NorthStar Gaming Reports Preliminary Results for the Fourth Quarter and Year Ended December 31, 2024
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF) announced preliminary Q4 and FY2024 results, showing record performance across key metrics. Q4 2024 highlights include total wagers of $303M (up 42% YoY), gross gaming revenue of $10M (up 31.6%), and revenue of $9.6M (up 47.6%). Gross margin reached $4.4M with a 46% margin rate.
Full-year 2024 results show total wagers of $980M (up 51%), gross gaming revenue of $34M (up 51%), and revenue of $29.7M (up 53.1%). The company secured a $43.4M CAD senior secured loan facility to strengthen its balance sheet and accelerate growth initiatives. Management expects to file audited FY2024 results by end of April 2025.
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF) ha annunciato i risultati preliminari del Q4 e dell'FY2024, mostrando un record di performance in diversi indicatori chiave. I punti salienti del Q4 2024 includono scommesse totali di $303M (in aumento del 42% su base annua), entrate lorde da giochi di $10M (aumentate del 31,6%) e ricavi di $9,6M (cresciuti del 47,6%). Il margine lordo ha raggiunto $4,4M con un tasso di margine del 46%.
I risultati del 2024 mostrano scommesse totali di $980M (in aumento del 51%), entrate lorde dai giochi di $34M (aumentate del 51%) e ricavi di $29,7M (cresciuti del 53,1%). L'azienda ha ottenuto un finanziamento senior assicurato di $43,4M CAD per rafforzare il suo bilancio e accelerare le iniziative di crescita. La direzione prevede di presentare i risultati auditati dell'FY2024 entro la fine di aprile 2025.
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF) anunció resultados preliminares del Q4 y del FY2024, mostrando un rendimiento récord en métricas clave. Los destacados del Q4 2024 incluyen apuestas totales de $303M (un aumento del 42% interanual), ingresos brutos de juegos de $10M (un incremento del 31.6%) y ingresos de $9.6M (un aumento del 47.6%). El margen bruto alcanzó $4.4M con un tasa de margen del 46%.
Los resultados del año completo 2024 muestran apuestas totales de $980M (un incremento del 51%), ingresos brutos de juegos de $34M (un aumento del 51%), y ingresos de $29.7M (incremento del 53.1%). La compañía aseguró una línea de crédito senior asegurada de $43.4M CAD para fortalecer su balance y acelerar iniciativas de crecimiento. La dirección espera presentar los resultados auditados del FY2024 a finales de abril de 2025.
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF)는 Q4 및 FY2024의 예비 결과를 발표하며 주요 지표에서 기록적인 성과를 보여주었습니다. 2024년 Q4 하이라이트는 총 베팅액이 $303M (전년 대비 42% 증가), 총 게임 수익이 $10M (31.6% 증가), 수익이 $9.6M (47.6% 증가)인 것입니다. 총 마진은 $4.4M에 도달하였고, 마진률은 46%입니다.
2024년 전체 연간 결과는 총 베팅액이 $980M (51% 증가), 총 게임 수익이 $34M (51% 증가), 수익이 $29.7M (53.1% 증가)인 것으로 나타났습니다. 회사는 재무구조를 강화하고 성장 이니셔티브를 가속화하기 위해 $43.4M CAD의 담보가 설정된 대출 시설을 확보했습니다. 경영진은 2025년 4월 말까지 감사된 FY2024 결과를 제출할 것을 기대하고 있습니다.
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF) a annoncé des résultats préliminaires pour le T4 et l'exercice 2024, montrant une performance record dans plusieurs indicateurs clés. Les points forts du T4 2024 incluent des mises totales de 303 millions de dollars (augmentation de 42 % par rapport à l'année précédente), des revenus bruts de jeux de 10 millions de dollars (augmentation de 31,6 %) et des revenus de 9,6 millions de dollars (augmentation de 47,6 %). La marge brute a atteint 4,4 millions de dollars, avec un taux de marge de 46 %.
Les résultats de l'année complète 2024 montrent des mises totales de 980 millions de dollars (augmentation de 51 %), des revenus bruts de jeux de 34 millions de dollars (augmentation de 51 %) et des revenus de 29,7 millions de dollars (augmentation de 53,1 %). L'entreprise a obtenu une ligne de crédit senior sécurisée de 43,4 millions de dollars CAD pour renforcer son bilan et accélérer ses initiatives de croissance. La direction s'attend à déposer les résultats audités de l'exercice 2024 d'ici la fin avril 2025.
NorthStar Gaming Holdings (TSXV: BET, OTCQB: NSBBF) hat die vorläufigen Ergebnisse für Q4 und das gesamte Jahr 2024 veröffentlicht und dabei Rekordleistungen in wichtigen Kennzahlen gezeigt. Die Highlights des Q4 2024 umfassen Gesamtwetten von $303M (ein Anstieg von 42% im Jahresvergleich), Bruttospielerträge von $10M (ein Anstieg von 31,6%) und Einnahmen von $9,6M (ein Anstieg von 47,6%). Der Bruttomargin erreichte $4,4M mit einer Margenrate von 46%.
