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Acroud (ACROUD) investor relations material
Acroud Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 revenue rose 41% year-over-year to EUR 13,033 thousand, driven by SaaS segment growth and record performance despite seasonal headwinds.
Adjusted EBITDA increased 75% year-over-year to EUR 1,422 thousand, though it declined 9% sequentially from Q2 2025.
Loss after tax narrowed to EUR -681 thousand from EUR -1,040 thousand in Q3 2024; adjusted loss after tax was EUR -221 thousand.
New Depositing Customers (NDCs) grew 10% year-over-year to 45,508, but fell 7% quarter-on-quarter.
CEO Mikael Strunge was appointed during the quarter, alongside key internal leadership promotions.
Financial highlights
Q3 2025 revenue: EUR 13,033 thousand (up 41% year-over-year).
Adjusted EBITDA: EUR 1,422 thousand (up 75% year-over-year); EBITDA margin 9%.
Loss after tax: EUR -681 thousand; adjusted loss after tax: EUR -221 thousand.
Earnings per share: EUR -0.0006; adjusted EPS: EUR -0.0002.
Cash flow from operating activities: EUR 1,074 thousand (Q3 2024: EUR 206 thousand).
Outlook and guidance
Entering Q4 with confidence in project pipeline, a stronger balance sheet, and improved organizational efficiency.
Long-term target to maintain net debt/adjusted EBITDA at or below 2.5x.
Focus remains on organic growth and operational excellence.
Organic EBITDA growth target miss
SaaS RGU decline vs revenue/NDC growth
iGaming Affiliation profitability drivers
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Frequently asked questions
Assists other companies to generate traffic
Acroud’s core business is based on operating affiliate sites for companies in the iGaming industry. The company has a portfolio of 30+ comparison and news sites, where the main purpose is to assist other companies to generate more traffic and enhance their search engine optimization. In addition, Acroud offers SaaS services to other affiliates, which enables them to reach larger client bases and campaign pools.
Making it easier to find, compare and choose
Acroud was founded in 2003, with the idea of making it easier to find, compare and choose different digital services. Since then, the company has undergone a couple of mergers and acquisitions, a public listing on the Nasdaq First North Growth Market in June, 2018, and a name change from Net Gaming to Acroud in 2020.
The company now has over 70 employees with offices in Denmark, United Kingdom, Sweden, and is headquartered in Malta. Acroud has grown rapidly during the last years, as it grew sales from approximately 50 million SEK in 2016, to roughly 250 million in 2022, with a mix of organic and acquired growth.
An adapting and rapidly growing market
The iGaming industry is expected to grow from roughly $450 billion in 2022 to $765 billion in 2027, corresponding to a compounded annual growth rate (CAGR) of 11%. This rapid growth is in part attributable to the constantly ongoing regulations of the industry, which obstructs the black iGaming market – forcing the market towards regulated and legal services.
For instance, several states in the U.S have now passed legislation that allows certain types of online gambling such as online poker, live casino, slots, and sports betting. More states are expected to open up for iGaming during the coming years which contributes to the industry growth.
However, regulations within iGaming can also be considered a risk for companies such as Acroud since the whole industry is heavily relying on governmental decisions, which could be completely decisive for many companies and the industry as whole. Other notable affiliate companies that faces similar potential challenges, and opportunities, are Better Collective, Raketech, and Catena Media.
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