PointsBet (PBH) H1 2025 earnings summary

Executive summary

• Entered a Scheme Implementation Deed with MIXI (Australia/MIXI, Inc.) for acquisition at $1.06 per share, a 27.7% premium to the last close and 23.9% to the one-month VWAP, pending regulatory, shareholder, and court approvals.

• Board unanimously recommends shareholders vote in favor of the Scheme, subject to no superior proposal and positive independent expert opinion, with a meeting expected in late May 2025 and implementation in mid-June 2025.

• H1 FY25 revenue reached $124.4 million, up 6% year-over-year, with gross profit up 11% to $65.0 million.

• Net loss after tax narrowed to $17.2 million from $36.4 million in the prior period, with normalised EBITDA loss improving 75% to $(3.3) million.

• Group cash active clients hit a record 292,600 as of 31 December 2024, reflecting growth in mass market and recreational segments.

Financial highlights

• H1 FY25 revenue grew 6% year-over-year to $124.4 million; gross profit increased 11% to $65.0 million, with gross profit margin at 52.2%.

• Normalised EBITDA loss improved by $10 million to $(3.3) million, a 75% improvement year-over-year.

• Net loss after tax improved to $17.2 million from $36.4 million year-over-year; basic and diluted loss per share from continuing operations was (5.2) cents.

• Net cash inflows from operating activities were $0.5 million; cash balance at 31 December 2024 was $32.5 million.

• Record 292,600 rolling 12-month cash actives as of 31 December 2024.

Outlook and guidance

• FY25 revenue guidance reaffirmed at $260 million–$270 million; EBITDA guidance at $11 million–$14 million.

• H2 expected to be seasonally stronger, with positive net cash flows anticipated.

• Focus on mass market growth, strong Net Win yields, and gross profit efficiency.

• Continued investment in marketing and product to drive growth and operating leverage.

• Board recommends shareholders vote in favour of the MIXI acquisition scheme, subject to approvals.