Betmakers Technology Group (BET) H1 2026 earnings summary

Executive summary

• Achieved a turnaround with H1 FY26 adjusted EBITDA of $6.1M, reversing a prior $1.3M loss, driven by technology-led growth, operational efficiencies, and major new agreements with CrownBet and Stake.

• Revenue grew to $46.1M (up 13.8% year-over-year), supported by both existing and new customers, new product launches, and scalable technology.

• Gross margin expanded to 66.5% (adjusted), reflecting improved technology, product mix, and cost control.

• Closed the acquisition of LVDC, establishing a major North American hub and unlocking new U.S. market opportunities.

• Net loss after tax narrowed to $3.4M from $17.2M year-over-year, with improved EPS.

Financial highlights

• Revenue increased from $40.5M to $46.1M year-over-year for H1, including $0.9M non-recurring catch-up.

• Gross profit rose 19% to $29.4M, with gross margin at 66.5% (adjusted).

• Operating expenses reduced to $23.4M from $26.0M, reflecting cost optimisation.

• Operating cash flow turned positive at $4.2M, compared to an outflow of $3.2M in the prior period.

• Net loss after tax (NLAT): $(3.5)M, a significant improvement from $(17.1)M in H1 FY25.

Outlook and guidance

• Focus remains on double-digit top-line growth, gross margin expansion toward 70%+, and disciplined cost control for H2.

• Key contract deployments (Stake, CrownBet) scheduled for 2H FY26.

• Continued investment in technology and AI expected to further lower costs and improve product delivery.

• Emphasis on converting Adjusted EBITDA into consistent free cash flow and maintaining a debt-free balance sheet.