Raketech’s Q4 revenue has more than halved year-on-year from €12.3m ($14.46m) to €5.7m.
The affiliate network has given yearly comparisons both to the full revenue, including discontinued operations, and the revenue from only continued operations.
Comparing Q4 of this year and last year, while only considering continued operations, the dip is still 45.5%.
This rate of revenue decline is largely reflected in the full-year results, which exhibit a 47.4% fall in respect of continued operations and 50.4% including discontinued operations.
Sub affiliation and a change in how the company structures its operations in this department make up a prominent section of the overall report.
This refers to partnerships with individual influencers and content creators.
According to the report, market conditions compelled the company to wind up its 'Paid Publisher Network,' which had accounted for around half of all sub-affiliation revenue.
This has been replaced with greater focus on the ‘External Organic Publisher Network,’ which, despite demonstrating growth in isolation, has not made up the shortfall.
The CEO comment section of the report, penned by Johan Svensson, also concedes that: “Revenues from certain US publisher partnerships have taken longer than anticipated to materialise.”
The drop in sub-affiliate revenues is felt significantly in the overall figures – compared to Q4 2024, the yearly decrease in revenues is €3.4m.
The squeeze is apparent to varying extents across all sections of Raketech’s business, with a decrease in casino revenue of 55.2% and sports betting of 13.5%.
As a consequence, profitability is down massively, decreasing from €3m to €848,000.
Disappointing financial results have been reflected in an ongoing downward trend on the Nasdaq First North Premier in Stockholm.
Over the past six months, the company’s share price has decreased by 32.70%, including a near-4% tumble on the release of these results.
CEO Johan Svensson has retained a tone of modest optimism, stating: “During the quarter, we continued to sharpen Raketech’s strategic focus, advancing our platform-first model while improving performance across our core Nordic assets. With disciplined execution, a continued shift towards growing the Organic Publisher Network within SubAffiliation, and ongoing development of AffiliationCloud, we are strengthening the foundations for long-term value creation.”
Raketech has reported that the preliminary data for January 2026 has shown that revenues from affiliate marketing were slightly above the Q4 2025 average, which does at least provide one small green shoot of positivity.
Publisher costs decreased to €1.2m in Q4 2025 from €4.2m
