Sportradar reported a net loss for the first quarter of 2026 despite double-digit revenue growth, as the sports technology firm pointed to foreign exchange impacts and operational factors, while reaffirming its full-year outlook and expanding its share repurchase program.
The Switzerland-based company posted revenue of €347 million ($406 million), up 11 percent year-on-year, driven by strong demand for betting and gaming content and continued monetization of IMG ARENA rights. Adjusted EBITDA rose 12 percent to €66 million ($77 million), with margins expanding to 19 percent.
However, the company recorded a net loss of €6 million ($7 million), partially offset by unrealized foreign exchange losses, which improved operating performance.
Sportradar maintained its 2026 guidance, forecasting adjusted EBITDA growth of 34 percent to 37 percent, reaching between €390 million and €400 million ($456 million to $468 million), supported by margin expansion and continued revenue momentum.
$250M accelerated buyback program initiated
Sportradar announced a new $250 million enhanced open market share repurchase program under its existing authorization, signaling confidence in its long-term outlook.
During the quarter, the company repurchased approximately $90 million in shares, bringing total buybacks since the program’s inception to $228 million.
CEO Carsten Koerl said the move reflects management’s view that the company is undervalued.
“This reflects the great confidence we have in our business model, the integrity of our people and operations, and our company’s very bright prospects for profitable growth,” he said during the earnings call.
Addressing short-seller report
Sportradar also used the earnings call to respond directly to a recent short-seller report, which it said was aimed at pressuring the company’s share price.
“To be clear, Sportradar and I reject the unfounded and misinformed allegations contained in the reports. As the global leader in sports technology… we place integrity, transparency and professionalism at the heart of everything we do.”
Carsten Koerl
He added that the company maintains regulatory licenses across multiple jurisdictions and operates under a “robust compliance framework,” with oversight from its board.
The short-seller report, published earlier in April, raised concerns about the company’s exposure to illegal betting markets.
During the earnings call, Koerl also addressed risks related to so-called grey markets, emphasizing that the company does not engage with black market operators.
He said Sportradar’s exposure to unregulated or grey markets remains limited, accounting for “single-digit to low double-digit” percentages of revenue, estimated at between 5 percent and 13 percent following internal compliance audits.
The company reiterated that it maintains strict know-your-customer (KYC) and compliance standards to mitigate regulatory and reputational risks.
Growth driven by content and scale
Revenue growth in the quarter was primarily supported by betting technology and solutions, which generated €288 million ($337 million), up 15 percent year-on-year. This included a 20 percent increase in betting and gaming content revenue, reflecting strong uptake of IMG content among clients.
Customer net retention reached 108 percent, highlighting continued cross-selling and upselling across Sportradar’s global client base.
Despite strong turnover growth in managed trading services, revenue in that segment was affected by “player-friendly outcomes,” which management said are expected to normalize over time.
Looking ahead, Sportradar pointed to upcoming catalysts including major sporting events such as the FIFA World Cup in June, as well as expansion into prediction markets, as it continues to scale its data, content and technology offerings globally.
