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Sportradar Reports First Quarter Results

Betting Technology & Solutions revenues of €250 million were up 14% year-over-year primarily driven by a 13% increase in Betting & Gaming Content primarily from customer uptake of additional products and from U.S. market growth. Managed Betting Services revenues were up 16% driven by strong growth in Managed Trading Services from increased turnover and higher […]

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Betting Technology & Solutions revenues of €250 million were up 14% year-over-year primarily driven by a 13% increase in Betting & Gaming Content primarily from customer uptake of additional products and from U.S. market growth. Managed Betting Services revenues were up 16% driven by strong growth in Managed Trading Services from increased turnover and higher trading margins.

Sports Content, Technology & Services revenues of €61 million increased 33% year-over-year primarily driven by 36% growth in Marketing & Media Services led by higher ad:s revenue as several sportsbooks increased spending on marketing campaigns, and from contributions from the expansion of our affiliate marketing capabilities.

The Company generated strong revenue growth globally with Rest of World up 12% and the United States up 31%. As a percentage of total Company revenues, United States revenue represented 28% of total Company revenue in the first quarter as compared to 25% in the prior year quarter due to continued market growth and additional customer uptake of our products.

Customer Net Retention Rate of 122% further demonstrates our ability to cross-sell and up-sell to our clients, as well as the market growth in the United States.

Profit for the period

Profit for the period was €24 million, up €25 million, compared to a loss of €1 million in the same quarter a year ago, driven by strong operating results and a foreign currency gain of €28 million in the quarter as compared to a €14 million loss last year, due to unrealized currency fluctuations mainly associated with the U.S. dollar-denominated sport rights. These increases were partially offset primarily by higher share-based compensation and amortization of capitalized sport rights licenses expenses compared with the first quarter a year ago.

Adjusted EBITDA

First quarter Adjusted EBITDA was €59 million, up €12 million, or 25%, compared to €47 million in the same quarter a year ago. The increase was largely driven by the 17% revenue growth, partially offset by increased sport rights costs primarily related to the continued success of the ATP partnership deal, higher purchased services driven by investments in developing our product portfolio and increased personnel expenses to support growth initiatives.

Business Highlights

  • Announced agreement to acquire IMG ARENA and its global sports betting rights portfolio. Following receipt of regulatory approvals and the closing, which is currently anticipated to take place in the fourth quarter of 2025, IMG ARENA’s portfolio is expected to enhance Sportradar’s content and product offering and further strengthen its strategic position as a leading content provider in the most bet upon global sports, including tennis, soccer and basketball.

  • Announced the extension and expansion of our partnership with Major League Baseball (“MLB”) for 8 years, beginning with the 2025 season. Sportradar will exclusively distribute ultra-low latency official MLB data, media content, including MLB Statcast Data, and audiovisual content across our global client network. Additionally, Sportradar and MLB will collaborate on the creation of AI-driven products powered by player tracking data to create immersive, hyper-personalized fan experiences.

  • Expanded Alpha Odds, Sportradar’s AI-enabled premium odds calculation and risk management solution, into cricket, a sport that generates an estimated €80 billion in global betting turnover annually.

  • Signed multi-year partnership with the Brazilian Volleyball Confederation (CBV) to safeguard CBV competitions from corruption and match-fixing through Sportradar’s Universal Fraud Detection System (UFDS), and to supply metrics and dynamic visualizations for coaching teams.

  • Extended long-standing partnership with the Brazilian Football Confederation (CBF). Sportradar will deliver integrity monitoring for more than 8,200 men’s and women’s matches organized annually by the CBF, now including all Brazilian national championships.

Balance Sheet and Liquidity

The Company’s cash and cash equivalents were €358 million as of March 31, 2025 as compared with €348 million as of December 31, 2024. The increase was primarily driven by net cash generated from operating activities of €102 million due to the strong operating performance, partially offset by net cash used in investing activities of €66 million, primarily from the acquisition of additional sport rights and from net cash used in financing activities of €19 million, due primarily to share repurchases related to employee stock grants. Free cash flow for the first quarter was €32 million, an increase of €32 million compared to the same period a year ago.

Including its undrawn credit facility, the Company had total liquidity of €578 million at March 31, 2025 as compared to €568 million as of December 31, 2024, and no debt outstanding.

2025 Annual Financial Outlook

Sportradar reiterated its fiscal 2025 outlook as follows:

  • Revenue of at least €1,273 million, representing year-on-year growth of at least 15%

  • Adjusted EBITDA of at least €281 million, representing year-on-year growth of at least 26%

  • Adjusted EBITDA margin expansion of at least 200 basis points

  • Free cash flow conversion1 rate above the 2024 level of 53%

The 2025 guidance does not include any impact from the pending acquisition of IMG ARENA given the uncertainty around the timing of close. Guidance will be updated to incorporate the anticipated uplift resulting from this acquisition following the closing of the transaction.

Share Repurchase Plan

In March 2024, the Board of Directors approved a $200 million share repurchase plan. As of May 9, 2025 the Company has repurchased 4.8 million shares under the plan for a total of $86 million, including 3.0 million shares in conjunction with the recently completed secondary offering.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the first quarter results today, May 12, 2025, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

About Sportradar

Sportradar Group AG (NASDAQ: SRAD), founded in 2001, is a leading global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the Company provides sports federations, news media, consumer platforms and sports betting operators with a best-in-class range of solutions to help grow their business. As the trusted partner of organizations like the ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and Bundesliga, Sportradar covers close to a million events annually across all major sports. With deep industry relationships and expertise, Sportradar is not just redefining the sports fan experience, it also safeguards sports through its Integrity Services division and advocacy for an integrity-driven environment for all involved.

