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Raketech Q1 2025: Driving Long-Term Value Through a Platform-First Strategy, and Enhanced Financial Flexibility

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Raketech Q1 2025: Driving Long-Term Value Through a Platform-First Strategy, and Enhanced Financial Flexibility

 

Quote from Johan Svensson, CEO “Q1 2025 marked a period of strategic consolidation and operational focus for Raketech. Despite a year-on-year revenue decrease we have made good progress in aligning the business around our platform-first model and long-term growth priorities. With AffiliationCloud now at the core of how we operate, and a strengthened financial position following key decisions, we are confident in our ability to scale efficiently and deliver sustainable value.”

Q1 2025 FINANCIAL HIGHLIGHTS

  • In Q1 2025, revenues totalled EUR 9.8 million, down from a strong Q1 2024 of EUR 19.0 million, which included EUR 0.8 million from the divested advisory business. Adjusted EBITDA amounted to EUR 2.4 million, (EUR 5.1 million in Q1 2024), while reported EBITDA was EUR 2.1 million (EUR 4.3 million in Q1 2024). The adjustments include restructuring costs related to the strategic shift towards working with entrepreneurial partnerships.
  • Financial results were impacted by continued low performance from Casumba within Affiliation Marketing and ongoing challenges in Paid Publisher Network (SubAffiliation). In contrast, the remaining casino and sports assets showed stable or improving trends, adjusted for seasonality, compared to Q4 2024.
  • We’re in the final stage of the strategic review of our non-core US tipster and subscription assets. These assets and related US operations had a negative EBITDA impact of EUR 0.3 million in Q1.
  • Free cash flow before earnouts totalled EUR 1.7 million in Q1 2025. EUR 6.0 million of the earnout was settled during the quarter, with EUR 2.0 million due in Q2. The remaining earnout of EUR 20.6 million has been extended to March 2028.

OPERATIONAL HIGHLIGHTS

  • As part of our previously announced review of our operating model, we achieved cost savings of 34% in Q1 2025 (excluding publisher costs) compared to the first quarter of last year.

SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD

  • On May 6, Raketech announced an agreement with the sellers of Casumba to extend the remaining earnout payment period to March 2028, while removing the option for partial settlement in shares. This revision enhances our financial flexibility, with a commitment to ongoing instalment payments and an ambition to repay the earnout as early as possible.
  • Revenues for our Affiliation Marketing assets in April 2025 remains consistent with Q1 2025. However, the lower margin Paid Network (SubAffiliation) continues to face headwinds.

CEO COMMENT

Q1 2025 marked a period of strategic consolidation and operational focus for Raketech. Despite a year-on-year revenue decrease we have made good progress in aligning the business around our platform-first model and long-term growth priorities.

With AffiliationCloud now at the core of how we operate, and a strengthened financial position following key decisions, we are confident in our ability to scale efficiently and deliver sustainable value.

Financial Overview
Q1 2025 revenues amounted to EUR 9.8 million compared to a strong Q1 2024 of EUR 19.0 million (including EUR 0.8 million from the divested advisory business). Adjusted EBITDA of EUR 2.4 million (EUR 5.1 million), with reported EBITDA of EUR 2.1 million (EUR 4.3 million). The adjustments include restructuring costs related to the strategic shift towards working with entrepreneurial partnerships.

We’re in the final stage of the strategic review of our non-core US tipster and subscription assets. These assets and related US operations had a negative EBITDA impact of EUR 0.3 million in Q1.

Strategic Execution & Direction
Platform-First / AffiliationCloud – Building a leading commercial platform: Raketech continues to strengthen its position as a platform first performance-based marketing company by focusing on what we do best: enabling scalability and long-term growth through a structure built on commercial and operational expertise. Through AffiliationCloud, we integrate assets managed in-house and via entrepreneurial partnerships (Affiliation Marketing), along with our Paid and Organic Publisher Network (SubAffiliation), into a single, unified system. This structure supports more efficient operations, better use of data, and greater predictability across all areas.

Entrepreneurial Partnerships – Decentralizing Affiliation Marketing Assets: Our entrepreneurial partnership model remains a core pillar of this approach. In Affiliation Marketing, approximately 50 percent of revenue now comes from these partnerships, and a strategic focus for us is to grow this further during 2025. The partnerships allow Raketech to retain ownership while leveraging its centralized capabilities in commercial agreements, finance, reporting, data, and technology. Our partners contribute deep expertise in areas such as SEO, content, and product development, creating a structure that fosters scalability and efficiency.

