Rush Street Interactive Stock Earnings Reports

Rush Street Interactive reported an exceptional Q1 2026: revenue of $370.4M (+41% YoY) and record adjusted EBITDA of $60.2M (+81% YoY, ~16% margin). Monthly active users (MAUs) expanded substantially: North America MAUs +46% to 296k (iCasino markets +62% YoY) and Latin America MAUs +54% to 543k. Record first-time depositors and improved marketing efficiency (marketing spend 12.5% of revenue vs. 14.8% prior year) drove growth while gross margin improved to 35.7%. North American iCasino market share increased sequentially (~90 bps). Latin America outperformed (revenue +134% YoY) with strong Mexico acceleration; Colombia benefited from favorable court rulings around an overturned 19% VAT and a temporary 16% tax now assumed through year-end. The company reaffirmed a strong balance sheet ($331M cash, zero debt) and no Q1 buybacks under the $50M repurchase program. Management raised full-year 2026 guidance: revenue $1.49B–$1.54B (+31%–36% YoY) and adjusted EBITDA $230M–$250M (+50%–63% YoY), which incorporates the planned Alberta launch (regulator set July 13) and related upfront marketing/investment. Longer-term, management reiterates a casino-first strategy, continued product investment, disciplined marketing, and an aspirational long-term EBITDA margin in the low-to-mid 20% range. Key investor considerations: very strong user and top-line momentum, improving unit economics and marketing efficiency, geographic expansion catalysts (Mexico, Alberta), regulatory/tax uncertainty in Colombia (ongoing court review), and planned incremental spending for Alberta that will mute some near-term flow-through.