For more information about Sportradar, please visit www.sportradar.com

_______________________________________________________________________

1 Non-IFRS measure or Operating Metric. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

CONTACT:

Investor Relations:
Jim Bombassei
j.bombassei@sportradar.com

Media:
Sandra Lee
sandra.lee@sportradar.com

Non-IFRS Financial Measures and Operating Metric

We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted purchased services, Adjusted personnel expenses, Adjusted other operating expenses, Free cash flow, and Free cash flow conversion, as well as our operating metric, Customer Net Retention Rate. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.

Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures provided in the financial statement tables included below in this press release.

  • “Adjusted EBITDA” represents earnings for the period adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of capitalized sport rights licenses), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, restructuring costs, non-routine litigation costs, and certain transaction-related costs.

    License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. Only licenses that meet the recognition criteria of IAS 38 are capitalized. The primary distinction for whether a license is capitalized or not capitalized is the contracted length of the applicable license. Therefore, the type of license we enter into can have a significant impact on our results of operations depending on whether we are able to capitalize the relevant license. As such, our presentation of Adjusted EBITDA reflects the full costs of our sport right’s licenses. Management believes that, by including amortization of sport rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.

    We present Adjusted EBITDA because management believes that some items excluded are non-recurring in nature and this information is relevant in evaluating the results relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures. However, Sportradar’s calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure.

    Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for, profit for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. We compensate for these limitations by relying primarily on our IFRS results and using Adjusted EBITDA only as a supplemental measure.

  • “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.

    The Company is unable to provide a reconciliation of Adjusted EBITDA to profit (loss) for the period or Adjusted EBITDA margin to Profit for the period as a percentage of revenue (in each case the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, foreign exchange gains and losses. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.

We present Adjusted purchased services, Adjusted personnel expenses, and Adjusted other operating expenses (together, “Non-IFRS expenses”) because management utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of expenses. Management believes these adjusted expense measures provide expanded insight to assess revenue and cost performance, in addition to the standard IFRS-based financial measures. Management believes these adjusted expense measures are useful to investors for evaluating Sportradar’s operating performance against competitors. However, Sportradar’s calculation of adjusted expense measures may not be comparable to other similarly titled performance measures of other companies. These adjusted expense measures are not intended to be a substitute for any IFRS financial measure.

  • Adjusted purchased services” represents purchased services less capitalized external development costs.

  • Adjusted personnel expenses” represents personnel expenses less share-based compensation awarded to employees, restructuring costs, and capitalized personnel compensation.

  • Adjusted other operating expenses” represents other operating expenses plus impairment loss on trade receivables, less non-routine litigation, share-based compensation awarded to third parties, and certain transaction-related costs.

We consider Free cash flow and Free cash flow conversion to be liquidity measures that provide useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, the purchase of intangible assets and payment of lease liabilities, which can then be used, among other things, to invest in our business and make strategic acquisitions, as well as our ability to convert our earnings to cash. A limitation of the utility of Free cash flow and Free cash flow conversion as measures of liquidity is that they do not represent the total increase or decrease in our cash balance for the year.

  • Free cash flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, and acquisition of intangible assets.

  • Free cash flow conversion” represents Free cash flow as a percentage of Adjusted EBITDA.

    The Company is unable to provide a reconciliation of Free cash flow to net cash from operating activities or Free cash flow conversion to net cash from operating activities as a percentage of profit for the period (in each case the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, changes in working capital, the timing of customer payments, the timing and amount of tax payments, and other items that are non-recurring or unusual. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.

In addition, we define the following operating metric as follows:

  • “Customer Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue from our top 200 customers as of twelve months prior to such period end, or prior period revenue. We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months but excludes revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at our Net Retention Rate.

Safe Harbor for Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events, including, without limitation, statements regarding future financial or operating performance, planned activities and objectives, anticipated growth resulting therefrom, market opportunities, strategies and other expectations, and our guidance and outlook, including expected performance for the full year 2025. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “projects”, “continue,” “contemplate,” “confident,” “possible” or similar words. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: economy downturns and political and market conditions beyond our control, including the impact of the Russia/Ukraine and other military conflicts such as acts or war or terrorism and foreign exchange rate fluctuations; pandemics could have an adverse effect on our business; dependence on our strategic relationships with our sports league partners; effect of social responsibility concerns and public opinion on responsible gaming requirements on our reputation; potential adverse changes in public and consumer tastes and preferences and industry trends; potential changes in competitive landscape, including new market entrants or disintermediation; potential inability to anticipate and adopt new technology and products, including efficiencies achieved through the use of artificial intelligence; potential errors, failures or bugs in our products; inability to protect our systems and data from continually evolving cybersecurity risks, security breaches or other technological risks; potential interruptions and failures in our systems or infrastructure; difficulties in our ability to evaluate, complete and integrate acquisitions (including the proposed IMG ARENA acquisition) successfully; our ability to comply with governmental laws, rules, regulations, and other legal obligations, related to data privacy, protection and security; ability to comply with the variety of unsettled and developing U.S. and foreign laws on sports betting; dependence on jurisdictions with uncertain regulatory frameworks for our revenue; changes in the legal and regulatory status of real money gambling and betting legislation on us and our customers; our inability to maintain or obtain regulatory compliance in the jurisdictions in which we conduct our business; our ability to obtain, maintain, protect, enforce and defend our intellectual property rights; our ability to obtain and maintain sufficient data rights from major sports leagues, including exclusive rights; any material weaknesses identified in our internal control over financial reporting; inability to secure additional financing in a timely manner, or at all, to meet our long-term future capital needs; and other risk factors set forth in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at www.sec.gov and on our website at https://investors.sportradar.com. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. One should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.


SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Unaudited)

 

 

Three-Month Period Ended
March 31,

in €’000 and in thousands of shares

 

2025

 

 

20241

 

Revenue

 

311,231

 

 

265,894

 

Personnel expenses

 

(102,356

)

 

(79,567

)

Sport rights expenses (including amortization of capitalized sport rights licenses)

 

(104,030

)

 

(90,943

)

Purchased services

 

(48,989

)

 

(39,146

)

Other operating expenses

 

(28,114

)

 

(21,435

)

Impairment loss on trade receivables, contract assets and other financial assets

 

(1,737

)

 

(1,830

)

Internally-developed software cost capitalized

 

11,656

 

 

10,526

 

Depreciation and amortization (excluding amortization of capitalized sport rights licenses)

 

(16,318

)

 

(11,985

)

Foreign currency gain (loss), net

 

27,524

 

 

(14,466

)

Finance income

 

2,333

 

 

2,012

 

Finance costs

 

(21,853

)

 

(18,749

)

Net income before tax

 

29,347

 

 

311

 

Income tax expense

 

(5,009

)

 

(960

)

Profit (loss) for the period

 

24,338

 

 

(649

)

 

 

 

 

 

Other comprehensive income

 

 

 

 

Items that will not be reclassified subsequently to profit or (loss)

 

 

 

 

Remeasurement of defined benefit liability

 

(2

)

 

1

 

Related deferred tax expense

 

28

 

 

 

 

 

26

 

 

1

 

Items that may be reclassified subsequently to profit or (loss)

 

 

 

 

Foreign currency translation adjustment attributable to the owners of the company

 

(4,937

)

 

4,009

 

Foreign currency translation adjustment attributable to non-controlling interests

 

(226

)

 

(12

)

 

 

(5,163

)

 

3,997

 

Other comprehensive (loss) income for the period, net of tax

 

(5,137

)

 

3,998

 

Total comprehensive income for the period

 

19,201

 

 

3,349

 

 

 

 

 

 

Profit (loss) attributable to:

 

 

 

 

Owners of the Company

 

24,208

 

 

(574

)

Non-controlling interests

 

130

 

 

(75

)

 

 

24,338

 

 

(649

)

Total comprehensive income (loss) attributable to:

 

 

 

 

Owners of the Company

 

19,297

 

 

3,436

 

Non-controlling interests

 

(96

)

 

(87

)

 

 

19,201

 

 

3,349

 

 

 

 

 

 

Profit per Class A share attributable to owners of the Company

 

 

 

 

Basic

 

0.08

 

 

(0.00

)

Diluted

 

0.07

 

 

(0.00

)

Profit per Class B share attributable to owners of the Company

 

 

 

 

Basic

 

0.01

 

 

(0.00

)

Diluted

 

0.01

 

 

(0.00

)

 

 

 

 

 

Weighted-average number of shares

 

 

 

 

Weighted-average number of Class A shares (basic)

 

210,610

 

 

209,871

 

Weighted-average number of Class A shares (diluted)

 

230,413

 

 

223,606

 

Weighted-average number of Class B shares (basic and diluted)

 

903,671

 

 

903,671

 

1 – Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to ‘Change in presentation related to sport rights expenses’ section below for further information.


SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)

in €’000

 

March 31,
2025

 

December 31,
2024

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

357,825

 

 

348,357

 

Trade receivables

 

91,721

 

 

77,106

 

Contract assets

 

97,023

 

 

93,562

 

Other assets and prepayments

 

33,003

 

 

46,601

 

Income tax receivables

 

8,944

 

 

7,624

 

Total current assets

 

588,516

 

 

573,250

 

Non-current assets

 

 

 

 

Property and equipment

 

69,734

 

 

66,240

 

Intangible assets and goodwill

 

1,840,982

 

 

1,607,057

 

Other financial assets and other non-current assets

 

11,212

 

 

11,718

 

Deferred tax assets

 

32,236

 

 

36,376

 

Total non-current assets

 

1,954,164

 

 

1,721,391

 

Total assets

 

2,542,680

 

 

2,294,641

 

Liabilities and equity

 

 

 

 

Current liabilities

 

 

 

 

Loans and borrowings

 

10,479

 

 

10,022

 

Trade payables

 

300,793

 

 

259,742

 

Other liabilities

 

81,396

 

 

68,271

 

Contract liabilities

 

39,681

 

 

30,200

 

Income tax liabilities

 

3,997

 

 

5,599

 

Total current liabilities

 

436,346

 

 

373,834

 

Non-current liabilities

 

 

 

 

Loans and borrowings

 

40,919

 

 

36,697

 

Trade payables

 

1,026,002

 

 

895,679

 

Contract liabilities

 

39,799

 

 

37,711

 

Other non-current liabilities

 

1,917

 

 

1,830

 

Deferred tax liabilities

 

18,426

 

 

19,043

 

Total non-current liabilities

 

1,127,063

 

 

990,960

 

Total liabilities

 

1,563,409

 

 

1,364,794

 

Equity

 

 

 

 

Ordinary shares

 

27,582

 

 

27,551

 

Treasury shares

 

(16,079

)

 

(18,813

)

Additional paid-in capital

 

706,835

 

 

668,254

 

Retained earnings

 

235,027

 

 

221,942

 

Other reserves

 

21,309

 

