Gambling.com reported revenue of $26.6m in Q1 2023, an increase of 36.2% on the previous year.
The $26,9m revenue target that Gambling.com predicted last month was not met.
Charles Gillespie (CEO and co-founder) of Gambling.com said that Q1 2023’s results “exceeded expectations” and proved Gambling.com’s success in North America.
He said, “Our record-breaking first quarter results in 2023 exceeded internal expectations and reflect the industry’s leading organic revenue growth. We also have strong profitability and cash flow generation.”
Our performance in the first three months demonstrates Gambling.com Group’s success in executing our North American growth strategies and in generating attractive growth in established markets.
First quarter results
Revenue in North America grew by 33% on an annual basis to $14.1m.
Cost of sales was $991,000 for the quarter, which is a drop of 19.3% from Q1 2022. The gross profit for the entire year was $25.7m. This is a 40.0% increase.
The highest quarter-end expenses totaled $8.0m. General and administrative costs were $5.7m and technology costs $2.2m. The rest of the expenses was made up by movements in credit loss allowance and fair value on contingent consideration.
After expenses, the operating income for the quarter reached $8.1m. This is 90.7% more than the previous year.
The EBITDA (earnings before tax, depreciation, and amortization) reached $8.2m.
Finance expenses totaled $563,000. The pre-tax profit was reduced to $7.6m.
After an income tax charge for $1.1m, net profit was $6.5m. This represents a 47.0% increase.