Die Ergebnisse für das Gesamtjahr 2024 zeigen Gesamtwetten von $980M (ein Anstieg von 51%), Bruttospielerträge von $34M (ein Anstieg von 51%) und Einnahmen von $29,7M (ein Anstieg von 53,1%). Das Unternehmen sicherte sich eine gesicherte Kreditlinie in Höhe von $43,4M CAD, um die Bilanz zu stärken und Wachstuminitiativen zu beschleunigen. Das Management erwartet, die geprüften Ergebnisse für FY2024 bis Ende April 2025 einzureichen.
- Record Q4 2024 total wagers of $303M, up 42% YoY
- Q4 2024 gross margin improved to 46% from 39% YoY
- FY2024 revenue increased 53.1% to $29.7M
- Secured $43.4M CAD credit facility to fund growth
- Management expects to reach profitability with current business platform
- Company still not profitable, requiring additional debt financing
Company expects to report record highs for wagers, revenue and margin
Toronto, Ontario--(Newsfile Corp. - February 11, 2025) - NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced selected unaudited preliminary financial results for the three and 12-month periods ended December 31, 2024.1 All dollar figures are quoted in Canadian dollars unless otherwise noted.
"We capped off a great year with the best quarter in the Company's history," said Michael Moskowitz, Chair and CEO of NorthStar. "Much of our focus in 2024 was on product innovation and simplifying the customer experience, and we are seeing the results through the growth of our business. Record gross margins demonstrate the ability of our model to deliver operating leverage as the business scales."
Preliminary Results for the Three Months Ended December 31, 2024 ("Q4 2024"):
Total Wagers2 at Northstarbets.ca are expected to be approximately
$303 million in Q4 2024, a42% increase compared to$213.3 million in Q4 2023.Gross Gaming Revenue2 at Northstarbets.ca is expected to be approximately
$10 million in Q4 2024, a31.6% increase from$7.6 million in Q4 2023.Revenue3 is expected to be approximately
$9.6 million in Q4 2024, a47.6% increase from$6.5 million in Q4 2023. Revenue in Q4 2024 is expected to include$1.6 million of managed services revenue, which compares to$0.2 million in Q4 2023.Gross Margin is expected to be approximately
$4.4 million , representing a76% increase from$2.5 million in Q4 2023, while the Gross Margin percentage is expected to increase to approximately46% , up from39% in Q4 2023.
Preliminary Results for the Year Ended December 31, 2024 ("FY 2024"):
Total Wagers2 at Northstarbets.ca are expected to be approximately
$980 million in FY 2024, a51% increase compared to$648.8 million in the year ended December 31, 2023.Gross Gaming Revenue2 at Northstarbets.ca is expected to be approximately
$34 million in FY 2024, a51% increase from$22.5 million in FY 2023.Revenue3 is expected to be approximately
$29.7 million in FY 2024, a53.1% increase from$19.4 million in FY 2023.Gross Margin is expected to be approximately
$12.5 million , marking a76% increase from$7.1 million in FY 2023, with the Gross Margin percentage expected to increase to42% , up from36% in FY 2023.
Debt Financing
On January 27, 2025, the Company announced that it has entered into a credit agreement (the "Credit Agreement") in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to
"We are very excited to enter 2025 with strong momentum at our backs," added Mr. Moskowitz. "With our recent financing, we believe we have the funding in place to reach profitability based on the current business platform. We intend to pursue aggressive growth and introduce our premium iGaming platform to more Canadians, a strategy which we expect will continue to deliver strong year-over-year growth each quarter while maintaining effective control of costs."
The Company expects to file its audited financial results for the year ended December 31, 2024 by the end of April 2025. Given the length of time before full results will be available, the Company has elected to announce these unaudited preliminary results in the interest of transparency for its investors.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Non-IFRS Financial Measures
Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" and "Total Wagers" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.
Total Wagers
Total Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Gross Gaming Revenue
Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.
Reconciliation of Non-IFRS Measures to IFRS Measures
In Q4 2024, the Company expects to report approximately
| $ Millions (unaudited) | Three months ended | Year ended | ||
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | |
| Gross gaming revenue from wagered games | 10.0 | 7.6 | 34.0 | 22.5 |
| Bonuses, promotional costs and free bets | 2.0 | 1.3 | 6.6 | 3.6 |
| Sub-total Gaming revenue | 8.0 | 6.3 | 27.4 | 18.9 |
| Other revenue from managed services | 1.6 | 0.2 | 2.3 | 0.5 |
| Revenue | 9.6 | 6.5 | 29.7 | 19.4 |
| (1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies | ||||
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
________________________
1 See "Cautionary Note Regarding Forward-Looking Information and Statements" below.
2 Represents a Non-IFRS financial measure. See "Non-IFRS Financial Measures" below for more information.
3 Revenue includes managed services fees, and Gross Gaming Revenue net of bonuses, promotional costs and free bets.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240340
FAQ
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