CHARLOTTE, N.C.--(BUSINESS WIRE)--November 13, 2025--
Gambling.com Group Limited (Nasdaq: GAMB) ("Gambling.com Group" or the "Company"), a fast-growing provider of marketing and sports data services for the global gambling industry, today reported financial results for the third quarter ended September 30, 2025, and adjusted its 2025 full-year guidance.
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, "Our record third quarter revenue and Adjusted EBITDA show the power of our business, including its ability to generate substantial adjusted free cash flow, even in the face of persisting, albeit temporary, challenges within the search channel of our marketing business. Primarily driven by strong growth in enterprise sales, our sports data services business continued to outperform our expectations with revenue increasing more than 300% year-over-year and accounting for 24% of total revenue. We continue to expand the OpticOdds product and data portfolio to deliver more value to our existing customers while continuously onboarding new customers. It is increasingly clear to us that OpticOdds has product market fit in a multi-billion-dollar sports data services market. The high-margin, high-visibility, recurring subscription revenue associated with our sports data services business is the fastest growing part of our business and we expect this trend will continue long into the future.
"The outperformance in our sports data services business is partially offset by the impact to our marketing business from low-quality search results related to the proliferation of spam websites particularly in non-U.S. markets. These headwinds, which began in July, have persisted into the fourth quarter, longer than we initially expected. Despite this near-term challenge, we remain confident that these poor search quality issues will be addressed which when combined with our accelerated initiatives to diversify traffic sources, positions the marketing business to grow in 2026. Importantly, there is unrecognized value in both the growth trajectory of our sports data services business and the significant cash flow our marketing business continues to generate. Reflecting the confidence we have in the future of the business, we bought back nearly 2% of the outstanding shares since July 1st."
Elias Mark, Chief Financial Officer of Gambling.com Group, added, "Through the first nine months of 2025, revenue and Adjusted EBITDA increased 30% and 25%, respectively, compared to the same period in 2024, and we generated $29 million in adjusted free cash flow. Our strong adjusted free cash flow generation positions us to further invest to grow our sports data services business and diversify our marketing business, while also maintaining the flexibility to deploy capital for other shareholder value creating opportunities."
Financial Highlights Three Months Ended September 30, 2025 vs. Three
Months Ended September 30, 2024
--------------------------------------------------------------------------
(USD in thousands, except per share data, unaudited)
Three Months Ended September 30, Change
-------------------------------------- --------
2025 2024 %
------------------ ------------------ --------
Revenue 38,982 32,118 21%
Net (loss) income for
the period attributable
to shareholders (3,860) 8,509 (145)%
Net (loss) income per
share attributable to
shareholders, diluted (0.11) 0.24 (146)%
Net (loss) income margin (10)% 26%
Adjusted net income for
the period attributable
to shareholders (1) 9,345 11,064 (16)%
Adjusted net income per
share attributable to
shareholders, diluted
(1) 0.26 0.31 (16)%
Adjusted EBITDA (1) 13,010 12,584 3%
Adjusted EBITDA Margin
(1) 33% 39%
Cash flows generated by
operating activities 10,911 14,936 (27)%
Adjusted Free Cash Flow
(1) 9,632 14,240 (32)%
__________
(1) Represents a non-IFRS measure. See "Supplemental Information - Non-IFRS
Financial Measures" and the tables at the end of this release for
reconciliations to the comparable IFRS numbers.
Third Quarter 2025 and Recent Business Highlights
-- Delivered more than 101,000 new depositing customers ("NDCs")
-- Acquired Spotlight.Vegas, an online booking platform for live events
and local attractions in September
-- Repurchased 562,222 shares at an average price of $8.33
-- Won EGR Affiliate of the Year award for an unprecedented 3rd time in
October
Three Months Ended September 30, 2025 Results Compared to Three Months Ended September 30, 2024
Revenue rose 21% year-over-year to a record $39.0 million. Revenue from marketing services of $29.8 million was in line with the prior-year period as the Company delivered more than 101,000 NDCs to clients, compared to 116,000 in the third quarter of 2024, reflecting the impact of poor organic search dynamics in the period. Revenue from sports data services grew 304% year-over-year to $9.2 million, primarily due to the contribution from OpticOdds and OddsJam. Recurring subscription revenue represented 24% of total 2025 third quarter revenue.
Gross profit increased 17% year-over-year to $35.6 million. Cost of sales of $3.4 million compares to cost of sales of $1.7 million in the year-ago period reflecting costs associated with the Company's strategy to diversify traffic sources in the marketing business, as well as cost of sales related to the acquired OpticOdds and OddsJam businesses.
