PointsBet (PBH) Q2 2025 TU earnings summary

Executive summary

• Achieved full-year EBITDA profit for calendar year 2024 of AUD 8.2 million, a turnaround from a prior year loss of ($16.4m), with H1 EBITDA improving by AUD 10 million year-over-year to a loss of AUD 3.3 million.

• Record 292.6 thousand rolling 12-month cash actives at 31 December, reflecting strong customer engagement.

• Revenue growth and improved gross profit efficiency drove profitability, despite customer-friendly outcomes and VIP softness, with Canada Q2 net win negatively impacted by a $3.9 million variance from NFL and slots.

• Australia delivered Q2 gross profit of AUD 28.9 million, up 16% year-over-year, with improved net win delivery.

• Net cash from operating activities was $3.2M for the quarter ended 31 December 2024.

Financial highlights

• H1 gross profit grew 11% year-over-year; calendar year 2024 gross profit up 17% over 2023, reaching $136.1m.

• Q2 Group net win: $69.9 million; Q2 Australian net win: AUD 60.5 million (up 2% YoY), gross profit: AUD 28.9 million (up 16% YoY).

• Aggregate gross profit for the 12 months to 31 Dec 2024: AUD 117.6 million, up 13.5% YoY.

• H1 FY25 total revenue was $124.4m, up 6% YoY; gross profit was $65.0m, up 11%.

• Cash and cash equivalents at period end were $32.5m, with $15.3m in statutory corporate cash.

Outlook and guidance

• FY25 revenue guidance is $260 million–$270 million; normalised EBITDA guidance is $11 million–$14 million.

• Positive EBITDA margin now being delivered; focus remains on maximizing operating leverage and gross profit efficiency.

• No change to medium-term goals of AUD 400 million revenue and 20% margins.

• Canada expected to reach first month of EBITDA positivity late FY25 or early FY26, with full-year profitability targeted for FY26.

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