Raketech ends year 47.4% down on revenue

The affiliate group posted €5.7 million (£5 million / $6.7 million) in revenue for the final three months of the year, which registered a 45.5% drop year-on-year from €10.5 million brought in 2024. Reported EBITDA was down by 44.1% year-on-year; adjusted EBITDA by 37.7%.

Across the full-year the group’s revenue fell by 47.4% from 2024 down to €51.3 million and adjusted EBITDA by 30.1% to €7.2 million.

Affiliate marketing from continued operations dropped by 13.2% for the company across the year to generate €20 million, while subaffiliation from continued operations fell by 67.1% to €27.8 million.

In other metrics, casino-related activities decreased by 52.4% from full-year 2024, sports activities by 30.6%, and NDCs by 64.3%.

Raketech also cut its headcount across the year by 43.4% from 106 people to 60, and more than halved its contractors.

During the quarter, we continued to sharpen Raketech’s strategic focus, advancing our platform-first model while improving performance across our core Nordic assets,” said Raketech CEO Johan Svensson. “With disciplined execution, a continued shift toward growing the organic publisher network within subaffiliation, and ongoing development of AffiliationCloud, we are strengthening the foundations for long-term value creation.

Q4 issues

The company stated that its decline in revenue for the quarter was primarily driven by the changed market conditions throughout 2025 for its subaffiliation product. It also reported that its external organic publishers did deliver quarter-on-quarter growth, but that its owned brands had a “softer start to the quarter” with performance picking up towards the end.

However, Raketech was able to reduce its operating loss to just €39,000 from 2024’s -€47.1 million in the period.

Revenue share has risen from 33.3% to 50% in terms of percentage of revenue, with upfront payment contributing 23.6% and 26.4% from flat fee payments.

Affiliation marketing dropped 17.4% in revenue for the quarter year-on-year to €3.9 million from continued operations, while subaffiliation operations fell by 64.7% in the same period from 2024 to €1.8 million.

Casino-related activities generated 63% of group revenue in the quarter at €3.6 million, while sport made up 37% with €2.1 million. From Q4 2024, casino revenue came in 55.2% year-on-year, with 13.5% down on sports revenue.

NDCs also dropped in Q4 from the previous year by 51.6%, down to 13,553.

Regions down

In the Nordics, Raketech saw a 37.5% drop in revenue for the quarter year-on-year, with a 33.7% decrease across the year.

Revenue from the rest of Europe dropped by 21.5% in the quarter from 2024 and 50.1% for the full year. While in the US, revenue dropped in a similar manner, with 22.8% in the quarter and 52% for 2025 in full. 

From the remaining rest of the world markets operated in, Raketech saw its revenue drop by 73.4% in Q4 year-on-year and 69.2% for 2025.

“We will continue to sharpen our focus on returning to growth through the phase-out of the paid publisher network and improving performance across our Nordic affiliation marketing assets,” added Svensson. 

“Looking ahead, focus remains on advancing AffiliationCloud, including targeted platform enhancements and expansion of the organic publisher network, supporting sustainable long-term value creation.”

The company has also placed greater emphasis on its development activity roadmap for 2026, including automated payment flows, reporting capabilities, on-page SEO audit tools and a fully integrated sports widget ahead of the FIFA World Cup.