Total operating expenses exclusive of fair value movements related to the outperformance of Odds Holdings of $7.5 million, non-cash amortization of acquired intangible assets of $2.5 million, acquisition related costs of $0.5 million, acquisition related bonuses of $0.3 million, and restructuring charges of $0.5 million, grew 30% to $25.7 million primarily associated with added headcounts from the acquisitions of Odds Holdings and Spotlight.Vegas, higher marketing costs associated with traffic source diversification in the marketing business and increased share based payment expense. Inclusive of the above-mentioned expenses, total operating expenses were $37.0 million compared to $20.8 million in the year-ago period.
Net loss attributable to shareholders of $3.9 million, or $0.11 per share, was primarily due to the fair value movement in contingent consideration related to the outperformance of Odds Holdings and compared to Net income attributable to shareholders of $8.5 million, or $0.24 per share, in the year-ago-period. Adjusted net income fell 16% to $9.3 million, or $0.26 per share, primarily because of increased interest expenses related to the Company's credit facility.
Adjusted EBITDA increased 3% to a third quarter record $13.0 million, reflecting an Adjusted EBITDA margin of 33% as compared to Adjusted EBITDA of $12.6 million and an Adjusted EBITDA margin of 39% in the prior-year period. The Adjusted EBITDA margin for the 2025 third quarter reflects the impact of the higher cost of sales and marketing expenses associated with traffic diversification initiatives for the marketing business.
Operating cash flow was $10.9 million compared to $14.9 million in the year-ago period. Adjusted free cash flow was $9.6 million compared to $14.2 million in the year-ago period reflecting strong cash conversion of 74% from Adjusted EBITDA. Adjusted free cash flow was down year over year primarily because of timing differences in 2024 where the Company saw an atypically strong third quarter following an atypically weak second quarter.
As of September 30, 2025, the Company had total cash of $7.4 million and $70.5 million of undrawn capacity under its credit facility. During the third quarter, the Company acquired Spotlight.Vegas, which included a cash payment of $8.0 million before working capital adjustments. The Company also repaid $5.6 million on the outstanding term loan during the third quarter.
In the third quarter, the Company repurchased 562,222 shares for total consideration of $4.7 million, and year-to-date has repurchased 671,998 shares for total consideration of $5.6 million. The Company has $14.4 million remaining on the current share buyback authorization.
2025 Outlook
Gambling.com Group adjusted its full-year guidance to reflect revenue of approximately $165 million and Adjusted EBITDA of approximately $58 million. The change in guidance from the prior outlook provided on August 14, 2025, reflects the continued headwind of poor organic search dynamics which affected the marketing business for all of Q3 and, while recently somewhat recovering, persists in Q4. The Company's prior full-year guidance included an expectation that more progress would have been made against spam websites than has been seen to date. The revised guidance also includes approximately $1.0 million in higher cost of sales than previously anticipated related to the successful acceleration of the traffic diversification strategy.
The revenue guidance represents 30% year-over-year growth and the Adjusted EBITDA guidance reflects 19% year-over-year growth. The guidance assumes an average Euro to USD exchange rate of 1.15 for the year.
Financial Highlights Nine Months Ended September 30, 2025 vs. Nine Months
Ended September 30, 2024
--------------------------------------------------------------------------
(USD in thousands, except per share data, unaudited)
Nine Months Ended September 30, Change
------------------------------------- --------
2025 2024 %
------------------- ---------------- --------
Revenue 119,211 91,874 30%
Net (loss) income for the
period attributable to
shareholders (6,041) 22,746 (127)%
Net (loss) income per
share attributable to
shareholders, diluted (0.17) 0.62 (127)%
Net (loss) income margin (5)% 25%
Adjusted net income for
the period attributable
to shareholders 39,612 30,020 32%
Adjusted net income per
share attributable to
shareholders, diluted
(1) 1.11 0.82 35%
Adjusted EBITDA (1) 42,552 33,955 25%
Adjusted EBITDA Margin
(1) 36% 37%
Cash flows generated by
operating activities 29,051 23,936 21%
Adjusted Free Cash Flow
(1) 28,766 28,417 1%
__________
(1) Represents a non-IFRS measure. See "Supplemental Information - Non-IFRS
Financial Measures" and the tables at the end of this release for
reconciliations to the comparable IFRS numbers.
Conference Call Details
Date/Time: Thursday, November 13, 2025, at 8:00 a.m. ET
https://www.webcast-eqs.com/register/gamblingq3_25/e
Webcast: n
U.S. Toll-Free Dial In: 877-407-0890
International Dial In: 1 201-389-0918
To access, please dial in approximately 10 minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the Company's website at gambling.com/corporate/investors/news-events. Information contained on the Company's website is not incorporated into this press release.
