Betmakers Technology Group (BET) H2 2025 earnings summary

Executive summary

• Achieved a technology-led transformation, resulting in positive adjusted EBITDA and operating cash flow, a scalable cost base, and a return to growth with a 5.6% increase in 2H FY25 over 1H FY25.

• Maintains a strong balance sheet with nearly AUD 20 million ($18.8m) in unrestricted cash and zero debt, positioning for future growth.

• Enhanced and consolidated platform, streamlined costs, and expanded internationally, supporting scalability and readiness for FY26 opportunities.

• Rolled out Apollo and GTX digital platforms at scale, driving efficiency, innovation, and new customer wins.

• Renewed and expanded partnerships with major global wagering operators, reinforcing technology leadership.

Financial highlights

• FY25 revenue was $85.1 million, down 10.6% year-over-year, but up 5.6% half-on-half in 2H ($43.7m vs $41.4m in 1H).

• Gross margin improved to 64% for FY25, rising to 68.1% in 2H FY25.

• Adjusted EBITDA turned positive at $4.6 million (FY24: -$7.2 million), with $5.9 million in 2H FY25.

• Operating cash flow improved by $12.4 million year-over-year, reaching $6.4 million in 2H FY25.

• Cash operating costs reduced by 19.9% to $57.3 million year-over-year.

Outlook and guidance

• Targeting 10%+ annual revenue growth and 25%+ EBITDA margin over the long term, with current gross margin performance ahead of expectations.

• FY26 priorities include top-line growth, broader adoption of Apollo and GTX, completing the LVDC acquisition, and further margin expansion.

• Q1 FY26 started strongly, outperforming expectations due to upgraded technology and products.

• No material increase in cost base expected to support future revenue growth.

• Long-term incentive plan targets AUD 20 million EBITDA, with a stretch target of AUD 30 million.