37% revenue growth: Gambling.com releases Q3 results
Other quarterly highlights include a listing on the Nasdaq Global Market.
The Gambling.com Group – among the premier digital marketers for the online gambling industry – has released a strong third quarter report which paints a picture of continued growth as well as noteworthy milestones in the company’s history. The third quarter was the period ending September 30.
Revenue saw 37% year-on-year growth, to $10.1m to $7.4m. Net income was at $4.7m (coming out to $0.13 a share and nearly double what it had been the year before. Adjusted EBITDA was down 14% compared to the year before, declining from $4m to $3.5m. Finally, free cash flow of $0.8m was down 81% from last year’s $3.9m.
Among the other accomplishments that Gambling.com notes in its report are a successful public offering on the Nasdaq Global Market; the receipt of a temporary supplier license in the state of Arizona allowing the company to offer its marketing services to groups operating in the state; the launching of Marylandbets.com, which enables safer gaming in that mid-Atlantic state; and domains that are designed to target the US market were acquired.
Co-Founder and Group CEO Charles Gillespie struck an upbeat tone in his comments: “Our financial performance in the third quarter remained strong as we grew revenue by 37% compared to the prior year and, despite the third quarter being the seasonally slowest quarter of the year, delivered an Adjusted EBITDA margin of 34%.
“Importantly, after the quiet summer months of July and August, we delivered all-time-high revenue in September. With the launch of Arizona and the kickoff of the NFL season, we saw a significant uplift in US revenue in September and our US performance exceeded our internal expectations. Entering the quarter with good momentum we are encouraged by the start to our seasonally stronger fourth quarter. We remain highly focused on prudently growing the Company through both sustained organic growth and future accretive acquisitions which we continue to actively pursue.”
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