About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) (the "Group") is a fast-growing provider of marketing and sports data services for the global online gambling industry. Founded in 2006, the Group operates globally, primarily from offices in the United States and Ireland. The Group helps online gambling operators, including for iGaming and sports betting, acquire new customers in 19 national markets across more than ten languages through a portfolio of premier branded websites including Gambling.com, Bookies.com and Casinos.com. Under the OddsJam, OpticOdds and RotoWire brands, the Group's sports data services assist consumers and power enterprises to succeed in sports betting and fantasy sports.
Use of Non-IFRS Measures
This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Free Cash Flow and related ratios. See "Supplemental Information - Non-IFRS Financial Measures" and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, 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. All statements other than statements of historical facts contained in this press release, including statements relating to the continued growth in our sports data services business and the size of the sports data services market, continued growth of recurring subscription revenue, our ability to generate substantial adjusted free cash flow, whether the search quality issues and our search rankings improve, whether the marketing business will grow in 2026, and our 2025 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," "could," "will," "would," "ongoing," "future" or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under "Item 3. Key Information - Risk Factors" in Gambling.com Group's annual report filed on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC") on March 20, 2025, and Gambling.com Group's other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)
The following table details the consolidated statements of comprehensive income for the three and nine months
ended September 30, 2025 and 2024 in the Company's reporting currency and constant currency.
Constant Constant
Reporting Currency Currency Reporting Currency Currency
---------------------------------- ---------- ------------------------------- -----------
Three Months Ended Nine Months Ended
September 30, Change Change September 30, Change Change
------------------------ -------- ---------- --------------------- -------- -----------
2025 2024 % % 2025 2024 % %
----------- ----------- -------- ---------- ----------- -------- -------- -----------
Revenue 38,982 32,118 21% 15% 119,211 91,874 30% 27%
Cost of sales (3,410) (1,683) 103% 91% (8,369) (5,351) 56% 53%
------- ------- ------- -------
Gross profit 35,572 30,435 17% 10% 110,842 86,523 28% 25%
Sales and
marketing
expenses (15,905) (10,815) 47% 39% (45,990) (31,021) 48% 45%
Technology
expenses (6,049) (3,616) 67% 58% (17,913) (10,044) 78% 74%
General and
administrative
expenses (7,655) (6,041) 27% 20% (23,686) (18,582) 27% 24%
Movements in
credit losses
allowance and
write-offs 124 (360) (134)% (132)% (347) (1,061) (67)% (68)%
Fair value
movement on
contingent
consideration (7,531) -- 100% 100% (29,163) -- 100% 100%
------- ------- ------- -------
Operating
(loss) profit (1,444) 9,603 (115)% (114)% (6,257) 25,815 (124)% (124)%
Finance income 512 551 (7)% (12)% 8,836 1,725 412% 400%
Finance
expenses (2,529) (1,052) 140% 127% (7,348) (2,396) 207% 199%
------- ------- ------- -------
(Loss) income
before tax (3,461) 9,102 (138)% (136)% (4,769) 25,144 (119)% (119)%
Income tax
charge (399) (593) (33)% (36)% (1,272) (2,398) (47)% (48)%
------- ------- ------- -------
Net income for
the period
attributable
to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
======= ======= ======= =======
Other
comprehensive
income (loss)
Items that are
or may be
reclassified
subsequently to
profit or loss
Exchange
differences on
translating
foreign
currencies 155 4,309 (96)% (97)% 5,568 794 601% 584%
Cash flow hedge
- effective
portion of
changes in
fair value 615 -- 100% 100% (2,435) -- 100% 100%
Cash flow
hedges -
reclassified
to profit or
loss 73 -- 100% 100% 2,386 -- 100% 100%
Related tax (86) -- 100% 100% 6 -- 100% 100%
Other
comprehensive
income for the
period, net of
tax 757 4,309 (82)% (83)% 5,525 794 596% 579%
------- ------- ------- -------
Total
comprehensive
income for the
period
attributable
to
shareholders (3,103) 12,818 (124)% (123)% (516) 23,540 (102)% (102)%
======= ======= ======= =======
Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)
SEPTEMBER 30, DECEMBER 31,
2025 2024
-------------- ---------------
ASSETS
Non-current assets
Property and equipment 2,253 1,833
Right-of-use assets 4,529 4,632
Intangible assets 261,917 130,811
Other non-current asset 360 --
Deferred tax asset 4,799 6,418
------------- ------------
Total non-current assets 273,858 143,694
------------- ------------
Current assets
Trade and other receivables 23,902 21,160
Cash and cash equivalents 7,355 13,729
------------- ------------
Total current assets 31,257 34,889
------------- ------------
Total assets 305,115 178,583
============= ============
EQUITY AND LIABILITIES
Equity
Share capital -- --
Capital reserve 90,455 78,037
