OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ____________________ o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F _____________________________________ ...

Core Insights - Gambling.com Group Limited reported better-than-expected earnings for Q4, with earnings of 30 cents per share, surpassing the analyst consensus estimate of 24 cents per share [1] - The company achieved quarterly sales of $46.236 million, exceeding the analyst consensus estimate of $46.057 million [1] - For FY2026, Gambling.com projects sales between $170 million and $180 million, which is below market estimates of $185.309 million [1] Stock Performance - Following the earnings announcement, Gambling.com shares fell by 3.2%, closing at $4.21 [2] Analyst Sentiment - Analysts have made adjustments to their price targets for Gambling.com following the earnings report [2]

Core Insights - Gambling.com Group Limited (NASDAQ:GAMB) reported strong Q4 2025 earnings with an EPS of $0.30, exceeding the estimated $0.17 [1][6] - The company achieved revenue of $46.24 million, slightly below the estimate of $46.51 million, but still representing a 31% year-over-year increase [2][6] - Adjusted EBITDA increased by 5% to $15.5 million, indicating effective operational management [2][6] Revenue Breakdown - GAMB's sports data services experienced a 29% quarter-on-quarter growth, contributing 26% to total revenue, marking its highest contribution to date [3] - The marketing segment also performed well, further enhancing the company's financial success [3] Financial Metrics - The company has a P/E ratio of 81.26, reflecting investor confidence in future earnings potential [4] - A price-to-sales ratio of 1 indicates that the market values the company at a level equal to its sales [4] - The enterprise value to sales ratio stands at 1.52, while the enterprise value to operating cash flow ratio is 5.64, providing insights into the company's valuation [4] Debt and Liquidity - GAMB's debt-to-equity ratio is 0.66, indicating moderate use of debt financing [5] - The current ratio of 0.46 suggests potential challenges in meeting short-term liabilities [5] - The earnings yield of 1.23% demonstrates the company's ability to generate earnings for investors [5]

Core Insights - The company reported strong growth in its sports data services segment, with revenue reaching $11.8 million in Q4, accounting for 26% of total revenue, the highest percentage to date [1] - Total revenue for Q4 was $46.2 million, a 31% increase year-over-year, while adjusted EBITDA rose 5% to $15.5 million [5] - The company is diversifying its marketing strategies, with over half of its revenue now coming from non-SEO sources [10] Financial Performance - Adjusted net income for the quarter was $12.2 million, or $0.30 per share, remaining flat compared to the prior year despite increased interest expenses [2] - Adjusted free cash flow for Q4 was $7.5 million, reflecting adverse working capital timing [2] - Gross profit increased 19% year-over-year to $39.3 million, but gross margin declined to 85% from 94% due to higher sales costs [4] Operational Highlights - Adjusted operating expenses rose 32% to $26.9 million, driven by increased headcount from acquisitions and higher marketing costs [3] - The company onboarded 29 new clients in Q4, with revenue per client increasing by 50% in 2025 [7] - The enterprise data solutions segment is expected to be the fastest-growing area, with plans to expand coverage to 25 sports and 5,000 leagues [8] Marketing Strategy - The marketing business is facing challenges with search rankings, but has seen growth in revenue streams not dependent on organic search [10] - New depositing customers (NDCs) were 98,000 in Q4, down 32% year-over-year, yet marketing revenue increased by 4% [11] - The company is focusing on maximizing value per user rather than targeting a specific revenue mix, with revenue share for the overall group around 25% [13] Future Outlook - For 2026, the company projects revenue between $170 million and $180 million, with adjusted EBITDA expected to be between $50 million and $58 million, indicating modest growth but a decline in EBITDA year-over-year [14] - The guidance reflects strong growth in data services but is negatively impacted by ongoing investments and headwinds in the marketing segment [15] - A new product launch is anticipated in spring 2026, expected to contribute marginal revenue in that year but more significantly in 2027 and 2028 [16] Balance Sheet and Capital Allocation - The company drew $38 million on its revolving credit facility during the quarter, with cash totaling $15.8 million and $123.6 million in borrowings outstanding [17] - Share repurchases totaled 110,000 shares in Q4 and 672,000 shares for the year, with $14.4 million remaining under its authorization [20] Industry Trends - The company views prediction markets as an expanding opportunity, which could drive demand for data products and create consumer product opportunities [21]

