Catena Media Reports 35% Revenue Decline in 2024

Declining Revenue, Rising Margins

In 2024, Catena Media generated €49.6 million in revenue from continuing operations, reflecting a 35% year-over-year decline. The fourth quarter saw €10.2 million in revenue, down 30% compared to the same period in 2023.

North America, which accounts for 88% of the company’s revenue, also reported a 35% drop, bringing in €43.9 million for the year and €8.9 million in Q4. Despite these declines, profitability improved, with the company raising its adjusted EBITDA margin to 15% in Q4, up from 10% the previous year.

However, adjusted EBITDA for the full year fell 79% to €5.4 million, while Q4 EBITDA increased slightly by 2% to €1.5 million. Additionally, Catena Media reported a loss per share of -€0.63 for the year, with a Q4 loss per share of -€0.02.

“While Q4 results continued to disappoint, we significantly improved our profitability through cost optimization. Our underlying revenue has stabilized in recent quarters, providing a foundation from which we can build,” said Catena Media CEO Manuel Stan.

Cost-Cutting and Operational Restructuring

In response to declining revenue, Catena Media implemented a 39% cost reduction, cutting operational expenses from €14.2 million in Q1 to €8.6 million in Q4. Year-over-year, Q4 costs were down 33% compared to 2023.

The company also streamlined its content production and marketing teams, achieving annual cost savings of €2.2 million. Additionally, Catena Media exited its AI-driven content generation platform, opting to acquire 100% of the business in January 2025 before liquidating it, recovering €0.7 million from its original investment.

Market Focus

Catena Media has shifted its focus to its top-performing sites and core markets, moving away from spreading resources too thinly.

“Catena Media has in the past spread its resources too thinly across multiple initiatives, diverting attention from core products. Management seeks to correct this by concentrating efforts on the group’s top-performing sites and products,” said Manuel Stan

The company has also expanded its partnerships, securing an exclusive deal with Daily Racing Form (DRF) to strengthen its position in the U.S. horse racing betting market. Additionally, Catena Media implemented SEO and CRM improvements to enhance user engagement and long-term retention.

However, challenges remain. The company’s average SEO ranking dropped from 4.05 in September to 5.35 in December, mainly due to Google’s algorithm updates. Catena Media acknowledged that while its SEO and product development initiatives will take time to translate into revenue, they remain key priorities for future growth.

“It is clear that our initiatives in SEO, product development, and geographic expansion will take additional time to translate into revenue gains. While this is unsatisfactory in the short term, I believe we now have the right focus areas and organizational structure in place to create a sustainable business with solid long-term growth prospects,” concluded Stan.

Financial Outlook and Future Plans

Despite a difficult year, Catena Media has set ambitious financial targets for 2025 and 2026, aiming for double-digit organic revenue and EBITDA growth. The company also continues to reduce debt, having repaid a €10 million credit facility, bringing net debt down to €12.9 million at the end of 2024.

The company plans to expand further in North America, with new product launches in Missouri and Alberta planned for 2025. Catena Media remains confident that its leaner organization, stronger balance sheet, and strategic roadmap will position it for long-term growth.