Treasury shares (34,679) (29,998)
Share-based compensation reserve 13,899 10,624
Foreign exchange translation deficit (5,244) (10,812)
Hedging reserve (43) --
Retained earnings 69,296 75,337
------------- ------------
Total equity 133,684 123,188
------------- ------------
Non-current liabilities
Trade and other payables 947 --
Lease liability 3,871 3,819
Deferred payables 439 --
Deferred tax liability 6,955 2,258
Contingent consideration 16,119 --
Borrowings 73,108 19,582
Derivative financial instrument 2,318 --
------------- ------------
Total non-current liabilities 103,757 25,659
------------- ------------
Current liabilities
Trade and other payables 12,108 10,205
Deferred income 5,421 2,616
Contingent consideration 38,485 --
Deferred consideration -- 11,277
Borrowings and accrued interest 9,992 3,349
Lease liability 1,228 1,213
Income tax payable 440 1,076
------------- ------------
Total current liabilities 67,674 29,736
------------- ------------
Total liabilities 171,431 55,395
------------- ------------
Total equity and liabilities 305,115 178,583
============= ============
Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)
Three months ended Nine Months Ended September
September 30, 30,
-------------------------- ---------------------------
2025 2024 2025 2024
------------ ------------ ------------- ------------
Cash flow from
operating
activities
(Loss) income
before tax (3,461) 9,102 (4,769) 25,144
Finance
(income)
expense, net 2,017 501 (1,488) 671
Income tax paid (2,106) (131) (10,107) (1,571)
Adjustments for
non-cash
items:
Depreciation
and
amortization 3,577 1,801 10,726 4,046
Movements in
credit loss
allowance and
write-offs (124) 360 347 1,061
Share-based
payment
expense 1,728 1,180 5,359 3,737
Fair value
movement on
contingent
consideration 7,531 -- 29,163 --
Payment of
deferred
consideration -- -- -- (7,156)
-------- -------- --------- ---------
Cash flows from
operating
activities
before changes
in working
capital 9,162 12,813 29,231 25,932
-------- -------- --------- ---------
Changes in
working
capital
Trade and other
receivables 519 535 2,321 571
Trade and other
payables 1,230 1,588 (2,501) (2,567)
-------- -------- --------- ---------
Cash flows
generated by
operating
activities 10,911 14,936 29,051 23,936
-------- -------- --------- ---------
Cash flows from
investing
activities
Acquisition of
property and
equipment (199) (274) (736) (1,188)
Acquisition of
intangible
assets -- (469) -- (21,074)
Capitalization
of internally
developed
intangibles (1,081) (422) (2,872) (1,487)
Acquisition of
subsidiaries,
net of cash
acquired (6,736) -- (70,374) --
Interest
received from
bank deposits 11 14 98 118
Payment of
deferred
consideration
in relation to
business
combinations -- -- (10,803) (10,044)
-------- -------- --------- ---------
Cash flows used
in investing
activities (8,005) (1,151) (84,687) (33,675)
-------- -------- --------- ---------
Cash flows from
financing
activities
Exercise of
options 40 697 628 1,254
Treasury shares
acquired (4,532) (12,445) (4,531) (22,195)
Proceeds from
borrowings -- -- 94,500 45,560
Transaction
costs related
to borrowings (22) 27,560 (6,027) (847)
Repayment of
borrowings (5,625) (21,060) (29,006) (21,060)
Repayment of
debt assumed
in a business
combination (393) -- (393) --
Repayment of
other
non-current
liability
assumed in a
business
combination (206) -- (206) --
Principal
proceeds from
the
settlements of
the derivative
financial
instrument
used to hedge
liabilities
arising from
financing
activities 2,813 -- 5,625 --
Interest
proceeds from
the
settlements of
the derivative
financial
instrument
used to hedge
liabilities
arising from
financing
activities 1,281 -- 2,579 --
Principal
payment of
settlements of
the derivative
financial
instrument
used to hedge
liabilities
arising from
financing
activities (2,903) -- (5,804) --
Interest
payment of
settlements of
the derivative
financial
instrument
used to hedge
liabilities
arising from
financing
activities (870) -- (1,753) --
Interest
payment
attributable
to third party
borrowings (3,377) (371) (5,252) (545)
Interest
payment
attributable
to deferred
consideration
settled in
relation to
asset
acquisitions
and business
combinations -- (675) (1,382)
Principal paid
on lease
liability (284) (229) (747) (483)
Interest paid
on lease
liability (84) (83) (236) (172)
-------- -------- --------- ---------
Cash flows
generated from
financing
activities (14,162) (5,931) 48,702 130
-------- -------- --------- ---------
Net movement in
cash and cash
equivalents (11,256) 7,854 (6,934) (9,609)
-------- -------- --------- ---------
Cash and cash
equivalents at
the beginning
of the period 18,667 7,523 13,729 25,429
Net foreign
exchange
differences on
cash and cash
equivalents (56) 346 560 (97)
-------- -------- --------- ---------
Cash and cash
equivalents at
the end of the
period 7,355 15,723 7,355 15,723
======== ======== ========= =========
Supplemental
non-cash
Right-of-use
assets 93 3,982 602 4,077
Issue of -- -- 9,971 --
ordinary
shares for
acquisitions
Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified, stated in USD thousands, except per share amounts (unaudited):
Reporting Constant Reporting Constant
