Stockholm-listed iGaming affiliate Raketech has warned that its financial results for the final quarter of 2024 has been negatively impacted by a non-cash impairment charge of €48.5 million.
In its preliminary results for the fourth quarter, the company said that it expects revenue to decline by 46 per cent compared to the prior year period to €12.3 million, with adjusted EBITDA down 47 per cent to €3.2 million.
The company also confirmed that a non-cash intangible assets impairment charge of €48.5 million will be recognised in the fourth quarter, relating primarily to a reduction in the intangible book value of non-core assets acquired pre-IPO.
“This reassessment reflects the group’s proactive approach to navigating a changing operating environment whilst committing to delivering sustainable growth and value creation,” said the company.
Raketech will report its fourth quarter and full year financial results on 19 February.
Shares in Raketech Group Holding plc (STO:RAKE) were trading 2.29 per cent higher at SEK3.575 per share in Stockholm Wedneday following the announcement.