Betmakers Technology Group (BET) Q2 2026 TU earnings summary

Executive summary

• Achieved 14.1% year-over-year revenue growth to $22.9M in Q2 FY26, driven by digital and content revenues.

• Adjusted EBITDA reached $2.7M, a $3.0M turnaround from Q2 FY25's $0.3M loss, with four consecutive quarters of positive results.

• Major new agreements signed: global partnership with Stake.com, multi-year renewal with PENN Entertainment, and a five-year technology deal with CrownBet.

• LVDC acquisition progressing, expected to complete in Q3 FY26, expanding US market presence.

Financial highlights

• Q2 FY26 revenue of $22.9M, up from $20.0M in Q2 FY25.

• Gross margin expanded to 66.4% from 61.6% year-over-year, with gross profit rising to $15.2M.

• Adjusted EBITDA of $2.7M for the quarter, with positive net cash from operating activities of $0.2M.

• H1 FY26 revenue of $44.9M, up 12% year-over-year after normalizing for a legacy customer loss.

• Cash and cash equivalents at quarter end were $30.2M.

Outlook and guidance

• Financial impact from CrownBet and Stake deals expected in H2 FY26.

• Entering seasonally stronger half of the year, with further improvement in Adjusted EBITDA anticipated.

• LVDC acquisition expected to contribute $4.5M annual revenue and be at least Adjusted EBITDA break-even in Year 1.

• Focus on scalable growth from proprietary technology and North American expansion.

• Continued commitment to cost efficiencies and positive operating cash flows.