Gambling.com Group (GAMB) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 revenue of $40.6 million, up 39% year-over-year, and adjusted EBITDA of $15.9 million, up 56% year-over-year.

• Integration and acquisition of OddsJam and OpticOdds completed, boosting recurring subscription revenue to 24% of Q1 total and driving growth in sports data services.

• Delivered over 138,000 new depositing customers, a 29% increase year-over-year.

• iGaming revenues rose 24% year-over-year, with continued market share gains in the UK, Europe, and North America.

• Reiterated 2025 guidance, targeting another year of record revenue, adjusted EBITDA, and free cash flow.

Financial highlights

• Q1 revenue grew 39% year-over-year to $40.6 million; marketing business grew 13% with 138,000 NDCs delivered (29% growth).

• Sports data services revenue quadrupled to $9.9 million (+405% YoY); recurring subscription revenue at 24% of total revenue.

• Gross profit increased 42% year-over-year to $38.4 million; gross margin rose 200 basis points to 94.5%.

• Adjusted EBITDA margin was 39%, up from 35% a year ago; adjusted net income rose 78% to $16.5 million.

• Free cash flow was $10.3 million, up 25% year-over-year; total cash at quarter end was $21.5 million.

Outlook and guidance

• Full-year 2025 revenue guidance midpoint is $172 million (35% growth); adjusted EBITDA guidance midpoint is $68 million (40% growth).

• Guidance assumes $14.5 million incremental adjusted EBITDA from Odds Holdings acquisition and no new North American market launches in 2025.

• Recurring subscription revenue expected to exceed 20% of 2025 revenue.

• Guidance does not include new acquisitions or new market launches; Missouri will be added once launch date is confirmed.