{"id":759490,"date":"2023-05-18T07:04:18","date_gmt":"2023-05-18T11:04:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gambling-com-group-reports-record-first-quarter-results-including-36-revenue-increase-to-26-7-million\/"},"modified":"2023-05-18T07:04:18","modified_gmt":"2023-05-18T11:04:18","slug":"gambling-com-group-reports-record-first-quarter-results-including-36-revenue-increase-to-26-7-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gambling-com-group-reports-record-first-quarter-results-including-36-revenue-increase-to-26-7-million\/","title":{"rendered":"Gambling.com Group Reports Record First Quarter Results Including 36% Revenue Increase to $26.7 Million"},"content":{"rendered":"

<\/p>\n

Gambling.com Group Reports Record First Quarter Results Including 36% Revenue Increase to $26.7 Million<\/b><\/p>\n

Net Income Rises 47% to $6.6 Million and Adjusted EBITDA Increases 49% to $10.7 Million<\/b><\/p>\n

Raises 2023 Guidance to Revenue of $95-$99 Million and Adjusted EBITDA of $33-$37 Million<\/b><\/p>\n

CHARLOTTE, N.C.–(BUSINESS WIRE<\/a>)–
\nGambling.com Group Limited (Nasdaq: GAMB) (\u201cGambling.com Group\u201d or the \u201cCompany\u201d), a leading provider of digital marketing services for the global online gambling industry, today reported record first quarter financial results for the three-month period ended March 31, 2023. The Company also increased its guidance for full-year revenue and Adjusted EBITDA.<\/p>\n

First Quarter 2023 vs. First Quarter 2022 Financial Highlights
\n
<\/span><\/b>(USD in thousands, except per share data, unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Change<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue<\/p>\n<\/td>\n

\n

\n26,692<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,585<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n36<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income for the period attributable to shareholders (1)<\/sup><\/p>\n<\/td>\n

\n

\n6,595<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,487<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n47<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income per share attributable to shareholders, diluted (1)<\/sup><\/p>\n<\/td>\n

\n

\n0.17<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income for the period attributable to shareholders (1)<\/sup><\/p>\n<\/td>\n

\n

\n7,551<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,487<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n68<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income per share attributable to shareholders, diluted (1)<\/sup><\/p>\n<\/td>\n

\n

\n0.20<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n67<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n10,673<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,186<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA Margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n40<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n37<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash flows generated by operating activities<\/p>\n<\/td>\n

\n

\n7,082<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,585<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n98<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nFree Cash Flow (1)<\/sup><\/p>\n<\/td>\n

\n

\n6,205<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,373<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n352<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n(1) For the three months March 31, 2023, Adjusted net income and Adjusted net income per share exclude, and Net Income and Net Income per share include, adjustments related to our 2022 acquisitions of RotoWire and BonusFinder of $1.0 million, or $0.03 per share. See \u201cSupplemental Information – Non-IFRS Financial Measures\u201d and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCharles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group commented, \u201cOur record first quarter 2023 results exceeded internal forecasts and reflect industry-leading organic revenue growth as well as strong profitability and cash generation. Our performance in the first quarter demonstrates both Gambling.com Group\u2019s successful execution on our North American growth initiatives and our success in generating ongoing attractive growth in more established markets. New depositing customers (“NDCs”) increased 31% from the prior-year period, helping drive 36% year-over-year revenue growth, a 49% increase in Adjusted EBITDA to $10.7 million and an Adjusted EBITDA Margin of 40%.<\/p>\n

\n\u201cWe continue to deliver strong growth in both our newer and more established markets, with particular strength in iCasino performance marketing revenue in many of our global markets. North American revenue increased 33% year-over-year to $14.1 million, despite the year-ago period including the blockbuster launch of sports betting in New York. First quarter growth in U.K. and Ireland, markets where we have a longer operating history, was also impressive as we generated all-time quarterly record revenue for the fifth consecutive quarter in those markets, with revenue rising 36% to $8.5 million. In addition, revenue from other Europe and the rest of the world increased 51%.<\/p>\n

\n\u201cWe have established a record of consistently delivering market-leading organic revenue growth compared to our publicly-traded peers, as well as strong Adjusted EBITDA and Free Cash Flow. The advantages of our proprietary technology are a key factor driving our consistent growth in established markets and our success in addressing the high-growth North American market opportunity. Following the strong start to the year, we are raising our outlook for 2023 full-year revenue and Adjusted EBITDA as we remain on track to deliver another year of strong profitable organic growth and record financial results.\u201d<\/p>\n

First Quarter 2023 and Recent Business Highlights<\/span><\/b><\/p>\n