 

26,220

 

Equity attributable to owners of the Company

 

974,674

 

 

925,154

 

Non-controlling interest

 

4,597

 

 

4,693

 

Total equity

 

979,271

 

 

929,847

 

Total liabilities and equity

 

2,542,680

 

 

2,294,641

 

SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

Three-Month Period Ended
March 31,

in €’000

 

2025

 

 

20241

 

OPERATING ACTIVITIES:

 

 

 

 

Profit (loss) for the period

 

24,338

 

 

(649

)

Adjustments to reconcile profit for the period to net cash provided by operating activities:

 

 

 

 

Income tax expense

 

5,009

 

 

960

 

Interest income

 

(2,333

)

 

(2,037

)

Interest expense

 

21,853

 

 

18,893

 

Foreign currency (gain) loss, net

 

(27,524

)

 

14,466

 

Depreciation and amortization (excluding amortization of capitalized sport rights licenses)

 

16,318

 

 

11,985

 

Amortization of capitalized sport rights licenses

 

71,699

 

 

64,871

 

Equity-settled share-based payments

 

12,847

 

 

1,995

 

Other

 

(149

)

 

(2,412

)

Cash flow from operating activities before working capital changes, interest and income taxes

 

122,058

 

 

108,072

 

Increase in trade receivables, contract assets, other assets and prepayments

 

(17,882

)

 

(43,192

)

Decrease in trade and other payables, contract and other liabilities

 

21,570

 

 

18,791

 

Changes in working capital

 

3,688

 

 

(24,401

)

Interest paid

 

(21,646

)

 

(18,678

)

Interest received

 

2,333

 

 

2,037

 

Income taxes (received) paid, net

 

(4,187

)

 

149

 

Net cash from operating activities

 

102,246

 

 

67,179

 

INVESTING ACTIVITIES:

 

 

 

 

Acquisition of intangible assets

 

(67,325

)

 

(63,444

)

Acquisition of property and equipment

 

(972

)

 

(1,768

)

Acquisition of subsidiaries, net of cash acquired

 

2,654

 

 

(717

)

Proceeds from sale of intangible assets

 

21

 

 

22

 

Change in loans receivable and deposits

 

(188

)

 

21

 

Net cash used in investing activities

 

(65,810

)

 

(65,886

)

FINANCING ACTIVITIES:

 

 

 

 

Payment of lease liabilities

 

(1,999

)

 

(1,999

)

Purchase of treasury shares

 

(16,611

)

 

(5,551

)

Principal payments on bank debt

 

 

 

(60

)

Change in bank overdrafts

 

 

 

18

 

Net cash used in financing activities

 

(18,610

)

 

(7,592

)

Net increase in cash

 

17,826

 

 

(6,299

)

Cash and cash equivalents at beginning of period

 

348,357

 

 

277,174

 

Effects of movements in exchange rates

 

(8,358

)

 

3,753

 

Cash and cash equivalents at end of period

 

357,825

 

 

274,628

 

1 – Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to ‘Change in presentation related to sport rights expenses’ section below for further information.


Change in presentation related to sport rights expenses

During the third quarter of 2024, the Company changed the presentation of expenses related to sport rights in its Statement of profit or loss and other comprehensive income. Previously, these expenses were split between ‘Purchased services and licenses (excluding depreciation and amortization)’, representing the portion of related sport rights expenses which were not eligible for capitalization and ‘Depreciation and amortization’, representing the portion of related sport rights expenses which were capitalized. However, the expenses are now combined and presented under a new line item titled ‘Sport rights expenses (including amortization of capitalized licenses)’. This has also resulted in a change in presentation in the cash flow statement, removing the lines ‘Amortization and impairment of intangible assets’, and ‘Depreciation of property equipment’ and replacing them with ‘Amortization of capitalized sport rights licenses’, ‘Depreciation and amortization (excluding amortization of capitalized sport rights licenses)’, and ‘Impairment losses on goodwill and intangible assets’. Certain prior year amounts have been reclassified for consistency with the current year presentation. See below for detail of these amounts.

The change in presentation intends to provide more relevant and reliable information to the users of our financial statements. This reclassification aligns the presentation of sport rights expenses with the nature of the costs and the way they are managed internally.

The following table shows the reclassification of sport rights expenses in the consolidated statement of profit or loss and other comprehensive income (unaudited) as described above:

 

 

Three-Month Period Ended
March 31, 2024

in €’000

 

Previously
reported

 

Reclassifications

 

Currently
reported

Purchased services and licenses (excluding depreciation and amortization)1

 

(65,218

)

 

26,072

 

 

(39,146

)

Depreciation and amortization2

 

(76,856

)

 

64,871

 

 

(11,985

)

Sport rights expenses (including amortization of capitalized sport rights licenses)

 

 

 

(90,943

)

 

(90,943

)

1 – This line is now “Purchased Services” in the consolidated statement of profit or loss and other comprehensive income (unaudited) 
2 – This line is now “Depreciation and amortization (excluding amortization of capitalized sport rights licenses)” in the consolidated statement of profit or loss and other comprehensive income


The following table shows the reclassifications of the related amounts in the consolidated statement of cash flows (unaudited) as described above:

 

 

Three-Month Period Ended
March 31, 2024

in €’000

 

Previously
reported

 

Reclassifications

 

Currently
reported

Amortization and impairment of intangible assets

 

72,818

 

(72,818

)

 

Depreciation of property and equipment

 

4,038

 

(4,038

)

 

Amortization of capitalized sport rights licenses

 

 

64,871

 

 

