This article first appeared on GuruFocus .
Release Date: February 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Raketech Group Holding PLC ( OSTO:RAKE ) maintained a strong EBITA margin of 18.8% despite revenue challenges, reflecting effective cost discipline.
-
The company successfully launched two new strategic projects, Casino F Media and a pre-game news section, aimed at increasing user engagement and direct traffic.
-
Raketech's Affiliation Cloud platform is expanding, with close to 100 external publishers generating revenue, and plans for further feature enhancements in 2026.
-
The company signed its second exclusive publisher partnership in the US, which is expected to drive shared growth and efficiencies.
-
Raketech is focusing on expanding its organic publishing network in North America and the Nordics, aligning with its strategic goals.
Negative Points
-
Raketech experienced a significant organic revenue decrease of 45.5% year-on-year in Q4, primarily due to declines in the paid publisher network.
-
The phase-out of the paid network within sub-affiliation is ongoing, which has impacted revenue negatively.
-
Revenue from the external organic publishing network came in lower than expected, particularly due to slower ramp-up in the US market.
-
The company is not currently forecasting or guiding on when it will return to growth, indicating uncertainty in future performance.
-
There are concerns about the full collection of the 12 million from the Kasumba asset sale, with only 0.4 million received so far.
Q & A Highlights
-
Warning! GuruFocus has detected 6 Warning Signs with OSTO:RAKE.
-
Is OSTO:RAKE fairly valued? Test your thesis with our free DCF calculator.
Q: Is the slight growth in Q1 compared to Q4 adjusted for seasonality, considering Q4 is typically the strongest quarter? A: No, the growth is not adjusted for seasonality. We see a slight increase in direct Raketech publishers quarter on quarter. - CEO, Johannes Venson
Q: Have the payments from the sale of the Kasumba assets arrived as planned, and do you foresee any risks? A: The payments are as expected. We divested in late Q3 with no upfront payments, and we have started to receive funds as planned. - CEO, Johannes Venson
Q: Do you expect to collect the full 12 million from the Kasumba divestment within the agreed time period? A: The current value for this balance is around 7 million, and we will continue to monitor and update the market accordingly. - CFO, Mons Valborn
Q: When are you targeting to return to growth? A: We are confident in our strategy but are not forecasting or guiding on when we will return to growth. - CEO, Johannes Venson
Q: Do you plan for further cost reductions? A: Being cost-disciplined is important, but we have done significant cost savings over the last two years and are comfortable with our current position. - CEO, Johannes Venson
Q: How do you plan to manage working capital related to receivables from the disposal and earnouts? A: We expect to settle all earnouts with projected cash flow and the existing facility we have in place. - CFO, Mons Valborn
Q: Are there any additional risks of impairments given the current market capitalization compared to the company's asset value? A: No additional risks are identified. Asset values are checked and assessed every quarter and specifically at year-end. - CFO, Mons Valborn
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