Financial Data and Key Metrics Changes - The company reported record fourth quarter revenue of $46.2 million, up 31% year-over-year, and full-year revenues rose 30% to $165 million [6][18] - Adjusted EBITDA for the fourth quarter increased 5% year-over-year to $15.5 million, with an adjusted EBITDA margin of 33% compared to 42% in the previous year [6][20] - Gross profit increased 19% year-over-year to $39.3 million, while gross profit margin decreased to 85% from 94% in the prior year [19] Business Line Data and Key Metrics Changes - The sports data services business grew 29% sequentially and 440% year-over-year to $11.8 million, accounting for 26% of total revenue, the highest percentage yet [6][18] - Marketing revenue rose 4% year-over-year despite challenges with SEO, with 47% of total fourth quarter revenue being recurring [18][19] - Data revenue for the full year grew 392% in GAAP terms, and 27% on a pro forma basis to $41.1 million [18] Market Data and Key Metrics Changes - The company noted that NDCs (New Depositing Customers) were down 32% year-over-year, reflecting the impact of low-quality search results in the gaming space [19] - The company is seeing a shift in revenue sources, with more than half of revenue coming from non-SEO channels for the first time [10][19] Company Strategy and Development Direction - The company is actively reinventing its marketing business to build closer relationships with end users, focusing on scaling its CRM platform and offering more interactive content [9][11] - The strategy includes diversifying marketing revenue channels, which has made revenue less volatile but at the cost of lower margins [8][9] - The company plans to expand its sports data services, particularly through its OpticOdds brand, and is focusing on enhancing its product offerings for enterprise customers [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return to year-over-year growth in the fourth quarter despite ongoing pressures on SEO revenue [10] - The company expects revenue for 2026 to be in the range of $170 million-$180 million, with adjusted EBITDA between $50 million-$58 million, reflecting continued growth in data services but challenges in marketing [23][24] - Management highlighted the potential for upside in 2026 if SEO improves and non-SEO initiatives continue to succeed [70][72] Other Important Information - The company has fixed the contingent consideration from an acquisition, allowing for better alignment of teams and resources [16] - The company repurchased 110,000 shares in the fourth quarter and a total of 672,000 shares for the year, with $14.4 million remaining in its buyback authorization [22] Q&A Session Summary Question: Thoughts on the U.K. tax increase and market implications - Management noted that while some brands may exit the market, there will still be a robust number of brands remaining, presenting opportunities for the company [28][30] Question: Guidance and challenges in performance marketing - Management indicated that regulatory headwinds in the U.K. and Finland have impacted guidance, with continued search volatility affecting performance [32][33] Question: Success in OpticOdds and future growth - Management highlighted that growth will be driven by OpticOdds, with a focus on increasing revenue per client and converting the sales pipeline [37] Question: AI headwinds and search rankings - Management discussed the impact of AI on search rankings, noting that while referrals from LLMs are increasing, challenges with Google search persist due to spam and negative SEO attacks [43][44] Question: Strategic options and capital allocation - Management emphasized the priority of using cash to de-lever before focusing on buybacks, with a positive outlook for the business despite current market challenges [48] Question: Insights on the Genius-Legend deal - Management acknowledged the competitive landscape and highlighted the importance of sports data services as a future focus [52][53] Question: Potential for new iGaming legalization - Management indicated that while new markets like Maine may not be material, Alberta presents a positive opportunity for growth [56][57] Question: Impact of new marketing product on EBITDA guidance - Management clarified that while the new product will add operational expenses, it is expected to have limited revenue contributions in the short term, with more significant benefits anticipated in 2027 and 2028 [61][66]

