Company: RSI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001793659-25-000168
Chunk: 71

Company: Rush Street Interactive, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 71
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 prior to that date. These prior exchanges increased the Company’s tax basis in its share of RSILP’s underlying assets, giving rise to expected tax savings and corresponding TRA liability. RSILP Unit exchanges occurring after June 30, 2025 will not result in TRA expense, as the associated increase in tax basis and the resulting TRA liability will be accounted for as equity transactions.

Results of Operations

The following tables set forth a summary of our consolidated results of operations for the interim periods indicated and the changes between periods. We have derived this data from our unaudited condensed consolidated financial statements included elsewhere in this Report. The results of historical periods are not necessarily indicative of the results of operations for any future period.

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Comparison of the Three Months Ended June 30, 2025 and 2024

Three Months EndedJune 30,Change($ in thousands)20252024$%Revenue$269,217 $220,379 $48,838 22 %Costs of revenue174,147 144,477 29,670 21 %Sales and marketing37,132 36,944 188 1 %General and administrative23,787 27,206 (3,419)(13)%Depreciation and amortization9,827 7,555 2,272 30 %Income from operations24,324 4,197 20,127 n/mTax receivable agreement expense(112,692)— (112,692)100 %Interest income, net2,181 1,917 264 14 %(Loss) Income before income taxes(86,187)6,114 (92,301)n/mIncome tax (benefit) expense(115,017)6,396 (121,413)n/mNet income (loss)$28,830 $(282)$29,112 n/m*n/m means not meaningful

Revenue. Revenue increased by $48.8 million, or 22%, to $269.2 million for the three months ended June 30, 2025 as compared to $220.4 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into the new markets, such as Peru. The increase reflects higher period-over-period online casino and sports betting revenue and social gaming revenue of $48.6 million and $0.2 million, respectively. 

Costs of Revenue.