Rush Street Interactive (RSI) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $254.2M, up 31% year-over-year, and full-year revenue of $924.1M, up 34% year-over-year.

• Net income for Q4 2024 was $6.5M, reversing a prior year loss; full-year net income was $7.2M, compared to a $60.1M loss in 2023.

• Adjusted EBITDA for Q4 2024 was $30.6M, up 166% year-over-year; full-year Adjusted EBITDA was $92.5M, up over 1,000%.

• Strong growth in iCasino and online sports betting, with international expansion driving 67% year-over-year revenue growth in Latin America.

• Expanded market access, proprietary technology, and enhanced loyalty programs drove retention and engagement.

Financial highlights

• Q4 2024 revenue: $254.2M (+31% year-over-year); full-year revenue: $924.1M (+34% year-over-year).

• Q4 2024 net income: $6.5M (Q4 2023: -$5.5M); full-year net income: $7.2M (2023: -$60.1M).

• Q4 2024 Adjusted EBITDA: $30.6M (Q4 2023: $11.5M); full-year Adjusted EBITDA: $92.5M (2023: $8.2M).

• Q4 2024 Adjusted EPS: $0.07; full-year Adjusted EPS: $0.19.

• Ended 2024 with $229M in unrestricted cash and no debt, up $61M for the year.

Outlook and guidance

• 2025 revenue guidance: $1.01–$1.08B (midpoint $1.045B, up 13% year-over-year).

• 2025 Adjusted EBITDA guidance: $115–$135M (midpoint $125M, up 35% year-over-year).

• Guidance includes impact of new Colombian tax and assumes operations only in current live jurisdictions.

• Expect continued improvement in gross margins and marketing leverage in 2025.