Win-Win for Operators and Publishers – SubAffiliation: In SubAffiliation, we apply the same principle by delivering high-quality traffic to operators and offering publishers the best possible commercial terms through AffiliationCloud.

The strategic focus within this area is expanding exclusive network commercial agreements with operators, onboarding new publishers, and investing in our platform infrastructure. These initiatives are laying the foundation for long-term value creation while enhancing daily execution across our network.

Business Area Updates

Affiliation Marketing
Keeping Momentum: Affiliation Marketing generated EUR 6.0 million in revenue during the quarter with continued decline for the Casumba assets. Adjusted for Casumba, the remainder of the Affiliation Marketing portfolio decreased only marginally compared to Q4, reflecting stability despite softer seasonal trading and the shorter reporting period in February. Activity levels in the latter part of the quarter were more in line with Q4, reinforcing our view of a stable and resilient portfolio.

Entrepreneurial Partnership Gaining Ground: Entrepreneurial partnerships now represent approximately 50 percent of revenues in this business area. Operational momentum for the new partnerships, most of which commenced in March, has been strong. While it is too early to see a material financial impact in Q1, we are optimistic that these partnerships will play an increasingly important role during the remainder of the year.

Moving Beyond SEO: Additionally, we continue to focus on diversifying our traffic streams to reduce dependency on SEO. Key initiatives include expanding CRM activities and investing in products with a higher proportion of returning visitors, such as the TV sport guides.

SubAffiliation – Organic Publisher Network and Paid Publisher Network

Navigating Paid Network Headwinds: SubAffiliation generated EUR 3.4 million in revenue during the quarter. The Paid Publisher Network faced a marked decline from March due to external factors like algorithm changes. This volatility has made traffic volumes and monetization less predictable. We do not expect a meaningful recovery in the near term and are putting continued focus on the more stable Organic Publisher Network, but we remain prepared to scale up again should volumes return.

Organic Publisher Network Gaining Ground: The Organic Publisher Network made solid progress. We have onboarded new publishers and expanded our pipeline of exclusive commercial network agreements with operators. The number of active revenue-generating publishers increased to over 80, up from around 50 last year, demonstrating strong interest. As of today, we have four exclusive network commercial operator agreements in place, and expanding this base remains a top priority.

This business area mirrors our partnership model in Affiliation Marketing, with Raketech managing commercial structures and partners providing high-quality traffic. This ensures scalability, value creation, and compliance.

Conclusion & Next Steps

Q1 2025 reflects strategic progress. In Affiliation Marketing, our entrepreneurial partnerships gained traction, and in SubAffiliation, the Organic Publisher Network showed promising growth. Simultaneously, challenges in the Paid Publisher Network reinforced our decision to focus on more stable, predictable sources of lead generation.

The revised Casumba terms have improved our financial flexibility, enabling us to invest in areas with the highest long-term potential.

By aligning commercial strength with operational efficiency across both internally managed assets and those run through entrepreneurial partnerships within Affiliation Marketing, we deliver measurable results and drive sustainable growth. With a growing base of trusted publishers and exclusive network commercial agreements with operators within SubAffiliation, we are well positioned to drive traffic, convert leads, and create long-term value for shareholders.

Johan Svensson, CEO

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InOut Games drop their first-ever slot: meet Chicken Royal!

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InOut Games, the studio behind the viral hit Chicken Road, is taking the next big step by entering the slot market with the release of Chicken Royal. Inspired by the iconic crash game that captured millions of players worldwide, the new release brings the beloved chicken into a brand-new format designed to engage both operators and players.

This marks the company’s first slot release, expanding InOut Games’ portfolio beyond crash mechanics and reinforcing its commitment to innovation in online entertainment.

“Chicken Road became a global sensation because of its simplicity, thrill, and universal appeal. With Chicken Royal, we’re transforming that same DNA into a slot experience that’s fresh, dynamic, and full of potential. We are confident this launch will not only resonate with players but also open new earning opportunities for affiliates and partners,” said Vladislav Snak, CEO of InOut Games.

Beyond the launch, InOut Games has ambitious plans for ongoing promotion and brand support around Chicken Royal, ensuring strong visibility across global markets. For affiliates and webmasters, the slot represents a new avenue to drive engagement and revenue, backed by the company’s proven track record of creating games that go viral.

You can reach out to the InOut team for integration inquiries by clicking onto this link.

