Gambling.com Group (GAMB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was EUR 40.4 million (also reported as $40.4 million), flat year-over-year, with sports data services up 13% and marketing revenue down 5%.

• Strategic restructuring announced to reduce workforce by 25%, targeting EUR 13 million ($13 million) in annualized cost savings, with about half realized in 2026.

• Transition to an AI-first operating model underway, with 80% of new code generated by AI.

• Leadership transition: Kevin McCrystle to become CEO, Charles Gillespie to remain as executive chairman.

• Adjusted 2026 guidance to revenue of EUR 165–170 million ($165–$170 million) and Adjusted EBITDA of EUR 45–50 million ($45–$50 million), citing regulatory headwinds and poor search dynamics.

Financial highlights

• Adjusted EBITDA margin was 22%, down from 39% in Q1 2025, due to higher costs from traffic diversification.

• Adjusted net income was EUR 3.8 million ($3.8 million), down from EUR 16.5 million year-over-year; net loss attributable to shareholders was $1.2 million, down from net income of $11.2 million in Q1 2025.

• Adjusted free cash flow was EUR 3.9 million ($3.9 million), compared to EUR 10.3 million in Q1 2025.

• Gross profit margin was 85% (down from 94% a year ago); gross profit decreased 11% to $34.4 million as cost of sales rose 171%.

• Total cash at quarter-end was EUR 8.4 million ($8.4 million), with total liquidity of EUR 40.9 million and EUR 121 million ($121.3 million) in credit facilities outstanding.

Outlook and guidance

• Full-year 2026 revenue guidance set at EUR 165–170 million ($165–$170 million); adjusted EBITDA guidance at EUR 45–50 million ($45–$50 million).

• Margin expansion and sequential growth in revenue and adjusted EBITDA expected in H2 2026.

• About half of the EUR 13 million ($13 million) cost savings from restructuring to be realized in 2026, with full impact in 2027.

• Non-SEO revenue expected to continue outpacing SEO revenue, with margins gradually expanding into 2027.

• Guidance assumes continued regulatory headwinds in the UK and Finland, and ongoing investments in product and marketing diversification.