Three Months Ended Currency Currency Nine Months Ended Currency Currency
September 30, Change Change September 30, Change Change
----------------------- ------------ -------------- -------------------------- ------------ --------------
2025 2024 % % 2025 2024 % %
----------- ---------- ------------ -------------- -------------- ---------- ------------ --------------
Net (loss) income
for the period
attributable to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
Weighted-average
number of
ordinary shares,
basic 35,582,412 35,592,252 35,612,028 36,466,391
Net (loss) income
per share
attributable to
shareholders,
basic (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)%
Net (loss) income
for the period
attributable to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
Weighted-average
number of
ordinary shares,
diluted 35,582,412 35,833,767 35,612,028 36,750,150
Net (loss) income
per share
attributable to
shareholders,
diluted (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)%
Disaggregated Revenue
Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors.
Marketing
Performance marketing. Performance marketing revenue consists of (i) Cost Per Acquisition ("CPA") revenue from arrangements where we are paid exclusively by a single cash payment for each referred player, (ii) revenue share arrangements where we are paid exclusively by a share of the customer's net gambling revenue ("NGR") from the referred players, and (iii) hybrid revenue from arrangements where we are paid by both a CPA commission and a revenue share commission from the referred players.
Advertising and other. Advertising and other revenue includes revenue from arrangements not based on the referred players and includes advertising on our platform, onboarding fees and fees and commissions from ticketing. For advertising and other revenue, revenue is recognized on a straight-line basis over the term of the contract.
Data
Subscription. Data revenue consists of consumer and enterprise subscription revenue from data, data analytics and data syndication services.
Three Months
Ended September As a Percentage Nine Months Ended As a Percentage
30, of Revenue September 30, of Revenue
----------------- ------------------ ------------------ ------------------
2025 2024 Change 2025 2024 2025 2024 Change 2025 2024
------ --------- -------- -------- -------- ------- --------- -------- -------- --------
Marketing 29,796 29,846 --% 76% 93% 89,907 85,698 5% 75% 93%
Data 9,186 2,272 304% 24% 7% 29,304 6,176 374% 25% 7%
------ --------- --- --- ------- --------- --- ---
Total
revenues 38,982 32,118 21% 100% 100% 119,211 91,874 30% 100% 100%
====== ========= === === ======= ========= === ===
The Company presents revenue as disaggregated by market based on the location of end user as follows:
Three Months
Ended September As a Percentage Nine Months Ended As a Percentage
30, of Revenue September 30, of Revenue
----------------- ------------------ ------------------ ------------------
2025 2024 Change 2025 2024 2025 2024 Change 2025 2024
------ --------- -------- -------- -------- ------- --------- -------- -------- --------
North
America 19,802 12,786 55% 51% 40% 59,901 39,859 50% 50% 43%
U.K. and
Ireland 9,619 9,800 (2)% 25% 31% 31,759 28,631 11% 27% 31%
Other
Europe 6,859 6,515 5% 18% 20% 19,435 16,098 21% 16% 18%
Rest of
the
world 2,702 3,017 (10)% 6% 9% 8,116 7,286 11% 7% 8%
------ --------- --- --- ------- --------- --- ---
Total
revenues 38,982 32,118 21% 100% 100% 119,211 91,874 30% 100% 100%
====== ========= === === ======= ========= === ===
The Company presents disaggregated revenue by monetization type as follows:
Three Months
Ended September As a Percentage Nine Months Ended As a Percentage
30, of Revenue September 30, of Revenue
----------------- ------------------ ------------------ ------------------
2025 2024 Change 2025 2024 2025 2024 Change 2025 2024
------ --------- -------- -------- -------- ------- --------- -------- -------- --------
Performance
marketing 24,003 25,082 (4)% 62% 78% 74,682 72,674 3% 63% 79%
Subscription 9,186 2,272 304% 24% 7% 29,304 6,176 374% 25% 7%
Advertising &
other 5,793 4,764 22% 15% 15% 15,225 13,024 17% 12% 14%
------ --------- --- --- ------- --------- --- ---
Total
revenues 38,982 32,118 21% 100% 100% 119,211 91,874 30% 100% 100%
====== ========= === === ======= ========= === ===
The Company also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type was as follows:
Three Months
Ended September As a Percentage Nine Months Ended As a Percentage
30, of Revenue September 30, of Revenue
----------------- ------------------ ------------------ ------------------
2025 2024 Change 2025 2024 2025 2024 Change 2025 2024
------ --------- -------- -------- -------- ------- --------- -------- -------- --------
Casino 23,174 24,835 (7)% 59% 77% 71,487 66,719 7% 60% 72%
Sports 15,003 6,955 116% 39% 22% 45,643 24,566 86% 38% 27%
Other 805 328 145% 2% 1% 2,081 589 253% 2% 1%
------ --------- --- --- ------- --------- --- ---
Total
revenues 38,982 32,118 21% 100% 100% 119,211 91,874 30% 100% 100%
====== ========= === === ======= ========= === ===
Supplemental Information
Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.
