Kambi is negating a previously released revenue projection for 2027.
The sportsbook platform company has decided to withdraw its 2027 financial projections that were released last year. Kambi’s Board of Directors voted to nullify the financial targets amid the company’s underperformance in key markets due to regulatory hurdles.
Kambi failed to cite particular markets that led to its decision to withdraw its target but the company lost potential revenue behind the delayed regulation of the Brazilian market.
Kambi projected revenue in 2027 to range between $324 million and $540 million. That same year, the B2B gaming giant estimated an adjusted EBITA of more than $162 million.
By comparison, full-year revenue for Kambi in FY2023 closed at $187.2 million.
Slow start for Kambi
Kambi has nullified its 2027 financial projections after slow profits to start the fiscal year.
The company generated $46.7 million in revenue in Q1 2024, down from $47.5 million for the same period last year. In Q1 2024, Kambi reported $49.7 million in net cash. By comparison, net cash for the platform provider reached $66.1 million in Q1 2023.
Kambi undergoes leadership change
Kambi’s decision to nullify its previous revenue projection comes under new leadership.
Last week, the Malta-based company appointed Werner Becher as CEO. Becher will begin his term on July 25 and is taking over for Kristian Nylén following his resignation.
Becher joins Kambi after serving as a CEO for Sportradar. During his time at Sportradar, Becher led the company’s Europe, Middle East, Africa, and Latin America business. He also spent time at the sports data aggregator as Managing Director of its U.S. segment.
Becher and Kambi plan to provide additional financial expectations moving forward.
“The board believes that Kambi should have in place long-term financial targets. Such targets will be evaluated with the new CEO and communicated when appropriate,” said Kambi in a statement.
As of July 9, Kambi is licensed to provide products in more than 50 regulated markets.