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%.

• Non-SEO revenue exceeded SEO revenue for the second consecutive quarter, reflecting successful diversification.

• Strategic AI-led restructuring announced, reducing workforce by 25% and targeting EUR 13 million ($13 million) in annualized cost savings, with about half expected in H2 2026.

• 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% (gross profit $34.4 million), down from 94% a year ago, reflecting increased cost of sales.

• 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 outstanding credit facilities.

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 H2 2026, with full impact in 2027.

• Free cash flow and conversion expected to improve in the second half, supporting deleveraging.

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