Gambling.com Group (GAMB) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of $46.2 million, up 31% year-over-year, and full-year revenue of $165.4 million, up 30% year-over-year.

• Adjusted EBITDA reached $15.5 million in Q4 (up 5% YoY) and $58.0 million for the year (up 19% YoY).

• Sports data services revenue surged 440% YoY in Q4 to $11.8 million, now 26% of total revenue, driven by OpticOdds and OddsJam.

• Marketing services revenue grew 4% YoY in Q4 and 5% for the year, with non-SEO channels now the majority of revenue.

• Net loss in Q4 was $26.9 million, mainly due to non-cash items, compared to net income of $7.9 million in Q4 2024.

Financial highlights

• Q4 gross profit increased 19% YoY to $39.3 million; gross margin declined to 85% from 94% due to higher cost of sales.

• Adjusted net income for Q4 was $12.2 million, flat year-over-year; adjusted net income per share was $0.30.

• Adjusted free cash flow for Q4 was $7.5 million; full-year adjusted free cash flow was $36.3 million, including a $5.6 million one-off tax payment.

• Operating expenses (adjusted) grew 32% to $26.9 million, mainly from acquisitions and higher marketing costs.

• Cash flow from operations was negative $9.9 million in Q4, impacted by $18.6 million in deferred consideration payments.

Outlook and guidance

• 2026 revenue guidance: $170 million–$180 million; adjusted EBITDA: $50 million–$58 million.

• Adjusted EBITDA margin expected around 30%, lower in H1 and higher in H2 due to investments in new products and diversification.

• Revenue growth to be driven by sports data services, with continued headwinds in marketing from SEO and regulatory changes.