Company: RSI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001793659-25-000193
Chunk: 70

Company: Rush Street Interactive, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 70
---
P 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.

31

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

Three Months EndedSeptember 30,Change($ in thousands)20252024$%Revenue$277,911 $232,109 $45,802 20 %Costs of revenue183,466 151,414 32,052 21 %Sales and marketing39,043 39,252 (209)(1)%General and administrative25,746 26,508 (762)(3)%Depreciation and amortization10,188 8,471 1,717 20 %Income from operations19,468 6,464 13,004 201 %Interest income, net2,555 2,049 506 25 %Income before income taxes22,023 8,513 13,510 159 %Income tax expense7,177 5,274 1,903 36 %Net income$14,846 $3,239 $11,607 358 %

Revenue. Revenue increased by $45.8 million, or 20%, to $277.9 million for the three months ended September 30, 2025 as compared to $232.1 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets. The increase reflects higher period-over-period online casino and sports betting revenue and social gaming revenue of $45.9 million and $0.1 million, respectively, which was partially offset by a decrease in retail sports betting revenue of $0.2 million.

Costs of Revenue. Costs of revenue increased by $32.1 million, or 21%, to $183.5 million for the three months ended September 30, 2025 as compared to $151.4 million for the same period in 2024. The increase was mainly due to and directly correlated with our