64,871

Depreciation and amortization (excluding amortization of capitalized sport rights licenses)

 

 

11,985

 

 

11,985

Net cash from operating activities

 

67,179

 

 

 

67,179


Additional disclosures related to sport rights expenses

The following table shows the composition of sport rights expenses (unaudited):

 

 

Three-Month Period Ended
March 31,

in €’000

 

2025

 

2024

Non-capitalized sport right expenses

 

32,331

 

26,072

Amortization of capitalized sport rights

 

71,699

 

64,871

Total sport rights expenses

 

104,030

 

90,943


IFRS to Non-IFRS Reconciliations

The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is Profit (loss) for the period (unaudited), and Adjusted EBITDA margin to the most directly comparable IFRS financial performance measures, which is Profit (loss) for the period (unaudited) as a percentage of revenue:

 

 

Three-Month Period Ended
March 31,

in €’000

 

2025

 

 

2024

 

Revenue

 

311,231

 

 

265,894

 

 

 

 

 

 

Profit (loss) for the period

 

24,338

 

 

(649

)

Finance income

 

(2,333

)

 

(2,012

)

Finance costs

 

21,853

 

 

18,749

 

Depreciation and amortization (excluding amortization of capitalized sport rights licenses)

 

16,318

 

 

11,985

 

Foreign currency (gain) loss, net

 

(27,524

)

 

14,466

 

Share-based compensation

 

14,541

 

 

2,071

 

Restructuring costs

 

1,342

 

 

1,620

 

Non-routine litigation costs

 

2,279

 

 

 

Transaction-related costs

 

3,132

 

 

 

Income tax expense

 

5,009

 

 

960

 

Adjusted EBITDA

 

58,955

 

 

47,190

 

 

Profit (loss) for the period as a percentage of revenue

 

7.8

%

 

(0.2

)%

Adjusted EBITDA margin

 

18.9

%

 

17.7

%


The following table reconciles Free cash flow to the most directly comparable IFRS measure, which is Net cash from operating activities (unaudited), and Free cash flow conversion to the most directly comparable IFRS measure, which is Net cash from operating activities conversion, which is measured as Net cash from operating activities (unaudited) as a percentage of Profit for the period:

 

 

Three-Month Period Ended
March 31,

in €’000

 

2025

 

 

2024

 

Net cash from operating activities

 

102,246

 

 

67,179

 

Acquisition of intangible assets

 

(67,325

)

 

(63,444

)

Acquisition of property plant and equipment

 

(972

)

 

(1,768

)

Payment of lease liabilities

 

(1,999

)

 

(1,999

)

Free cash flow

 

31,950

 

 

(32

)

 

Net cash from operating activities conversion

 

420

%

 

*

 

Free cash flow conversion

 

54

%

 

— 

%

*Not meaningful


The following tables show reconciliations of IFRS expenses included in profit for the period to expenses included in Adjusted EBITDA (unaudited):

 

 

Three-Month Period Ended
March 31,

in €’000

 

2025

 

 

2024

 

Purchased services

 

48,989

 

 

39,146

 

Less: capitalized external services

 

(5,283

)

 

(3,948

)

Adjusted purchased services

 

43,706

 

 

35,198

 

 

 

 

 

 

Personnel expenses

 

102,356

 

 

79,567

 

Less: share-based compensation

 

(15,239

)

 

(2,519

)

Less: restructuring costs

 

(1,342

)

 

(1,620

)

Less: capitalized personnel compensation

 

(5,455

)

 

(5,896

)

Adjusted personnel expenses

 

80,320

 

 

69,532

 

 

 

 

 

 

Other operating expenses

 

28,114

 

 

21,435

 

Less: non-routine litigation

 

(2,279

)

 

 

Less: share-based compensation

 

(220

)

 

(234

)

Less: transaction-related costs

 

(3,132

)

 

 

Add: impairment loss on trade receivables

 

1,737

 

 

1,830

 

Adjusted other operating expenses

 

24,220

 

 

23,031

 



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ICYMI: the week’s 7 biggest tech stories from the Nintendo Switch 2 launch to Samsung Galaxy Z Fold 7 Ultra leaks

Action stations, folks, the Nintendo Switch 2 is here, and we’ve got our hands on the new console! We’ve also tested the latest Surface Pro tablet, found out how Spotify Wrapped 2024 got it so wrong, and tuned in to Summer Game Fest 2025 for some major announcements. Once you’ve scrolled down to catch up […]

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Action stations, folks, the Nintendo Switch 2 is here, and we’ve got our hands on the new console!

We’ve also tested the latest Surface Pro tablet, found out how Spotify Wrapped 2024 got it so wrong, and tuned in to Summer Game Fest 2025 for some major announcements.



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New PGA Tour Innovation Divides Fans

Golf World in Turmoil as New PGA Tour Innovation Sparks Controversy Among Fans In a shocking turn of events, the PGA Tour has introduced a groundbreaking innovation at the Canadian Open, leaving golf fans worldwide divided. The new technology, a drone shot tracer that changes color based on the probability of the ball hitting the […]

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Golf World in Turmoil as New PGA Tour Innovation Sparks Controversy Among Fans

In a shocking turn of events, the PGA Tour has introduced a groundbreaking innovation at the Canadian Open, leaving golf fans worldwide divided. The new technology, a drone shot tracer that changes color based on the probability of the ball hitting the fairway, has sparked a heated debate among enthusiasts.

While some fans have welcomed the change as a step towards modernization and innovation, others have criticized it, arguing that it takes away the anticipation and uncertainty that makes watching golf exciting. One fan expressed, “It is so bad, I don’t need a robot to tell me where it thinks the ball will land, I can wait 2 seconds to find out myself.”