Adjusted Net Income and Adjusted Net Income Per Share
In the fourth quarter of 2024, we changed our definition of Adjusted net income, a non-IFRS financial measure, to net income attributable to shareholders adjusted to exclude the effect of non-recurring items, significant non-cash items, fair value movement on contingent consideration, unwinding of deferred consideration, employees' bonuses related to acquisition, deferred revenue fair value adjustment, share-based payment and related expense, acquisition related costs, amortization expenses related to acquired businesses and assets, restructuring costs, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Previously, Adjusted net income, a non-IFRS financial measure, was defined as net income attributable to shareholders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. We believe this more appropriately reflects the measurement of Adjusted net income as it includes adjustments for non-recurring items and significant non-cash items in addition to fair value movements related to contingent consideration and unwinding of deferred consideration.
Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to shareholders divided by the diluted weighted average number of ordinary shares outstanding.
We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value movement on contingent consideration, unwinding of deferred consideration, employees' bonuses related to acquisition, deferred revenue fair value adjustment, share-based payment and related expense, acquisition related costs, amortization expenses related to acquired businesses and assets, restructuring costs, and all other items associated with our acquisitions, during the limited period where these items are incurred. The unwinding of deferred consideration is associated with the unwinding of the discount applied to the valuation of the deferred consideration for the acquisition of the Freebets.com Assets during the nine months ended September 30, 2025. The unwinding of deferred consideration and employee bonuses incurred until April 2024 relate to the Company's acquisition of RotoWire and BonusFinder. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 filed on March 21, 2024 for a description of the contingent and deferred considerations associated with our 2022 acquisitions.
While we use Adjusted net income and Adjusted net income per share as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted net income and Adjusted net income per share are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted net income and Adjusted net income per share is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted net income and Adjusted net income per share as compared to IFRS results are that Adjusted net income and Adjusted net income per share as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted net income and Adjusted net income per share may exclude financial information that some investors may consider important in evaluating our performance.
The following tables reconcile Adjusted net income and Adjusted net income per share, diluted from net income for the period attributable to the shareholders and net income per share attributed to shareholders, diluted as presented in the Consolidated Statements of Comprehensive Income and for the period specified (unaudited):
Constant Constant
Reporting Currency Currency Reporting Currency Currency
------------------------------------ ---------- ------------------------------------ -----------
Three months ended Nine Months Ended
September 30, Change Change September 30, Change Change
-------------------------- -------- ---------- -------------------------- -------- -----------
2025 2024 % % 2025 2024 % %
------------ ------------ -------- ---------- ------------- ----------- -------- -----------
(USD in thousands) (USD in thousands)
Revenue 38,982 32,118 21% 15% 119,211 91,874 30% 27%
Net (loss)
income for the
period
attributable
to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
Net (loss)
income margin (10)% 26% (5)% 25%
Net (loss)
income for the
period
attributable
to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
Fair value
movement on
contingent
consideration
(1) 7,531 -- 100% 100% 29,163 -- 100% 100%
Unwinding of
deferred
consideration
(1) -- 396 (100)% (100)% 211 1,075 (80)% (81)%
Employees'
bonuses
related to
acquisition(1) 346 -- 100% 100% 936 -- 100% 100%
Deferred
revenue fair
value
adjustment
(1) 325 -- 100% 100% 975 -- 100% 100%
Share-based
payment and
related
expense (1) 1,728 1,180 46% 38% 5,359 3,737 43% 40%
Acquisition
related costs
(1) 485 -- 100% 100% 1,188 357 233% 225%
Restructuring
costs (1) 462 -- 100% 100% 462 -- 100% 100%
Amortization
expense
related to
acquired
businesses and
assets (2) 2,513 1,067 136% 122% 7,961 2,297 247% 238%
Tax effect of
the adjusting
items (2) (185) (88) 110% 97% (602) (192) 214% 207%
------ --- ------ --- ------- --- ------
Adjusted net
income for the
period
attributable
to
shareholders 9,345 11,064 (16)% (20)% 39,612 30,020 32% 29%
====== ==== ====== ==== ======= ==== ====== ===
__________
(1) There is no tax impact from fair value movement on contingent
consideration, unwinding of deferred consideration, share-based payment and
related expense, employees' bonuses related to acquisition, deferred income
fair value adjustment related to acquisition and acquisition related cost.
