0001883685-26-000039
SEC filingQ3营收增16%至$1,329M，但Predictions投入致Adjusted EBITDA转负，2027指引成焦点。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,329.1M | $1,144.0M | +16.2% |
| Income (loss) from operations | $(493.1)M | $(271.9)M | — |
| Net income (loss) attributable to common stockholders | $(468.7)M | $(256.8)M | — |
| Basic and diluted EPS | $(0.94) | $(0.52) | — |
| Adjusted EBITDA (Non-GAAP) | $(316.9)M | $(126.5)M | — |
| Adjusted Earnings (Loss) Per Share (Non-GAAP) | $(0.53) | $(0.26) | — |
| Monthly Unique Payers | 4.1M | — | +约13% |
| Average Revenue per MUP | $109 | — | +约3% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue | $6.35B–$6.55B | N/A |
| FY2026 | Adjusted EBITDA | $175M–$275M | Non-GAAP |
| FY2027 | Revenue | $7.35B–$7.75B | N/A |
| FY2027 | Adjusted EBITDA | $800M–$1.0B | Non-GAAP |
Q3营收同比增长16.2%至$1,329.1M，主要由Sports Revenue大增31.5%至$783.6M驱动，Sports Net Revenue Margin由5.2%升至5.6%；iGaming仅增2.1%至$460.9M，Other Revenue下降12.5%。但销售与营销费用同比大增68%至$605.7M（主要投向Predictions新客推广），叠加产品技术及管理费用上升，经营亏损扩大至$(493.1)M，Adjusted EBITDA转负至$(316.9)M，净亏损$(468.7)M、摊薄EPS $(0.94)。管理层称Predictions年内已吸引超160万客户，核心业务持续产生自由现金流用于投入Predictions。
指引方面，FY2026营收下调至$6.35B–$6.55B、Adjusted EBITDA $175M–$275M，反映Predictions投入增至$650M–$700M（其中Q4为$175M–$225M），核心业务Adjusted EBITDA预计$875M–$925M；首次给出FY2027营收$7.35B–$7.75B（中点同比+17%）、Adjusted EBITDA $800M–$1.0B，含Predictions投入$250M–$350M。资本返还方面，前九月回购股票$154.2M、回购可转债$300.4M，期末现金及等价物$1,100.9M，经营现金流$63.0M。需关注Predictions监管与法律风险及营销投入对盈利的持续压制。