Gambling.com Group has released its financial report for the first quarter of 2024. The company said the year so far “is off to a great start.”
Overall Q1 revenue grew 9% year-over-year. Gambling.com Group’s revenue reached $29.2m, and the affiliate also saw increases in its gross profit and free cash flow totals.
The group’s gross profit rose 5% during the first quarter to reach $27m.
Gambling.com Group ended the quarter with a total adjusted EBITDA of $10.2m. Its adjusted EBITDA margin was 35%, down by five percentage points when compared to its margin one year ago.
The company attributed the decline to “higher costs of sales related to media partnerships.”
However, CEO and Co-Founder Charles Gillespie said 2024 so far has been a good year financially.
He further commented, “We are off to a great start to the year furthering our confidence in our ability to generate strong adjusted EBITDA and free cash flow growth this year and for years to come.
“The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher adjusted EBITDA and free cash flow.”
CFO Elias Mark also added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top-line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”
