Gambling.com Group (GAMB) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 revenue of $39.6M, up 30% year-over-year, and record adjusted EBITDA of $13.7M, up 22%.

• Marketing business reached all-time Q2 highs; sports data services revenue quadrupled to $10M, now 25% of total, driven by OddsJam and OpticOdds.

• Diversification strategy advanced with acquisitions (RotoWire, OddsJam, OpticOdds, and pending Spotlight.Vegas), expanding into ticketing and omnichannel marketing.

• Non-search marketing channels (apps, email, social, paid media) are growing rapidly, though search remains a key driver.

• Expanded share buyback authorization from $10M to $20M, unused to date.

Financial highlights

• Gross profit increased 27% year-over-year to $36.9M; gross margin was 93.2% (down from 95.3%).

• Adjusted EBITDA reached $13.7M (35% margin), up 22% year-over-year; adjusted net income rose 37% to $13.4M.

• Adjusted diluted EPS up 42% to $0.37; free cash flow grew 36% to $8.2M.

• Q2 net loss attributable to shareholders was $13.4M, mainly due to fair value movement in contingent consideration.

• Six-month revenue up 34% to $80.2M; six-month adjusted EBITDA up 38% to $29.5M.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $171M–$175M, with adjusted EBITDA of $62M–$64M.

• Guidance reflects four months of Spotlight.Vegas, Missouri sports betting launch, and weaker search rankings post-Google update.

• 2026 expectations: Spotlight.Vegas to generate at least $8M net revenue and $1.4M incremental adjusted EBITDA.