(2) Tax effect of adjusting costs is computed based on costs and certain
amortization charges related to acquired businesses and assets using effective
tax rate for each period.
Constant Constant
Reporting Currency Currency Reporting Currency Currency
------------------------------- ---------- ------------------------------- -----------
Three months ended Nine Months Ended
September 30, Change Change September 30, Change Change
--------------------- ---------------------
2025 2024 % % 2025 2024 % %
---------- --------- -------- ---------- ---------- --------- -------- -----------
Net (loss)
income per
share
attributable
to
shareholders,
basic (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)%
Effect of
adjustments
for fair value
movements on
contingent
consideration,
basic 0.21 0.00 100% 100% 0.82 0.00 100% 100%
Effect of
adjustments
for unwinding
of deferred
consideration,
basic 0.00 0.01 (100)% (100)% 0.01 0.03 (67)% (67)%
Effect of
adjustments
for employees'
bonuses
related to
acquisition,
basic 0.01 0.00 100% 100% 0.03 0.00 100% 100%
Effect of
adjustments
for deferred
revenue fair
value
adjustment,
basic 0.01 0.00 100% 100% 0.03 0.00 100% 100%
Effect of
adjustments
for
share-based
payment and
related
expense,
basic 0.05 0.03 67% 25% 0.15 0.10 50% 45%
Effect of
adjustments
for
acquisition
related costs,
basic 0.01 0.00 100% 100% 0.03 0.02 50% 200%
Effect of
adjustments
for
restructuring
costs, basic 0.01 0.00 100% 100% 0.01 0.00 100% 100%
Effect of
adjustments
for
amortization
expense
related to
acquired
businesses and
assets, basic 0.08 0.03 167% 167% 0.22 0.06 267% 267%
Effect of tax
adjustments,
basic (0.01) 0.00 (100)% (100)% (0.02) (0.01) 100% 100%
----- --------- ----- -----
Adjusted net
income per
share
attributable
to
shareholders,
basic 0.26 0.31 (16)% (21)% 1.11 0.82 35% 32%
----- --- --------- ----- --- -----
Net (loss)
income per
share
attributable
to ordinary
shareholders,
diluted (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)%
Adjusted net
income per
share
attributable
to
shareholders,
diluted 0.26 0.31 (16)% (18)% 1.11 0.82 35% 32%
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.
We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.
While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.
Below is a reconciliation to EBITDA and Adjusted EBITDA from net income attributable to shareholders for the period as presented in the Consolidated Statements of Comprehensive (Loss) Income for the period specified (unaudited):
Constant Constant
Reporting Currency Currency Reporting Currency Currency
---------------------------------- ---------- ---------------------------------- -----------
Three Months Ended Nine Months Ended
September 30, Change Change September 30, Change Change
------------------------ -------- ---------- ------------------------ -------- -----------
2025 2024 % % 2025 2024 % %
------------ ---------- -------- ---------- ------------ ---------- -------- -----------
(USD in thousands) (USD in thousands)
Net income for
the period
attributable
to
shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)%
Add back
(deduct):
Interest
expenses on
borrowings
and lease
liability 1,832 450 307% 284% 5,673 929 511% 495%
Interest
income (11) (14) (21)% (27)% (101) (118) (14)% (17)%
Income tax
charge 399 593 (33)% (36)% 1,272 2,398 (47)% (48)%
Depreciation
expense 159 111 43% 35% 442 252 75% 71%
Amortization
expense 3,418 1,690 102% 91% 10,284 3,794 171% 164%
------- --- ------ ------- --- ------
EBITDA 1,937 11,339 (83)% (84)% 11,529 30,001 (62)% (63)%
------- --- ------ ------- --- ------
Share-based
payment and
related
expense 1,728 1,180 46% 38% 5,359 3,737 43% 40%
Fair value
movement on
contingent
consideration 7,531 -- 100% 100% 29,163 -- 100% 100%
Deferred
revenue fair
value
adjustment 325 -- 100% 100% 975 -- 100% 100%
Unwinding of
deferred
consideration -- 396 (100)% (100)% 211 1,075 (80)% (81)%
Foreign
currency
translation
losses
(gains), net (7) (385) (98)% (98)% (7,806) (1,308) 497% 483%
Cash flow
hedge -
ineffective
portion of
changes in
fair value 2 -- 100% 100% 13 -- 100% 100%
Other finance
results 201 54 272% 253% 522 93 461% 448%
Restructuring
costs 462 -- 100% 100% 462 -- 100% 100%
Acquisition
related costs
(1) 485 -- 100% 100% 1,188 357 233% 225%
Employees'
bonuses
related to
acquisition 346 -- 100% 100% 936 -- 100% 100%
------- --- ------ ------- --- ------
Adjusted
EBITDA 13,010 12,584 3% (2)% 42,552 33,955 25% 22%
======= === ====== ======= === ======
__________
(1) The acquisition costs are related to historical and contemplated business
combinations of the Group.
Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company's reporting currency and constant currency (unaudited):
Constant Constant
Reporting Currency Currency Reporting Currency Currency
----------------------------------- ---------- ------------------------------------ ----------
Three Months Ended Nine Months Ended
September 30, Change Change September 30, Change Change
------------------------- -------- ---------- -------------------------- -------- ----------
2025 2024 % % 2025 2024 % %
------------ ----------- -------- ---------- ------------- ----------- -------- ----------
(USD in thousands, except (in thousands USD, except
margin) margin)
Revenue 38,982 32,118 21% 15% 119,211 91,874 30% 27%
Adjusted
EBITDA 13,010 12,584 3% (2)% 42,552 33,955 25% 22%
Adjusted
EBITDA
Margin 33% 39% 36% 37%
In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.
Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities adjusted for cash flows related to acquisitions less capital expenditures. Capital expenditures for Free Cash Flow are defined as the acquisition of property and equipment, and capitalized research and development costs, and excludes cash flows related to acquisitions accounted for as business combinations and asset acquisitions.
Adjusted Free Cash Flow is a non-IFRS liquidity financial measure defined as Free Cash Flow adjusted to exclude the effect of certain non-recurring payments.
We believe Free Cash Flow and Adjusted Free Cash Flow are useful to our management team as measures of financial performance as they measure our ability to generate additional cash from our operations. While we use Free Cash Flow and Adjusted Free Cash Flow as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow and Adjusted Free Cash Flow are substitutes for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow and Adjusted Free Cash Flow are not intended to be considered in isolation or as substitutes for any measures prepared in accordance with IFRS.
The primary limitation associated with the use of Free Cash Flow and Adjusted Free Cash Flow as compared to IFRS metrics is that Free Cash Flow and Adjusted Free Cash Flow do not represent residual cash flows available for discretionary expenditures because these measures do not deduct the payments required for debt payments and other obligations or payments made for acquisitions. Free Cash Flow and Adjusted Free Cash Flow as we define them also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.
Below is a reconciliation to Free Cash Flow and Adjusted Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statements of Cash Flows for the period specified (unaudited):
Three Months Ended Nine Months Ended
September 30, Change September 30, Change
----------------------- -------- ------------------------ --------
2025 2024 % 2025 2024 %
----------- ---------- -------- ------------ ---------- --------
(in thousands USD, (USD in thousands,
unaudited) unaudited)
Cash flows
generated by
operating
activities 10,911 14,936 (27)% 29,051 23,936 21%
Adjustment for
items presented
in operating
activities:
Payment of
deferred
consideration -- -- --% -- 7,156 (100)%
Adjustment for
items
presenting in
investing
activities:
Capital
Expenditures
Acquisition of
property and
equipment (199) (274) (27)% (736) (1,188) (38)%
Capitalization
of internally
developed
intangibles (1,081) (422) 156% (2,872) (1,487) 93%
------ ------ ------- ------
Free Cash Flow 9,631 14,240 (32)% 25,443 28,417 (10)%
------ --- ------ ------- --- ------
Tax and other
payments in
relation to
acquisition -- -- --% 3,323 -- 100%
------ --- ------ ------- --- ------
Adjusted Free
Cash Flow 9,631 14,240 (32)% 28,766 28,417 1%
====== === ====== ======= === ======
(1. One-time tax and other payments are related to income and payroll effects
of distributions to the Sellers of OddsJam, which were acquired as part of the
business combination.)
View source version on businesswire.com: https://www.businesswire.com/news/home/20251113612096/en/
CONTACT:
For further information, please contact:
Investors: Peter McGough, Gambling.com Group, investors@gdcgroup.com
Richard Land, Alliance Advisors, gambir@allianceadvisors.com
Media: Christine Doh, Gambling.com Group; media@gdcgroup.com
(END) Dow Jones Newswires
November 13, 2025 07:00 ET (12:00 GMT)
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