News
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
News
Vote now for N1 Partners in two EiGE Awards 2025 nominations!

The N1 Partners affiliate program is making headlines again with new nominations! This time, the team has been shortlisted among the brightest stars of the European iGaming industry for the European iGaming Excellence Awards (EiGE Awards 2025).
The award ceremony will take place on October 30 in the heart of Warsaw, bringing together the most influential players in the iGaming market – operators, affiliate programs, payment providers, and trailblazing tech innovators.
Gambling affiliate program N1 Partners is nominated in two top categories:
- Best iGaming Affiliate Program
- iGaming Leader of the Year (individual)
How to vote for N1 Partners in both categories (it will take no more than a minute):
- Go to: https://hipther.com/events/egc/eige-awards/
- Select the “Best iGaming Affiliate Program category” → click “Continue to vote”.
- Choose N1 Partners from the list → enter your personal details → click “Vote”.
- Return to the awards page → select “iGaming Leader of the Year (individual)” → click “Continue to vote”.
- Select Alexa Bond, Head of Affiliates at N1 Partners from the list → enter your details → click “Vote”.
Online voting is open until August 26.
Why N1 Partners?
- 12+ high-converting brands
- 10+ Tier-1 GEOs
- Flexible payment method CPA | RevShare I Hybrid
- Insights from in-house analysts
- Benefit from top offers
- 24/7 support
Support N1 Partners and Head of Affiliate Alexa Bond with your vote – who knows, your vote might make all the difference!
News
N1 Puzzle Promo: Complete Challenges, Earn Puzzles, and Get a Chance to Win a VR Pilot Course!

The N1 Puzzle Promo from N1 Partners affiliate program is picking up pace — and the competition for the main prize, a real helicopter Robinson R22 Beta II, is getting serious.
One of the best casino affiliate programs N1 has launched a special activity for participants, offering a chance to earn extra puzzle pieces and try their luck in a draw for awesome prizes! Simple as that.
Campaign period: August 15 – November 15, 2025.
All the details are below.
To earn additional puzzle pieces and improve your position on the leaderboard, you need to complete the following challenges:
- Be a registered participant of the N1 Puzzle Promo and have minimum one puzzle piece already earned for traffic
- Post positive reviews about your cooperation with N1 Partners on 4 websites: Business of Apps, Affpaying, CPA.Club, and Trustpilot (direct links to N1 Partners profiles below):
- https://www.businessofapps.com/affiliate/n1-partners/
- https://www.affpaying.com/n1partners
- https://cpa.club/en/companies/n1-partners
- https://www.trustpilot.com/review/n1.partners
- Subscribe to N1 Partners’ social media:
- Instagram: https://www.instagram.com/n1_partners
- LinkedIn: https://www.linkedin.com/company/n1partners/
- Facebook: https://www.facebook.com/n1partners
- Take part in the N1 Partners survey
Here come the rewards.
In addition to three extra puzzle pieces for the main leaderboard, all participants will enter a giveaway for a home VR flight training set — the “Pilot Course”.
What’s inside the set?
- Meta Quest 3 (128 GB)
- Licensed VR simulator
- PC-compatible cable
Find more details about the special tasks on our website at the following link: https://n1.partners/news-page/n1-puzzle-promo-challenge
N1 Puzzle Promo: More traffic → More puzzles → Closer to the winning!
Awards
ReferOn Earns Dual Nominations for Innovation and Marketing Excellence at SiGMA Euro-Med Awards 2025

The company continues its growth in 2025 with key industry recognition
ReferOn, a next-gen affiliate management platform has been shortlisted for the “Affiliate Product Innovation” and “Best Marketing Solution Provider” categories at the upcoming SiGMA Euro-Med Awards 2025.
These nominations come after an important year for the company, defined by strong market traction, continuous product development, and an increased demand from operators and affiliate managers looking to transition from outdated legacy platforms to a more agile, transparent, and scalable solution.
Since its launch, the ReferOn team has demonstrated its commitment to solving real problems for affiliate teams. At the core of its value propositions is creating a simple and accessible platform that’s built for modern needs. Core developments like full-cycle automation, customisable dashboards, instant postbacks, and real-time data visibility help to reduce chaos and boost performance. Additionally, tools like the Sub-Affiliate System, No Bundling Model, and dynamic variables assist with increased operational control.
Vlad Bondarenko, ReferOn’s Head of Product, commented on the nominations, “We didn’t build ReferOn to compete with legacy platforms — we built it to replace them. Every development, addition, and decision is guided by the goal of empowering our users to move faster, make more insightful decisions, and scale efficiently. These nominations have shown us that we’re moving in the right direction and that our incredible team is working towards something truly impactful.”
ReferOn’s roadmap remains ambitious and future-focused, with numerous investments in product developments, customer-facing services, and initiatives that help affiliate teams act faster and move smarter.
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