Gambling.com Group Ltd

Second-quarter revenue was $37.8 million, down 5% year over year, and adjusted EBITDA was $7.7 million, with adjusted EBITDA margin of 20% versus 35% a year ago. Gross margin was 84% versus 93% in the year-ago period. Adjusted net income was $2.5 million, or $0.05 per share, versus $13.4 million, or $0.37 per share, last year. Adjusted free cash flow was $9.6 million versus $8.2 million a year ago. For the quarter, data revenue was $11.2 million, up 12% year over year, and marketing revenue was $26.5 million, down 10%. Full-year guidance was reiterated at $165 million to $170 million of revenue and $45 million to $60 million of adjusted EBITDA; management also expects strong sequential second-half growth, with margins helped by $6.5 million of fixed-cost savings in H2 and a return to low-30s adjusted EBITDA margins in 2027.

Kevin McCrystle said the quarter reflected a stabilized business that is now more diversified across data, marketing, and new products. He emphasized that the restructuring and rebranding were intentional steps to simplify the cost base, deepen direct audience relationships, and make AI central to operations. He also highlighted Roll Card as a new fintech extension of the company’s sports/gaming ecosystem, while stressing that second-half seasonality and cost savings should drive a better run rate into 2027.

Elias Mark said Q2 results were in line with expectations and walked through the key financials: revenue of $37.8 million, adjusted EBITDA of $7.7 million, adjusted free cash flow of $9.6 million, and gross margin of 84%. He noted total revenue was down 5% year over year, with data revenue up 12% and marketing revenue down 10%, and said the restructure reduced headcount by about 25% and will create $13 million of annualized fixed-cost savings. He also cited $8.8 million of cash, $33.3 million of total liquidity, $122.3 million of interest-bearing liabilities, and $26.5 million of remaining deferred consideration, while reaffirming full-year revenue and EBITDA guidance.

Analysts pressed on the rationale for moving into payments with Roll Card, and management said the biggest friction in U.S. gaming is payments and that the company already has the audience, partnerships, and operating pieces to support the launch. On guidance, management said the second half should benefit from seasonality, with marketing roughly flat in H2 and data growth continuing in the teens; Roll Card was already included in guidance with only a modest ramp assumed this year. Questions also focused on SEO and competitive pressure, and management said SEO is still declining year over year, especially in some international markets, but North America is growing strongly and the company is intentionally diversifying away from SEO.