“We are pleased to announce another exceptional quarter marked by significant growth in both revenue and gross margin,” stated Michael Moskowitz, Chair and CEO of NorthStar. Moskowitz emphasized the company’s momentum and efficiency in scaling the business model.
Financial highlights for the second quarter ending June 30, 2024 (Q2 2024) include:
– Revenue, including managed services fees, net of bonuses, promotional costs, and free bets, rose to $7.5 million in Q2 2024, a 61% increase from $4.6 million in Q2 2023.
– Total wagers at Northstarbets.ca reached $225.5 million in Q2 2024, a 41% increase from $160.1 million in Q2 2023.
– Gross Gaming Revenue at NorthStarbets.ca was $8.7 million in Q2 2024, a 58% increase from $5.5 million in Q2 2023.
– Gross Margin reached $3.2 million in Q2 2024, a 69% increase from $1.9 million in Q2 2023, representing approximately 42% of revenue, up from 40% in Q2 2023.
For the six-month period ending June 30, 2024, the financial highlights are as follows:
– Revenue, totaling $13.4 million, experienced a 62% increase from $8.3 million in the six months ended June 30, 2023 (YTD 2023).
– Total wagers at Northstarbets.ca reached $443.5 million, a 48% increase compared to $300.3 million in YTD 2023.
– Gross Gaming Revenue at NorthStarbets.ca was $16.3 million in YTD 2024, a 65% increase from $9.9 million in YTD 2023.
– Gross Margin was $5.4 million, marking a 77% increase from $3.0 million in YTD 2023, representing approximately 40% of revenue, up from 37% in the comparable period of 2023.
Recent operating highlights include increases in active players, a renewal of a strategic marketing agreement, securing short-term financing, and notable achievements in content development and user engagement.
Looking ahead, Michael Moskowitz expressed confidence in NorthStar’s growth potential and the company’s position to outperform in the market. A Corporate Update Webinar is scheduled for August 14, 2024, where further insights will be shared with investors and interested parties.
For additional information, including financial statements and analysis, please refer to the Company’s website and SEDAR. NorthStar continues to uphold responsible gaming standards and strives for innovation and excellence in its offerings.”
