Gambling.com Group (GAMB) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 revenue of $39.6M, up 30% year-over-year, and record adjusted EBITDA of $13.7M, up 22% year-over-year.

• Diversified revenue streams with sports data services now over 25% of revenue, driven by recurring subscription income; marketing business reached all-time Q2 highs.

• Announced acquisition of Spotlight.Vegas, expanding into ticketing and land-based operator markets, expected to be accretive in 2026.

• Non-search marketing channels (apps, email, social, paid media) are growing rapidly, though search remains a key driver.

• Delivered 108,000+ new depositing customers and won Sports Affiliate of the Year – North America.

Financial highlights

• Gross profit increased 27% year-over-year to $36.9M; gross margin was 93.2% (down from 95.3%).

• Adjusted EBITDA reached $13.7M (35% margin), up 22% year-over-year; adjusted net income rose 37% to $13.4M.

• Adjusted diluted EPS up 42% to $0.37; free cash flow grew 36% to $8.2M.

• Net loss of $13.4M due to $21.2M fair value movement in contingent consideration.

• Six-month revenue up 34% to $80.2M; adjusted EBITDA up 38% to $29.5M; free cash flow up 12% to $15.8M.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $171M–$175M, with adjusted EBITDA of $62M–$64M, reflecting 36% and 29% year-over-year growth at midpoints.

• Guidance reflects four months of Spotlight.Vegas, Missouri sports betting launch, and weaker search rankings post-Google update.

• 2026 expectations: Spotlight.Vegas to generate at least $8M net revenue and $1.4M incremental adjusted EBITDA.