RSI earnings analysis
What we found in RSI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Rush Street Interactive reported Q1 revenue of $370.4 million, a 41% increase year-over-year, surpassing expectations. Net income grew significantly by 134% to $26.2 million, and adjusted EPS came in at $0.14. Management raised 2026 revenue guidance to between $1.49 billion and $1.54 billion, indicating optimistic growth prospects for the year ahead.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record Q1 Revenue Growth
- Revenue rose to $370.4 million, up 41% YoY from $262.4 million.
- Net Income Surge
- Net income increased 134% to $26.2 million vs. $11.2 million last year.
- Improved Adjusted EPS
- Adjusted EPS for Q1 was $0.14, beating estimates by 27%.
- Strong Operating Income Growth
- Operating income rose to $42.8 million, a 187% increase from the previous year.
- Expansion in Monthly Active Users (MAUs)
- Increased MAUs in both the U.S. and Latin America, reflecting strong customer engagement.
- Enhanced 2026 Revenue Guidance
- Revenue guidance raised to $1.49B–$1.54B, a 31%–36% YoY increase.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Temporary Tax Uncertainties in Colombia
- Continued uncertainty regarding the temporary VAT on online betting could impact future revenues.
- Increasing Operating Costs
- Cost of revenue increased by 39% YoY, potentially affecting margins.
- Foreign Currency Risks
- Exposure to foreign currency fluctuations could impact profitability, particularly in LATAM markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.14
- Gross margin
- 36.3%
- Operating margin
- 11.5%
What they said about what is next.
Revenue guidance raised to $1.49B–$1.54B for 2026, which reflects expectations based on operations live as of the filing date.
The filing reads better than the one before it.
What came before.
- 10-K · February 18, 2026
- Rush Street Interactive (RSI) reports strong 2025 operating momentum: quarterly revenue grew to $324.9M in Q4 2025 and full-year revenue totaled approximately $1,134M (sum of quarterly results). The company highlights…
- 10-Q · May 1, 2025
- Rush Street Interactive reported Q1 revenue of $262,407,000, up $44,979,000 (+20.7% YoY) from $217,428,000 and up modestly vs. the prior quarter. Gross margin was 34.9% and operating margin expanded to 5.6% with income…
- 10-K · February 28, 2025
- Rush Street Interactive (RSI) positions itself as a fast-to-market B2C online gaming operator with a proprietary platform, focusing on online casino and sports betting across the U.S., Canada and Latin America.…
- 10-Q · May 2, 2024
- Rush Street Interactive reported revenue of $217.4M for the quarter ended March 31, 2024, up $55.1M (+33.9%) versus $162.4M in Q1 2023. Operating income turned positive at $1.5M (operating margin ~0.7%) versus an…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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