) | 18,034 | (1,664 | ) | |||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. | $ | 16,688 | $ | (100 | ) | $ | 22,007 | $ | (827 | ) | |||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.18 | $ | (0.00 | ) | $ | 0.23 | $ | (0.01 | ) | |||||
| Weighted average common shares outstanding – basic | 95,053,473 | 80,049,123 | 94,455,413 | 78,038,275 | |||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.12 | $ | (0.00 | ) | $ | 0.17 | $ | (0.01 | ) | |||||
| Weighted average common shares outstanding – diluted | 234,511,309 | 80,049,123 | 234,405,833 | 78,038,275 | |||||||||||
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited and in thousands) |
|||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Net income (loss) | $ | 28,830 | $ | (282 | ) | $ | 40,041 | $ | (2,491 | ) | |||||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation adjustment, net of tax | 1,549 | (3,734 | ) | 6,076 | (3,633 | ) | |||||||||
| Comprehensive income (loss) | 30,379 | (4,016 | ) | 46,117 | (6,124 | ) | |||||||||
| Comprehensive income (loss) attributable to non-controlling interests | 13,474 | (2,589 | ) | 22,029 | (4,005 | ) | |||||||||
| Comprehensive income (loss) attributable to Rush Street Interactive, Inc. | $ | 16,905 | $ | (1,427 | ) | $ | 24,088 | $ | (2,119 | ) | |||||
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) |
Adjusted EBITDA:
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income (loss) | $ | 28,830 | $ | (282 | ) | $ | 40,041 | $ | (2,491 | ) | |||||
| Interest income, net | (2,181 | ) | (1,917 | ) | (3,880 | ) | (3,476 | ) | |||||||
| Income tax (benefit) expense | (115,017 | ) | 6,396 | (109,952 | ) | 11,696 | |||||||||
| Depreciation and amortization | 9,827 | 7,555 | 19,318 | 14,656 | |||||||||||
| Share-based compensation expense | 6,098 | 9,691 | 14,911 | 18,116 | |||||||||||
| Tax receivable agreement expense | 112,692 | — | 113,037 | — | |||||||||||
| Adjusted EBITDA | $ | 40,249 | $ | 21,443 | $ | 73,475 | $ | 38,501 | |||||||
Adjusted Operating Costs and Expenses:
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 174,147 | $ | 144,477 | $ | 345,030 | $ | 289,000 | |||||||
| Sales and marketing | 37,132 | 36,944 | 79,271 | 75,348 | |||||||||||
| General and administrative | 23,787 | 27,206 | 48,759 | 53,074 | |||||||||||
| Depreciation and amortization | 9,827 | 7,555 | 19,318 | 14,656 | |||||||||||
| Total operating costs and expenses | $ | 244,893 | $ | 216,182 | $ | 492,378 | $ | 432,078 | |||||||
| Non-GAAP operating cost and expense adjustments: | |||||||||||||||
| Costs of revenue1 | $ | (79 | ) | $ | (295 | ) | $ | (142 | ) | $ | (565 | ) | |||
| Sales and marketing1 | (955 | ) | (690 | ) | (4,279 | ) | (1,260 | ) | |||||||
| General and administrative1 | (5,064 | ) | (8,706 | ) | (10,490 | ) | (16,291 | ) | |||||||
| Depreciation and amortization | — | — | — | — | |||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (6,098 | ) | $ | (9,691 | ) | $ | (14,911 | ) | $ | (18,116 | ) | |||
| Adjusted operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 174,068 | $ | 144,182 | $ | 344,888 | $ | 288,435 | |||||||
| Sales and marketing | 36,177 | 36,254 | 74,992 | 74,088 | |||||||||||
| General and administrative | 18,723 | 18,500 | 38,269 | 36,783 | |||||||||||
| Depreciation and amortization | 9,827 | 7,555 | 19,318 | 14,656 | |||||||||||
| Total adjusted operating costs and expenses | $ | 238,795 | $ | 206,491 | $ | 477,467 | $ | 413,962 | |||||||
- Non-GAAP Operating Costs and Expense Adjustments 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) |
Adjusted Net Income, Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings Per Share:
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Adjusted net income | |||||||||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. – basic | $ | 16,688 | $ | (100 | ) | $ | 22,007 | $ | (827 | ) | |||||
| Effect of diluted securities: | |||||||||||||||
| Increase to net income attributable to non-controlling interests | 12,142 | — | 18,034 | — | |||||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. – diluted | 28,830 | (100 | ) | 40,041 | (827 | ) | |||||||||
| Adjustments: | |||||||||||||||
| Net loss attributable to non-controlling interest(1) | — | (182 | ) | — | (1,664 | ) | |||||||||
| Share-based compensation expense | 6,098 | 9,691 | 14,911 | 18,116 | |||||||||||
| Tax receivable agreement expense | 112,692 | — | 113,037 | — | |||||||||||
| Deferred tax benefit associated with initial recognition of deferred tax asset | (121,107 | ) | — | (121,107 | ) | — | |||||||||
| Adjusted net income | $ | 26,513 | $ | 9,409 | $ | 46,882 | $ | 15,625 | |||||||
| Adjusted weighted-average common shares outstanding | |||||||||||||||
| Weighted-average common shares outstanding – basic | 95,053,473 | 80,049,123 | 94,455,413 | 78,038,275 | |||||||||||
| Adjustments: | |||||||||||||||
| Assumed conversion of weighted-average RSILP units to Class A Common Shares | 133,294,736 | — | 133,677,803 | — | |||||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | 6,163,100 | — | 6,272,617 | — | |||||||||||
| Weighted-average common shares outstanding – diluted | 234,511,309 | 80,049,123 | 234,405,833 | 78,038,275 | |||||||||||
| Adjustments: | |||||||||||||||
| Assumed conversion of weighted-average RSILP units to Class A Common Shares(1) | — | 145,088,925 | — | 146,079,475 | |||||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | — | 6,042,693 | — | 4,614,496 | |||||||||||
| Adjusted weighted-average common shares outstanding | 234,511,309 | 231,180,741 | 234,405,833 | 228,732,246 | |||||||||||
| Adjusted earnings per share | |||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.18 | $ | (0.00 | ) | $ | 0.23 | $ | (0.01 | ) | |||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.12 | $ | (0.00 | ) | $ | 0.17 | $ | (0.01 | ) | |||||
| Adjusted earnings per share | $ | 0.11 | $ | 0.04 | $ | 0.20 | $ | 0.07 | |||||||
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.
CHICAGO, July 09, 2025 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”) today announced that it will release its second quarter 2025 results after the market close on Wednesday July 30, 2025, followed by a conference call at 6:00 pm Eastern Time (5:00 pm Central Time) to discuss the results.
RSI’s earnings press release and related materials will be available at ir.rushstreetinteractive.com. To listen to the audio webcast and live Q&A, please visit RSI’s investor relations website at ir.rushstreetinteractive.com. Interested parties may also dial 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 013188.
An audio replay of the webcast will be available on RSI’s investor relations website shortly after the call until at least August 30, 2025.
About RSI
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 2021 SBC Latinoamérica Awards 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.
Contacts
Media:
Lisa Johnson
[email protected]
Investors:
[email protected]
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