Gambling.com Group (GAMB) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of $46.2 million, up 31% year-over-year, and full-year revenue of $165.4 million, up 30% year-over-year.

• Adjusted EBITDA reached $15.5 million in Q4 (up 5% YoY) and $58.0 million for the year (up 19% YoY).

• Sports data services revenue surged 440% YoY in Q4 to $11.8 million, now 26% of total revenue, driven by OpticOdds and OddsJam.

• Non-SEO marketing revenue surpassed SEO-related sources for the first time, diversifying revenue streams.

• Net loss in Q4 was $26.9 million, mainly due to non-cash items, compared to net income of $7.9 million in Q4 2024.

Financial highlights

• Q4 gross profit increased 19% year-over-year to $39.3 million; gross margin was 85% versus 94% a year ago.

• Cost of sales rose to $6.9 million from $2.2 million, driven by marketing diversification.

• Adjusted net income for Q4 was $12.2 million, with adjusted EPS of $0.30, flat year-over-year.

• Adjusted free cash flow for Q4 was $7.5 million; full-year included a $5.6 million one-off tax payment.

• Cash at year-end was $15.8 million, borrowings $123.6 million, and $32.5 million undrawn credit facility.

Outlook and guidance

• 2026 revenue expected at $170–$180 million, adjusted EBITDA at $50–$58 million.

• Adjusted EBITDA margin expected around 30%, lower in H1 and higher in H2 due to ongoing investments.

• Revenue growth to be driven by sports data services, with continued headwinds in marketing from SEO and regulation.

• Guidance reflects regulatory headwinds in the UK and Europe and continued investments in product and marketing diversification.