$RSI

Rush Street Interactive, Inc.

CIK:0001793659|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 393,776	$ 269,217	$ 764,137	$ 531,624
Operating costs and expenses
Costs of revenue	254,116	174,147	492,312	345,030
Sales and marketing	49,885	37,132	97,277	79,271
General and administrative	32,473	23,787	63,741	48,759
Depreciation and amortization	11,074	9,827	21,801	19,318
Total operating costs and expenses	347,548	244,893	675,131	492,378
Income from operations	46,228	24,324	89,006	39,246
Other income (expense)
Interest income, net	3,433	2,181	6,432	3,880
Change in tax receivable agreement liability	0	(112,692)	0	(113,037)
Total other income (expense)	3,433	(110,511)	6,432	(109,157)
Income before income taxes	49,661	(86,187)	95,438	(69,911)
Income tax expense (benefit)	20,366	(115,017)	39,932	(109,952)
Net income	29,295	28,830	55,506	40,041
Net income attributable to non-controlling interests	17,749	12,142	34,890	18,034
Net income attributable to Rush Street Interactive, Inc.	$ 11,546	$ 16,688	$ 20,616	$ 22,007
Earnings per common share attributable to Rush Street Interactive, Inc - basic (in dollars per share)	$ 0.10	$ 0.18	$ 0.19	$ 0.23
Earnings per common share attributable to Rush Street Interactive, Inc. - diluted (in dollars per share)	$ 0.10	$ 0.12	$ 0.19	$ 0.17
Weighted average common shares outstanding - basic (in shares)	110,930,443	95,053,473	106,581,990	94,455,413
Weighted average common shares outstanding - diluted (in shares)	115,927,169	234,511,309	111,159,310	234,405,833

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income

$ 55,506

$ 40,041

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization expense

21,801

19,318

Share-based compensation expense

14,009

14,911

Deferred income taxes

9,229

(122,119)

Noncash lease expense

535

481

Change in tax receivable agreement liability

113,037

Changes in operating assets and liabilities:

Players’ receivables

(9,270)

(5,574)

Due from affiliates

4,830

1,900

Prepaid expenses and other assets

(11,063)

(905)

Accounts payable, accrued expenses and other liabilities

(13,906)

(3,665)

Players’ liabilities

501

(2,926)

Net cash provided by operating activities

72,172

54,499

Cash flows from investing activities

Internally developed software costs

(15,703)

(13,136)

Acquisition of gaming licenses

(4,272)

(2,949)

Acquisition of other intangible assets

(2,513)

(1,409)

Proceeds from (purchases of) short-term investments

1,219

(1,029)

Purchases of property and equipment

(599)

(363)

Acquisition of developed technology

(225)

Net cash used in investing activities

(21,868)

(19,111)

Cash flows from financing activities

Payments for employee taxes related to shares withheld

(30,521)

(24,189)

Repurchase and retirement of Class A Common Stock

(28,800)

Tax distributions to non-controlling interests

(1,198)

Payments of tax receivable agreement liability

(1,024)

Proceeds from exercise of stock options

980

Principal payments of finance lease liabilities

(888)

(2,028)

Repurchase of Class A Common Stock

(7,634)

Net cash used in financing activities

(61,451)

(33,851)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

13,380

7,659

Net change in cash, cash equivalents and restricted cash

2,233

9,196

Cash, cash equivalents and restricted cash, at the beginning of the period

^[1]

340,504

232,756

Cash, cash equivalents and restricted cash, at the end of the period

^[1]

342,737

241,952

Supplemental disclosure of noncash investing and financing activities:

Right-of-use assets obtained in exchange for new or modified operating lease liabilities

487

Right-of-use assets obtained in exchange for new or modified finance lease liabilities

416

3,326

Allocation of equity and non-controlling interests upon changes in RSILP ownership

18,932

3,443

Employee tax liability related to shares withheld in Other Current Liabilities

309

174

Investing activities in Accounts Payable and Accrued Expenses

681

900

Re-issuance of treasury stock under the equity compensation plan

7,634

Supplemental disclosure of cash flow information:

Cash paid for income taxes

30,859

28,160

Cash paid for interest

$ 418

$ 465

[1]	Cash and cash equivalents and Restricted cash are each presented separately on the condensed consolidated balance sheets.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 339,910	$ 336,256
Restricted cash	2,827	4,248
Players’ receivables	$ 25,385	$ 15,859
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Due from affiliates	$ 15,117	$ 19,947
Prepaid expenses and other current assets	41,525	30,481
Total current assets	424,764	406,791
Intangible assets, net	79,545	76,436
Property and equipment, net	6,975	7,740
Deferred tax assets, net	272,876	157,862
Other assets	9,124	9,683
Total assets	793,284	658,512
Current liabilities
Accounts payable	33,210	41,585
Accrued expenses	95,141	81,514
Players’ liabilities	48,694	47,669
Other current liabilities	23,715	39,506
Total current liabilities	200,760	210,274
Tax receivable agreement liability, non-current	238,930	128,819
Other non-current liabilities	14,706	15,928
Total liabilities	454,396	355,021
Commitments and contingencies
Stockholders’ equity
Treasury stock value	0	(3,177)
Additional paid-in capital	260,716	251,579
Accumulated other comprehensive income	6,341	1,431
Accumulated deficit	(82,005)	(102,621)
Total stockholders’ equity attributable to Rush Street Interactive, Inc.	185,076	147,235
Non-controlling interests	153,812	156,256
Total stockholders’ equity	338,888	303,491
Total liabilities and stockholders’ equity	793,284	658,512
Common Class A
Stockholders’ equity
Common stock value	12	10
Class V Common Stock
Stockholders’ equity
Common stock value	$ 12	$ 13