PointsBet (PBH) H2 2024 earnings summary

Executive summary

• Completed sale of U.S. business to Fanatics Betting and Gaming for AUD 225 million, returning AUD 442.4 million to shareholders (AUD 1.39 per share).

• Achieved and exceeded FY 2024 guidance, with group net revenue up 17% to AUD 245.5 million and normalized EBITDA loss reduced to AUD 1.8 million, a AUD 47.2 million improvement from FY 2023.

• Transitioned to a stable cost base, positioning for significant operating leverage and future profitability.

• Achieved strong revenue and gross profit growth in both Australia and Canada.

• Achieved record H2 net operating cash flow of AUD 16.8 million (excluding player cash accounts).

Financial highlights

• Group revenue reached AUD 245.5 million, up 17% year-over-year; gross profit margin increased to 52.8% from 50.3%.

• Total net win increased 16% to AUD 267.1 million; total gross profit up 23% to AUD 129.6 million.

• Group normalized EBITDA loss was AUD 1.8 million, a AUD 47.2 million improvement from FY 2023.

• Marketing expenses fell 21% to AUD 71 million; operating expenses (ex-marketing) were AUD 60.4 million, down 6%.

• Cash and cash equivalents at year-end were AUD 42.2 million, with AUD 28.1 million in corporate cash.

Outlook and guidance

• FY 2025 revenue expected between AUD 280–290 million (14–18% growth).

• Normalized positive EBITDA guidance of AUD 11–16 million for FY 2025, targeting cash flow breakeven.

• Plans to maintain gross profit margins above 50% and continue market share growth in Australia and Canada.

• Ongoing investment in marketing, technology, and product at growth levels already embedded in cost base.

• Expects continued outperformance and market share gains in both Australia and Canada.