Speculations are rife that the PGA Tour’s new technology might have been inspired by LIV Golf, a rival league that has been attracting top players away from the traditional tour. With big names like Bryson DeChambeau and Phil Mickelson having joined LIV Golf in recent years, the competition between the two leagues is at an all-time high.

Phil Mickelson, a vocal critic of the PGA Tour, highlighted the advantages of LIV Golf, emphasizing the need for more global and competitive events that bring together the best players in the world. Mickelson pointed out that the traditional model of the PGA Tour restricted players from competing against each other frequently and internationally, a limitation that LIV Golf has successfully addressed.

As the golfing world grapples with these significant changes and innovations, one thing is clear – the landscape of professional golf is evolving rapidly, with leagues like LIV Golf pushing the boundaries of what is possible in the sport. The PGA Tour, faced with increasing competition and fan expectations, must continue to adapt and innovate to stay relevant in this dynamic environment.



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Bioniq Personalized Supplements Cristiano Ronaldo

Inside the surprising shift in who’s turning to Bioniq’s personalized supplements (and what they’re really after) With personalization becoming the new standard in both the fitness and wellness industry, it’s not just Gen Z leading the charge.  A new analysis from Cristiano Ronaldo-backed personalized supplement brand Bioniq, based on data from more than 250,000 users […]

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Inside the surprising shift in who’s turning to Bioniq’s personalized supplements (and what they’re really after)

With personalization becoming the new standard in both the fitness and wellness industry, it’s not just Gen Z leading the charge. 

A new analysis from Cristiano Ronaldo-backed personalized supplement brand Bioniq, based on data from more than 250,000 users across the U.S. and the GCC, reveals that older adults are just as engaged in health optimization as younger consumers. 

Cristiano Ronaldo and Vadim Fedotov celebrate Ronaldo's investment in Bioniq
Ronaldo (l) with Bioniq CEO Vadim Fedotov (credit: Bioniq)

The supplement brand, now valued at $82 million, analyzed more than six million biochemical data points using its proprietary AI algorithm, which integrates health quiz responses with blood test results. The findings offer insight into how consumers across generations and the two regions are redefining their wellness priorities.

Here are the most striking trends:

Move Over Gen Z, Midlife Has Momentum 

While Gen Z  is certainly invested in all things wellness and better-for-you foods, it’s adults aged 35 to 60 who are driving the deepest engagement. Bioniq’s data shows the most active users are men aged 35–45 and women 45–60, peaking at 50–55, representing a clear signal that midlife is when long-term health, energy, and disease prevention become top priorities.

The Obesity Dilemma

In the United States, 40% of quiz-takers were classified as obese, with men more likely to be overweight and less likely to fall within a healthy weight range compared to women. In contrast, only 20% of users in the GCC were categorized as obese, and nearly half of GCC women were classified as having a healthy weight.

Bioniq’s data shows that healthy-weight and overweight individuals are more likely to remain engaged with the program, while obese users exhibit lower retention. Although an active lifestyle is linked to stronger long-term participation, the findings suggest that users classified as obese may disengage if they don’t see immediate results. Bioniq notes this underscores the need for stronger education and motivational support to sustain engagement in this group.

Nutrient Concerns 

Bioniq found that in the U.S., individuals focused on health and nutrient deficiencies tended to be older, particularly in the 44–55 age group. In contrast, health-conscious users in the GCC skewed younger, with the largest segment falling between ages 30 and 45.

Among women aged 18–35, 30% identified iron deficiency as a key concern. Encouragingly, 94% of Bioniq Pro members in this group optimized their ferritin levels within six months — though interest in iron levels tends to decline with age, according to the personalized supplement company.

See Also


The Brain Game

Is cognitive health becoming more important than chasing six-pack abs? The data suggests so. Nearly half of all Bioniq users ranked memory and focus as their top wellness goals, with younger users especially prioritizing brain function, sleep quality and anxiety management.

Aging Well Remains Universal

Half of all men, regardless of age, listed muscle strength as a top health priority, with younger men focused on muscle mass, cognitive performance, and libido support. Older men, by contrast, are increasingly concerned with anti-aging, heart health, and bone strength.

For women, beauty and aging were the dominant themes. Younger users prioritized skin, hair, and nail health, while older women shifted their focus to memory and skin health. Across both genders, the desire to age well grows stronger with time.

Vadim Fedotov | credit: Bioniq

“At Bioniq, we’ve observed a significant transformation in our audience over the years,” Bioniq founder and CEO Vadim Fedotov said. “While we initially catered to health enthusiasts and athletes, we’re now seeing a growing demand from an older demographic seeking personalized solutions for healthy aging and longevity. Additionally, the rise in female customers highlights the increasing awareness and demand for tailored health optimization. This evolution reinforces our goal to provide science-backed, data-driven supplementation for every stage of life.”

This spring, Bioniq announced a partnership with social wellness club Remedy Place to launch Meridian, a personalized health assessment program available to club members. As a perk of the collaboration, Remedy Place members also receive personalized, co-branded Bioniq x Remedy Place canisters to store their supplements.





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Nvidia eyes big expansion of headquarters office hub in Santa Clara

SANTA CLARA — Nvidia is eyeing a major expansion of an office site the company owns next to its headquarters, documents on file with Santa Clara city planners show. The tech company has filed a proposal to build a new office building at 2400 Condensa St., which is west of, and directly next to, Nvidia’s […]

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SANTA CLARA — Nvidia is eyeing a major expansion of an office site the company owns next to its headquarters, documents on file with Santa Clara city planners show.

