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Gambling.com Group (GAMB) investor relations material
Gambling.com Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 revenue of $39 million, up 21% year-over-year, and record adjusted EBITDA, up 3% year-over-year, driven by strong enterprise sales in sports data services, which grew over 300% year-over-year and now represent 24-25% of total revenue.
Marketing business was flat year-over-year due to unfavorable search rankings and poor organic search quality, especially outside the U.S., impacting new depositing customer volumes.
Continued investment in product expansion, traffic diversification, and non-SEO channels, with expectations for non-SEO revenue to surpass SEO in Q4.
Company remains optimistic about both sports data services and marketing, expecting growth in both segments in 2026.
Acquired Spotlight.Vegas and continued share repurchases as part of ongoing capital allocation strategy.
Financial highlights
Gross profit increased 17% to $35.6 million; gross margin was 91.2% versus 94.7% a year ago, with cost of sales doubling due to traffic diversification and acquisitions.
Adjusted EBITDA margin was 33%, down from 39% last year, reflecting higher costs from traffic diversification.
Adjusted net income fell 16% to $9.3 million, with adjusted EPS at $0.26, mainly due to higher interest expense.
Free cash flow was $9.6 million, down from $14.2 million last year due to timing differences; operating cash flow was $10.9 million.
Net loss attributable to shareholders was $3.9 million, compared to net income of $8.5 million in Q3 2024, mainly due to fair value movement in contingent consideration.
Outlook and guidance
Full-year 2025 guidance revised to revenue of ~$165 million and adjusted EBITDA of ~$58 million, reflecting ongoing search headwinds and higher costs from accelerated traffic diversification.
Q4 revenue expected at $46 million, the largest quarter in company history.
2026 outlook: overall revenue growth in low teens, sports data services in high teens, marketing in low teens, and adjusted EBITDA margin in mid-30%.
Management expects sports data services to remain the fastest-growing, high-margin segment, with recurring subscription revenue as a key driver.
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