Gambling.com Group (NASDAQ:GAMB) reported record-breaking financial results for the fourth quarter and full year 2025, highlighting a fundamental shift in its revenue mix.
The Charlotte-based technology firm posted fourth-quarter revenue of $46.2 million, a 31% increase year-over-year.
This growth was propelled by the company’s sports data services, which surged 440% compared to the prior year to reach $11.8 million, now accounting for 26% of total group turnover.
The quarter marked a strategic milestone for the company: for the first time in its history, revenue generated from non-SEO channels exceeded that of organic search referrals.
This diversification effort helped the marketing services division grow to $34.4 million, up 4% year-over-year.
However, the costs associated with these new traffic sources, alongside headcount increases from recent acquisitions like Odds Holdings and Spotlight.Vegas, pressured margins.
Adjusted EBITDA for the quarter rose a modest 5% to $15.5 million, with the adjusted EBITDA margin contracting to 33% from 42% in the previous year.
On a GAAP basis, the company reported a net loss of $26.9 million for the quarter, compared to a net income of $7.9 million a year ago.
Management attributed this loss to non-cash movements, specifically a $14 million impairment charge on intangible assets and fair value adjustments related to contingent considerations for the Odds Holdings merger.
Despite these accounting charges, the company’s underlying performance remained stable, with adjusted net income holding steady at $12.2 million.
For the full year 2025, Gambling.com Group generated $170.1 million in revenue (up 30%) and $36.3 million in adjusted free cash flow.
The company ended the year with $15.8 million in cash and $123.6 million in borrowings under its credit facility, having utilized capital during the quarter to settle $33.6 million in deferred consideration for the Odds Holdings acquisition.
Looking ahead, the company issued initial 2026 guidance, projecting full-year revenue between $170 million and $180 million and adjusted EBITDA in the range of $50 million to $58 million.