Sabio Holdings (SBIO) Q1 2026 earnings summary

Executive summary

• Achieved 26% CAGR since IPO, with 24% average growth in non-election years and 61% in election years.

• Consolidated gross revenues reached $8.2 million in Q1 2026, with core business revenues up 6% year-over-year excluding political and advocacy spend.

• International and programmatic channels drove growth, each increasing nearly 13x year-over-year and comprising 62% of total revenue.

• Gross margin was 53%, reflecting early-year pricing strategies and mix shift, with improvement expected as higher-margin political revenue returns.

• Adjusted EBITDA loss of $3.4 million, mainly due to timing of political and advocacy revenues and lower-margin revenue mix.

Financial highlights

• Q1 2026 consolidated gross revenues were $8.2 million, down from $9.1 million in Q1 2025 due to lower political and advocacy spend.

• Core ad-supported streaming revenues rose 18% year-over-year, excluding political/advocacy.

• International revenues surged 1,173% to $3.1 million, contributing 38% of Q1 gross revenues.

• Programmatic CTV/OTT revenues increased 1,174% year-over-year to $2 million, representing 24% of gross revenues.

• Cash and cash equivalents at quarter-end were $1.05 million.

Outlook and guidance

• Over $5 million in political and advocacy commitments secured for 2026, with most revenue expected in H2.

• Cost reductions of $2.3 million annualized to benefit Q2 and fully impact Q3, supporting return to profitability in H2.

• Gross revenues are tracking over 35% higher sequentially into Q2, driven by programmatic and international growth and early election-cycle spending.

• Expect record year and strong profitability in H2, driven by scalable channels and political spend.

• International and programmatic growth expected to offset off-cycle political revenue volatility.