Impressive results and updated forecast: Gambling.com Group sums up its first quarter results
Date: 2024-05-17 Author: Alex Crawford Categories: PAYMENT SOLUTIONS
Gambling.com Group, a leading provider of digital marketing services to partners in the online gaming industry, presented its financial results for the first quarter of 2024, demonstrating significant growth in key metrics and a strong outlook for the coming year.
Financial indicators for the first quarter of 2024
Gambling.com Group reported first-quarter revenue of $29.2 million, up 9% from $26.7 million in the same period last year. This growth confirms the company's ability to generate stable revenue in a competitive market.
Adjusted EBITDA was $10.1 million, representing a 5% decrease year-over-year. Despite this, adjusted EBITDA margin remained at 35%, which is, however, lower than last year's 40%.
Cash flow from operating activities reached $8.8 million, up 24% year-over-year. Free cash flow was $8.2 million, reflecting growth of 32%. These results highlight the company's financial strength and ability to generate significant free cash flow.
Forecast for 2024
Gambling.com Group updated its 2024 guidance, expecting revenue in the range of $118-$122 million and adjusted EBITDA in the range of $40-$44 million. These numbers represent a slight decline from the previous forecast, but the company's management is confident in the strength of its assets and prospects .
Successes in various markets and strategic steps
Other highlights of the first quarter of 2024 include a successful launch in North Carolina and the acquisition of Freebets.com. These events help strengthen the company's position in the market and expand its customer base.
The company also entered into a $50 million credit agreement with Wells Fargo Bank and completed its share repurchase program, purchasing 329,490 shares at an average price of $9.10. The Board of Directors approved an additional buyback program, demonstrating confidence in the company's long-term prospects.
Management Comments
Charles Gillespie, co-founder and CEO of Gambling.com Group, noted that the company had a strong start to the year. He emphasized the importance of investing in proprietary technologies and a growing portfolio of assets that support sustainable growth.
“We see a clear path to significant growth in adjusted EBITDA and free cash flow while continuing to expand our leadership and influence in global online gambling markets,” Gillespie said.
Elias Mark, Gambling.com Group's chief financial officer, also praised the company's first-quarter results, highlighting record revenue growth and the company's strong financial position.
Bottom line
First quarter 2024 results demonstrate that Gambling.com Group is on track for continued success and expansion. The updated outlook and strategic initiatives strengthen confidence in the company's long-term prospects in the digital marketing and online gaming market.
