10-Q - Rush Street Interactive, Inc. (0001793659) (Filer)

Thu, Oct 31, 8:40 PM (250 days ago)

For the third quarter ended September 30, 2024, Rush Street Interactive, Inc. (RSI) reported a significant revenue increase of 37% year-over-year, reaching $232,109,000, primarily driven by growth in online casino and sports betting activities. Operating costs rose 30%, totaling $151,414,000, yet the company improved its operating income to $6,464,000 from a loss of $11,702,000 in the prior year. Net income was $3,239,000, a notable recovery from a loss of $13,366,000 in Q3 2023. Cash and cash equivalents increased to $216,266,000, enhancing liquidity. The company's adjusted EBITDA surged to $23,393,000, reflecting strong operational performance. However, uncertainties persist due to competition, regulatory changes, and market conditions. RSI's strategic focus includes expanding into new jurisdictions and optimizing marketing expenditures. The company's stock repurchase program of up to $50 million was authorized, indicating confidence in future performance. Overall, RSI's financial health showcases resilience and growth potential in the competitive online gaming market.