Gambling.com Group (GAMB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 results, with Q4 revenue of $35.3M, adjusted EBITDA of $14.7M, and free cash flow of $13.2M, driven by iGaming growth and strategic acquisitions.

• Full-year 2024 revenue grew 17% to $127.2M, adjusted EBITDA rose 33% to $48.7M, and free cash flow increased 81% to $41.6M.

• Completed accretive acquisitions of Freebets.com, OddsJam, and OpticOdds, expanding product portfolio and recurring revenue streams.

• Repurchased 486,312 shares and expanded credit facility to $165M, providing flexibility for future M&A.

• Positioned for accelerated growth in 2025, targeting 35% revenue and 40% adjusted EBITDA growth at the midpoint of guidance.

Financial highlights

• Q4 revenue up 9% year-over-year to $35.3M; full-year revenue up 17% to $127.2M.

• Gross profit increased 21% year-over-year to $33.1M; gross margin rose to 94% from 84% in Q4 2023.

• Adjusted EBITDA for Q4 up 39% to $14.7M (42% margin); full-year adjusted EBITDA up 33% to $48.7M (38% margin).

• Adjusted net income for Q4 rose 41% to $12.2M; adjusted diluted EPS up 59% to $0.35.

• Full-year free cash flow reached $41.6M, with 85% of adjusted EBITDA converted to free cash flow.

Outlook and guidance

• 2025 revenue guidance: $170M–$174M (midpoint 35% growth); adjusted EBITDA guidance: $67M–$69M (midpoint 40% growth), including $14.5M incremental adjusted EBITDA from Odds Holdings acquisition.

• Adjusted EBITDA margin expected at 39.5% for 2025.

• Over 20% of 2025 revenue expected from recurring subscriptions.

• Guidance excludes potential new acquisitions and unconfirmed market launches (e.g., Missouri sports betting); no new North American launches assumed.