XLMedia PLC (AIM:XLM, OTC:XLMDF) highlighted significant momentum in its North American sports business, as it reported results for the first half of 2022.
The company said in a statement that the North American sports segment had grown to represent a 68% share of its revenue in the half.
It was supported by a major partnership with what’s described as a high-quality publisher in Ohio, ahead of the state's January 2023 online sports betting launch.
The company noted that it is now live in two new US states, New York and Louisiana, as well as in Ontario, Canada.
"We are pleased with the strong performance in our North American Sports business, driven by our focus on regulated markets and the execution of our media partnership strategy," said David King, CEO of XLMedia.
"We have made good progress in stabilising our Gaming business, and with a solid cash position, we are well positioned to continue to execute on our strategy and create value for our shareholders."
XLMedia reported revenues of US$44.5mln for the first half of 2022, up 38% on the same period a year earlier.
Gross profit increased to US$20.9mln, up from US$18.3mln in H1 2021. XLMedia's adjusted EBITDA was US$10.6mln, compared to US$6.6mln in the same period last year.
The company's reported loss before tax was US$1.7mln, compared to a loss of US$0.4mln in the first half of 2021.
As of June 30, 2022, XLMedia had US$17.7mln in cash and short-term investments.