Gaming Realms (GMR) H1 2025 earnings summary

Executive summary

• Achieved H1 2025 revenue of £16.0m ($20.7m), up 18% year-over-year, with a 29% CAGR since 2019 in core content licensing.

• Adjusted EBITDA rose 30% to £7.5m, with margin improving to 47% and 73% of Adjusted EBITDA converted to cash.

• Profit before tax increased 19% to £4.3m, reflecting strong operational leverage.

• Expanded global reach, launching in Brazil, British Columbia, Delaware, and adding 19 new partners.

• UK content licensing was impacted by new staking limits, but recovery is underway due to product innovation.

Financial highlights

• Content licensing revenue up 4% to £11.7m; brand licensing revenue up 623% to £2.4m due to a major deal.

• Adjusted EBITDA reached £7.5m, up 30% from H1 2024, with margin at 47%.

• Net cash increased 28% to £19.0m at period end, with 73% EBITDA-to-cash conversion.

• Free cash flow supported by positive working capital and £3.5m capex, mainly for game and platform development.

• Basic EPS was 0.90p, down from 1.12p in H1'24.

Outlook and guidance

• U.S. online casino market forecast to grow 48% from 2025 to 2028, supporting further expansion.

• Continued investment in new game launches, platform tools, and localized content for regulated markets.

• Further launches planned in the Philippines, South Africa, Switzerland, and Greece.

• Ongoing roll-out of marketing tools and bespoke content to drive player acquisition and engagement.

• Trading in H1'25 was in line with expectations; management expects continued growth for FY25.