The tech company has filed a proposal to build a new office building at 2400 Condensa St., which is west of, and directly next to, Nvidia’s complex on San Tomas Expressway, documents show.

2400 Condensa Street in Santa Clara, shown within the outline. Boundaries are approximate. The Nvidia headquarters campus is visible in the right center of the image.(Google Maps)
2400 Condensa Street in Santa Clara, shown within the outline. Boundaries are approximate. The Nvidia headquarters campus is visible in the right center of the image. (Google Maps)

“To support our growth as we push the boundaries of accelerated computing, we have submitted a permit application to expand our headquarters with additional offices, lab space, and parking,” an Nvidia spokesperson stated in comments emailed to this news organization.

Nvidia’s development plans envision the demolition of an office and research building that Nvidia already owns and occupies. The existing office building totals 215,500 square feet, according to commercial real estate database Property Shark.

That building is on a parcel that is roughly 11 acres, Property Shark estimates show.

Nvidia intends to replace the existing structure with a modern office building that is expected to total 324,000 square feet, according to Santa Clara planning files.

The development would also include a parking structure with about 2,900 vehicle spaces and 36 surface parking spaces, city documents show.

“We hope to start work on this third phase of our long-standing development agreement with the city in the fall,” the Nvidia spokesperson stated in the email.

Santa Clara-based Nvidia has embarked on a remarkable quest to widen its footholds in the South Bay, primarily through property purchases next to and near its headquarters. It has also pursued leasing deals in locations that include an office building in San Jose.

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Fitness Tracker Data Can Improve Medical Care

Concerns about privacy are stopping some people from being willing to share wearable tracker data with their doctor. (Dragon Images/Shutterstock) In a nutshell Although 94% of fitness tracker users say they’re willing to share their data with healthcare providers, only 43% have actually done so. Privacy concerns, especially among people with chronic health conditions, are […]

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A patient sharing fitness tracker data with doctor.A patient sharing fitness tracker data with doctor.

Concerns about privacy are stopping some people from being willing to share wearable tracker data with their doctor. (Dragon Images/Shutterstock)

In a nutshell

  • Although 94% of fitness tracker users say they’re willing to share their data with healthcare providers, only 43% have actually done so.
  • Privacy concerns, especially among people with chronic health conditions, are a major barrier to sharing wearable data during medical visits.
  • Doctors often lack the tools and infrastructure to use fitness tracker data effectively, highlighting a missed opportunity in modern healthcare.

ADELAIDE, Australia — Millions of Americans strap on Apple Watches, Fitbits, and other fitness trackers every day, diligently monitoring their steps, heart rate, and sleep patterns. These devices generate a treasure trove of health data that could revolutionize how doctors treat patients, if only people would actually share it.

A new study from the University of South Australia reveals that while 94% of fitness tracker users say they’re willing to share their device data with healthcare providers, less than half have ever actually done so. Only 43% have directly shared their tracker information during medical appointments, despite the potential for this data to improve their care.

Published in the journal Healthcare, the research surveyed 447 current and former wearable activity tracker users across multiple countries to understand why there’s such a massive gap between good intentions and real-world behavior regarding health data sharing.

These numbers expose both an enormous opportunity and a fundamental problem in modern healthcare. Patients are increasingly taking charge of their own health monitoring through consumer devices, but this wealth of objective data isn’t making it into doctors’ offices where it could actually make a difference.

How This Impacts Healthcare

Person checking heart rate on smartwatchPerson checking heart rate on smartwatch
Fitness and health trackers show real-time health data. (Photo by Nik on Unsplash)

Traditional healthcare relies heavily on patients’ self-reported behaviors, such as how much they exercise, how well they sleep, and whether they’re taking their medications. But people are notoriously bad at accurately remembering and reporting these details. Fitness trackers, on the other hand, provide continuous, objective measurements that could give doctors a much clearer picture of their patients’ daily health behaviors.

The study found that people with chronic health conditions were more likely to have discussed or shared their tracker data with healthcare providers. Those patients typically have more frequent medical appointments and greater motivation to actively manage their health.

However, these same patients were also more likely to express concerns about sharing their data, creating a paradox where the people who could benefit most from data sharing are also the most worried about it.

Privacy Worries

Privacy emerged as the top concern among the 26% of participants who had reservations about sharing their tracker data. Only 10% of all participants cited privacy as a specific worry, but it was by far the most common concern mentioned.

Australian participants were significantly less likely to have shared their data with healthcare providers compared to Americans, while U.S. participants reported fewer privacy concerns overall. This suggests cultural attitudes toward health data sharing vary considerably, even among developed nations with similar healthcare systems.

People between 35 and 44 were more likely to have shared their tracker data than younger adults aged 18 to 24, while those aged 45 to 54 expressed the most concerns about data sharing. This pattern suggests that middle-aged adults may see the most immediate value in sharing health data, while older adults remain more cautious.

Researchers conducted their survey between February and May 2023, recruiting participants through Amazon Mechanical Turk and Facebook. They included adults who had used a fitness tracker within the past three years for at least one month, excluding those who only used smartphone apps without an actual wearable device.

The final sample was predominantly young (84% under 45), female (60%), and well-educated (75% had higher education qualifications). Most participants came from the United States (60%) or Australia (27%), with the remainder from 31 other countries.

Participants answered questions about whether they’d discussed or shared their tracker data with healthcare providers, their willingness to do so, and any concerns they had about such sharing. The survey also collected information about participants’ demographics, health status, and tracker usage patterns.

