Raketech Revenue Fall Shows Hidden Shift

Key Points

• Raketech Q1 2026 revenue dropped 36% year on year to €5.3m due to divestments, closure of low margin parts, and focus on higher value revenue streams.
• Even with a revenue drop, EBITDA increased 15% to about €1.2m, while margins improved through cost cuts and restructuring moves.
• The firm now pushes Nordic focus, platform system, and organic network aiming for recovery while facing regulation and market change.

Revenue drops fast, yet profit moves opposite, showing a plan changing under the surface with a sense of tension building through each shift. This moment feels like a setback, but it may also point to a reset, raising concern about whether recovery comes or pressure grows next.

Revenue Drop Shows Reset Move

Raketech reported a 36% yearly fall in revenue for Q1 2026, bringing numbers from €8.3m down to €5.3m with a sharp sense of concern. At first glance, the fall seems heavy, yet deeper movement shows a different direction forming inside the business. The company not only faced market pressure, but it also stepped away from low-margin and weak areas with a firm decision. This included closing Paid Publisher Network in SubAffiliation and leaving betting tips and subscription lines that gave about €308,000 before.

That choice changed revenue flow across the system, creating a new structure that leans toward stability. Affiliation Marketing now holds nearly 75% share of revenue, rising from just over half in the previous year. Even as this part dropped 12.4% to €4.0m, it showed growth from the last quarter, hinting at a shift in quality over size. Meanwhile, SubAffiliation fell more than 60% to nearly €1.3m, reflecting a move away from paid traffic. The trade shows clearly, volume shrinks while margin structure builds with a sense of controlled direction.

Profit Moves Up with Cost Impact

Lower revenue often brings stress on profit, and Raketech’s results show this tension clearly across the report. Operating profit dropped 65.5% to €272,000, while pre-tax result moved to a €106,000 loss from a €317,000 profit last year. Net loss reached €151,000, though when removed operations were counted, the loss improved compared to last year.

Still, EBITDA stands out strongly in this mix.

Reported EBITDA rose about 15% to near €1.2m, and the margin reached 22.1% from 12.3% with a sense of progress. Adjusted EBITDA dropped 7.5%, yet improved compared to Q4 2025, showing mixed signals. These changes point to a lean setup, where cost control drives outcome. Operating expenses fell close to 33% with lower publisher costs and a sharp workforce cut. Employee count reduced to 59, while the number dropped from 38 to 24. Efficiency grows, yet scale shrinks, creating a feeling of balance mixed with pressure.

Model Shift Takes Shape

Raketech moves focus away from an expansion push and builds around a platform system with a sense of steady change. At the centre sits AffiliationCloud, linking owned publishers, partners, and operators into one system. The aim is to improve data use, coordination, and scale, though the shift itself carries pressure.

Early signals show progress in this path.

Projects like Casinofeber Media and sports content on TVMatchen drive stronger engagement and better traffic, mainly in the Nordic region. Nordics now bring 73.8% of revenue, even after a 26.2% fall, showing relative strength compared to others. The US market dropped 48.4%, and the Rest of World fell 58.1%, reflecting a struggle in scaling networks and weaker partner results. The sale of Casumba Media in Japan for €12m also shaped this shift by freeing resources while reducing global reach.

Operations Change Core Structure

Changes move beyond revenue and reach deep into internal operations with a sense of restructuring. Workforce reduction, fewer contractors, and lower publisher costs show a clear shift in structure. Leadership also changed, as Victoria Darmanin joined as interim CFO to support financial stability. Customer acquisition slowed down sharply. New depositing customers dropped 38.2% year on year, reflecting reduced marketing and stricter partner choice. This creates tension between better efficiency and a slower growth pace.

External Pressure Adds Challenge

Even with internal moves, outside factors continue to affect performance with a sense of uncertainty. Raketech works in performance marketing, making it dependent on operators and regulatory changes. Across Europe, stricter rules, compliance changes, and search engine updates reshape how businesses run. These shifts affect not just traffic, but also the full affiliate model. Because of this, focus on organic publishing and data systems becomes necessary, not optional.

Market Reaction Shows Caution

Investor reaction gives insight into the market feeling around these results. After the Q1 report, the share price rose over 3% to 1.82 SEK, showing some return of trust. Though the rise is small, it signals early stability signs appearing. At the same time, industry context plays a role. Other firms also show recovery signs, hinting that the sector may find balance after a hard phase. Still, trust remains fragile, and the outcome is not fixed.

Next Steps for Raketech

Looking forward, the company keeps focus on key priorities with a sense of controlled planning. Strength in Nordic Affiliation Marketing, expansion of media and sports content, and better execution in organic networks stay central. Early April data shows slight growth in Affiliation Marketing, while SubAffiliation begins to stabilise. A new exclusive publisher deal in Nordics may also add value over time. Direction is set, and execution now decides the outcome.

Expert View, Reset or Ongoing Pressure

The Raketech phase shows structural correction instead of a growth cycle with a sense of recalibration. For operators, this shift changes the partnership structure. A smaller network with higher quality may improve efficiency but reduce volume, requiring a strategy change. Across the industry, affiliate models move from scale focus to data and compliance systems. Firms adapting to rules and algorithm changes may perform better, while reliance on paid traffic may create risk. Opportunities appear in organic traffic, platform systems, and niche content, especially in the Nordics. At the same time, risks remain in regulatory pressure, operator dependence, and slower acquisition. Consistency will signal the outcome. If EBITDA stays strong with stable revenue, the strategy may hold, and restructuring may continue longer.