Gambling.com has demonstrated impressive financial performance for the fiscal year 2025, achieving a revenue of $165.4 million, surpassing the previous year's figure of $127.1 million. This growth reflects a 29.9% increase, showcasing the company's resilience despite ongoing challenges in organic search.
While the company fell short of its EBITDA expectations, the strategic pivot from a heavy reliance on organic search to higher-margin sports data services is noteworthy. Revenue for Q4 2025 aligned closely with forecasts at $46.2 million, slightly exceeding the anticipated $46.1 million. Moreover, the Non-GAAP adjusted EPS for Q4 stood at $0.30, beating the analyst estimate of $0.24 by 25%.
Gambling.com reported an adjusted EBITDA of $15.5 million for Q4, just below the forecast of $15.6 million. The minor discrepancies in revenue and EBITDA for this quarter were largely influenced by fluctuations in search engine performance. Notably, a series of Google core updates in late 2025 adversely affected the organic search rankings of high-authority affiliate sites, which in turn impacted traffic to Gambling.com's SEO-driven assets. Consequently, the year-over-year revenue growth was recorded at 30%, falling short of the anticipated 35% growth initially projected at the start of 2025.
Despite these challenges, the full-year adjusted EPS of $1.41 exceeded conservative late-year expectations, attributed to effective cost management and the lucrative nature of the new data segment. Shareholders can take comfort in the fact that the total revenue for 2025 outperformed that of 2024.
The company highlighted its record results for Q4 and the full year, with key figures including a 31% year-over-year increase in Q4 revenue and a 5% rise in adjusted EBITDA. The EBITDA margin remained robust at approximately 35%, reflecting management's success in trimming low-margin media partnership expenditures in response to declining conversion rates.
Gambling.com's proprietary GDC technology platform has facilitated its expansion into new markets like North Carolina and Missouri without a proportional increase in workforce. Instead of treating its 50+ websites as independent entities, the GDC platform acts as a cohesive technical foundation, streamlining market entry, complex sports data integration, and media partnership management.
CEO and Co-Founder Charles Gillespie remarked on the transformative achievements of 2025, emphasizing the shift in the revenue mix. The sports data services segment has become a high-margin, high-visibility source of recurring subscription revenue, now representing 26% of total revenue in Q4. This transition has significantly reduced the company's dependency on organic search, paving the way for a more stable growth trajectory.
The successful integration of Odds Holdings into the Sports Data Services segment was a highlight, resulting in a 29% quarter-on-quarter revenue increase in Q4 2025. The shift towards subscription-based revenue, which now constitutes 26% of total group revenue, provides a stable income stream that is independent of Google's search algorithms.