What People Actually Use These Devices For

Most participants used popular brands like Apple (45%), Fitbit (20%), and Garmin (20%). About 80% were current users, while 20% had stopped using their devices. Daily usage was common, with 66% using their trackers every day.

Most people reported that their fitness trackers actually helped them become more active. About 66% said they had either constantly increased their activity or increased and maintained higher activity levels since using their devices.

When participants did share data with healthcare providers, they most commonly did so through proprietary apps, verbally during appointments, or via direct messaging. The contexts usually involved tracking health metrics, setting goals, or discussing specific health concerns.

Woman running and checking her heart rate on her fitness trackerWoman running and checking her heart rate on her fitness tracker
Sharing tracker data could allow doctors to provide more personalized care to patients. (Prostock-studio/Shutterstock)

Many healthcare systems simply aren’t equipped to handle patient-generated data from consumer devices. Current fitness trackers often don’t meet healthcare systems’ stringent privacy and security requirements, and many doctors lack training on how to interpret and use this information effectively.

The researchers noted that developing secure data management solutions for wearable devices, including encryption or de-identification features, could help address privacy concerns and enable safer use of this data during clinical encounters.

The Missed Opportunity

The sheer volume of health data being generated but not utilized is overwhelming. The global wearable activity tracker market is valued at approximately $63 billion and projected to reach $352 billion by 2033. With roughly 20% of Australian adults and 39% of U.S. adults owning fitness trackers, there’s an enormous amount of objective health data being collected every day.

Unlike traditional medical data, which is collected sporadically during doctor visits, fitness trackers provide continuous monitoring. This real-time data could help doctors spot trends, adjust treatments, and provide more personalized care recommendations.

In order to implement tracker data effectively, we need to develop more secure data-sharing platforms, train healthcare providers on how to use tracker data effectively, and create clearer guidelines for when and how this data should be incorporated into clinical decision-making.

Patients are ready and willing to share their fitness tracker data with doctors, but the healthcare system isn’t ready to receive it. Bridging this gap could unlock significant improvements in how we monitor and manage health, but it will require investment in technology, training, and privacy protections to make it work.

Paper Summary

Methodology

Researchers conducted an international online survey from February to May 2023, recruiting participants through Amazon Mechanical Turk and Facebook. They included 447 adults aged 18 and older who had used a wearable activity tracker for at least one month within the past three years. Participants were excluded if they only used smartphone apps without physical devices or if their trackers didn’t measure physical activity. The survey asked about demographics, tracker usage patterns, experiences sharing data with healthcare providers, and willingness or concerns about data sharing. Statistical analysis used multivariate logistic regression to examine relationships between participant characteristics and data-sharing attitudes.

Results

Of 447 participants, 94% expressed willingness to share tracker data with healthcare providers, but only 47% had ever discussed their data with providers and 43% had directly shared it. About 26% had concerns about sharing, with privacy being the most common worry (cited by 10% of participants). People with chronic health conditions were more likely to both share data and express concerns. Geographic differences emerged, with Australian participants less likely to share data and U.S. participants reporting fewer privacy concerns. The sample was predominantly young (84% under 45), female (60%), well-educated (75% higher education), and from the U.S. (60%) or Australia (27%).

Limitations

Several limitations affected this study including potential self-selection bias since people interested in the topic may have been more likely to participate. The sample was not representative of the general population, being skewed toward younger, more educated, and tech-savvy individuals primarily from the U.S. and Australia. The survey design may have introduced recall bias, particularly among former tracker users who might not accurately remember past clinical encounters. Additionally, the model examining participant concerns had a low events-per-variable ratio, making those estimates less stable and requiring cautious interpretation.

Funding and Disclosures

The research received no external funding. The study was conducted in accordance with the Declaration of Helsinki and approved by the University of South Australia Human Research Ethics committee. The authors declared no conflicts of interest. Data from the study are available from the corresponding author upon reasonable request.

Publication Information

This study was published in the journal Healthcare, volume 13, issue 11, article number 1215, on May 22, 2025. The full citation is: Szeto, K.; Maher, C.; Curtis, R.G.; Singh, B.; Cain, T.; Beckett, D.; Ferguson, T. “User Experiences and Attitudes Toward Sharing Wearable Activity Tracker Data with Healthcare Providers: A Cross-Sectional Study.” The research was conducted by the Alliance for Research in Exercise, Nutrition and Activity at the University of South Australia.



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AI-Driven Gait Analysis Technology : AI-Driven Gait Analysis

Ochy has formed a strategic alliance with England Athletics to integrate its AI-driven gait analysis technology into the training resources available to the organization’s extensive network of runners and coaches. This partnership marks a significant advancement in making professional biomechanical assessments accessible to athletes at all skill levels. Ochy’s AI-driven gait analysis platform utilizes smartphone […]

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Ochy has formed a strategic alliance with England Athletics to integrate its AI-driven gait analysis technology into the training resources available to the organization’s extensive network of runners and coaches. This partnership marks a significant advancement in making professional biomechanical assessments accessible to athletes at all skill levels.

Ochy’s AI-driven gait analysis platform utilizes smartphone video capture to process and gain insights from key running metrics, including foot strike patterns, joint alignment, and upper body mechanics. The system delivers comprehensive feedback and customized training recommendations within moments.

By eliminating the need for expensive lab equipment or specialist consultations, Ochy democratizes access to movement analysis that was previously restricted to elite athletes. England Athletics will promote this resource to its 147,000 registered members across 1,750 affiliated clubs.

Image Credit: Ochy x England Athletics



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