Raketech reported a sharp year-on-year revenue decline in Q4 2025, but held profitability metrics steady through cost control as the company worked through a restructuring of its sub-affiliation mix and a new baseline after the Casumba divestment.
The quarter is best read as a transition period: fewer legacy revenue streams, a tighter cost base, and more emphasis on its AffiliationCloud platform strategy.
First quarter without Casumba
Q4 2025 was the first full quarter after Raketech divested the Casumba assets at the end of Q3. The company reported revenue from continued operations of about €5.7 million for the quarter, an organic decrease of 45.5% year over year.
Raketech also highlighted that it had received roughly €0.4 million of the total €12 million consideration tied to the Casumba transaction, with payments structured over time.
Paid publisher weakness hit sub-affiliation
Management tied much of the revenue pressure to a paid publisher network within sub-affiliation, where changing market conditions limited new traffic inflow. Raketech said it stopped onboarding new paid publishers during the quarter and began a structured phase-out of the remaining paid network.
Sub-affiliation revenue was about €1.8 million, roughly flat quarter over quarter, but the internal mix shift is the key detail. Raketech is trying to move away from the paid network and toward an organic publisher network model.
AffiliationCloud remains the core build
Raketech continues to position AffiliationCloud as the operating hub connecting its own publisher assets, external publishers, and operators. The company described a 2026 roadmap focused on additional platform features and automation, including payments and reporting improvements.
The strategic message is consistent: build infrastructure that reduces friction for publishers and operators while improving compliance and commercial coordination.
Margins held through cost discipline
Despite the revenue drop, adjusted EBITDA was about €1.1 million, implying an EBITDA margin near 18.8%. Raketech also pointed to cost reductions versus last year and described a better finish to the quarter after the December Google Core Update improved performance for key Nordic assets.
The Q4 picture is not a growth story, but it is a clearer reset. Raketech is trading lower revenue for a model it believes can scale with more predictable economics once the sub-affiliation transition settles.