About InOut Games

INOUT Games is a licensed B2B provider specializing in the development of high-quality gaming solutions for online casinos. With a diverse portfolio of 34 games, the company focuses on delivering unique and engaging player experiences tailored to meet the needs of operators. Its approach combines innovative game design, robust technical support, and comprehensive platform integration to ensure optimal performance and user satisfaction. Each game is designed with both players and operators in mind, featuring short betting cycles, high retention, and high LTV (Lifetime Value), delivering commercial success for operators.

 

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Conferences

EEGS Affiliate Conference 2025 Moves to New Date and Venue

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EEGS Affiliate Conference 2025 Moves to New Date and Venue

 

Organizers of the EEGS Affiliate Conference are excited to announce an important update for the upcoming 4th edition of the event. Originally scheduled for 25 November, the conference will now take place on 26 November 2025 at the Inter Expo Center (IEC) in Sofia, Bulgaria, and will be held during the BEGE Expo.

This strategic move creates an even stronger platform for affiliates, affiliate managers, operators, and industry stakeholders across the Balkans and Eastern Europe. By aligning with BEGE Expo and the main EEGS Conference, the Affiliate Conference will provide unparalleled opportunities for learning, networking, and brand exposure.

Expanded Benefits for Attendees and Sponsors

  • One Pass – Full Access: Affiliate Conference passes now include entry to BEGE Expo and the EEGS Conference, offering a comprehensive experience across all three events.
  • Unmatched Networking: Attendees will connect with thousands of professionals from the gaming, affiliate, and entertainment industries.
  • Increased Brand Visibility: Sponsors and partners gain exposure not only at the Affiliate Conference but also throughout the region’s largest gaming and entertainment exhibition.

“By bringing all the events under one roof, we are creating the ultimate meeting point for affiliates and industry leaders in the Balkans. This change adds tremendous value for participants and sponsors alike,” said Nino Berezhiani, Marketing Manager at BEGE Expo and EEGS.

As the only affiliate-dedicated event in the Balkans, the EEGS Affiliate Conference continues to build its reputation as a must-attend gathering for strategic minds in gaming, entertainment, and digital marketing. The new date and venue will ensure even more impactful discussions, trend exploration, and partnership opportunities in one of the fastest-growing regions in the industry.

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Conferences

Aff.Tech at SBC Summit Lisbon 2025: Dozens of Meetings, Packed Booth, and Silver Award Recognition

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Aff.Tech at SBC Summit Lisbon 2025: Dozens of Meetings, Packed Booth, and Silver Award Recognition

 

At SBC Summit Lisbon 2025, Aff.Tech showcased why it stands as the Affiliate Platform for Champions. Over the three-day event, booth C350 (shared with GR8 Tech) became one of the busiest spots of the exhibition, filled with operators and platform providers eager to discover how Aff.Tech drives affiliate management with automation, scalability, and precision.

The results spoke for themselves: constant traffic at the booth, dozens of productive business meetings, and a strong pipeline of new opportunities. This overwhelming interest confirmed the growing demand for Aff.Tech’s technology among operators seeking to streamline affiliate programs and unlock new levels of performance.

Aff.Tech’s impact was further validated at the Affiliate Leaders Awards, where the company proudly took Silver in the “Affiliate Management Platform of the Year” category—a recognition of its innovation and growing influence in the market.

As part of its presence at SBC, Aff.Tech also introduced its Aff Yourself campaign—a movement to empower operators to take control of their affiliate business, set their rules, and grow without limits.

Mariia Shmelova, CEO of Aff.Tech, said, “The energy around our booth proved that operators are actively searching for solutions like Aff.Tech. Our platform is built to give them complete control, transparency, and automation so they can scale faster and focus on what really drives growth. Getting Silver “Affiliate Management Platform of the Year” shows that the industry recognizes our progress and direction.”

Valerija Reca, Business Development Manager at Aff.Tech, added, “For three days, our team was engaged non-stop in high-quality discussions with operators from around the world. They see Aff.Tech as a partner that combines reliability, flexibility, and scalability—exactly what’s needed to manage affiliates effectively in today’s competitive environment.”

With a packed booth, dozens of successful meetings, and award-winning recognition, Aff.Tech closed SBC Summit Lisbon 2025 as one of the exhibition’s standout success stories. The company left Lisbon with a clear message: affiliate management is evolving, and Aff.Tech is leading the way as the Affiliate Platform for Champions.

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