RSI has published its fourth quarter financial results, bringing the company’s full year revenue to $488.1m, a 75% increase when compared to 2020.
However, despite this healthy growth, RSI reported net losses for both Q4 and 2021 as a whole, albeit narrower ones than for the corresponding, prior-year periods.
For the fourth quarter, the company posted a net loss of $38.1m, an improvement over Q4 2020’s $41.6m loss. RSI’s full year net loss, meanwhile, amounted to $71.1m, down from 2020’s $131.6m.
And adjusted EBIDTA told a similar tale, at a loss of $31.2m for Q4 and $65.1m on a whole year basis. However, these were up from RSI’s adjusted EBITDA losses for fourth quarter and full year 2020, which were $1.3m and $4.4m respectively.
These losses can be primarily attributed to an increase in marketing investment, prompted by competition for market share.
RSI’s CEO Richard Schwartz touched on this during the company’s Q4 earnings call, commenting: “As most investors now know, there was extreme competition from marketing assets during the fourth quarter.
“We weren’t immune to the impact, but we continue to be prudent with our marketing and spending consistent with our focus on attracting high quality customers.”
He added: “We continue to expand the business by growing the top line, while strategically investing in marketing and technology that we believe will drive meaningful revenue growth with long-term value.
“Heading into 2022, we are more convinced than ever that our consistent approach is the right one and we will provide long-term value creation for our shareholders.”