Financial Data and Key Metrics Changes - The company reported record fourth quarter revenue of $46.2 million, up 31% year-over-year, and full-year revenues rose 30% to $165 million [6][18] - Adjusted EBITDA for the fourth quarter increased 5% year-over-year to $15.5 million, with an adjusted EBITDA margin of 33% compared to 42% in the previous year [6][20] - Gross profit increased 19% year-over-year to $39.3 million, while gross profit margin decreased to 85% from 94% in the prior year [19] Business Line Data and Key Metrics Changes - The sports data services business grew 29% sequentially and 440% year-over-year to $11.8 million, accounting for 26% of total revenue, the highest percentage yet [6][18] - Marketing revenue rose 4% year-over-year despite challenges, with a majority of revenue generated from non-organic search referrals for the first time [19][10] - Data revenue for the full year grew 392% in GAAP terms, and 27% on a pro forma basis to $41.1 million [18] Market Data and Key Metrics Changes - The company noted that the U.K. market is experiencing regulatory changes that may impact tier two and tier three operators, potentially creating opportunities for the company [26][30] - The emergence of prediction markets is seen as a net benefit for the company, expanding its total addressable market (TAM) for both data and marketing [13] Company Strategy and Development Direction - The company is actively reinventing its marketing business to build closer relationships with end users, focusing on scaling its CRM platform and offering more interactive content [9][11] - The strategy includes diversifying revenue sources away from SEO, with a focus on email, social media, and paid channels [10][12] - The company plans to launch a new product in the spring, which is expected to significantly impact its marketing business in the long term [11][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return to year-over-year growth in the fourth quarter, despite ongoing pressures on SEO revenue [10] - The company expects revenue for 2026 to be in the range of $170 million-$180 million, with adjusted EBITDA between $50 million-$58 million, reflecting continued growth in data services but challenges in marketing [23][24] - Management highlighted the importance of leveraging AI tools to enhance operational efficiency and execution velocity across the organization [11][78] Other Important Information - The company repurchased 110,000 shares in the fourth quarter and a total of 672,000 shares for the year, with $14.4 million remaining under its buyback authorization [22] - Adjusted free cash flow for the fourth quarter was $7.5 million, with full-year adjusted free cash flow at $36.3 million [21] Q&A Session Summary Question: Thoughts on the U.K. tax increase and market implications - Management noted that while some brands may exit the market, there will still be a robust number of brands remaining, presenting opportunities for the company [28][30] Question: Guidance and challenges in performance marketing - Management indicated that regulatory headwinds in the U.K. and Finland have impacted guidance, with continued search volatility affecting performance [32][33] Question: Success in OpticOdds and growth strategies - The company has around 300 active customers on long-term contracts, with a focus on increasing revenue per client and converting new customers [37] Question: AI headwinds and search ranking challenges - Management discussed the impact of AI on search referrals and the challenges posed by negative SEO attacks and offshore spam [44][45] Question: Strategic options and capital allocation - The company plans to prioritize de-leveraging before focusing on buybacks, with a strong business foundation despite market challenges [48] Question: Insights on new product impact on EBITDA - The new product is expected to have limited revenue contributions in the current year but is seen as strategically important for future growth [61][64] Question: Long-term growth vision and M&A considerations - Management anticipates a return to growth in the marketing business and continued expansion in sports data services, with potential for M&A in the future [74][78]

Financial Data and Key Metrics Changes - The company reported record fourth quarter revenue of $46.2 million, up 31% year-over-year, with full-year revenues rising 30% to $165 million [5][18] - Adjusted EBITDA for the fourth quarter was $15.5 million, reflecting a 5% year-over-year increase, while the adjusted EBITDA margin decreased to 33% from 42% in the previous year [5][20] - Adjusted net income for the fourth quarter was $12.2 million, flat compared to the year-ago period, with adjusted free cash flow of $7.5 million for the quarter and $36.3 million for the full year [21][22] Business Line Data and Key Metrics Changes - The sports data services business grew 29% sequentially and 440% year-over-year to $11.8 million, accounting for 26% of total revenue, the highest percentage yet [5][18] - Marketing revenue rose 4% year-over-year despite challenges with SEO, with the company generating a majority of revenue from non-SEO sources for the first time [19][20] - Recurring revenue was 47% of total fourth quarter revenue, with subscription revenue contributing significantly to this figure [18] Market Data and Key Metrics Changes - The company noted that NDCs (New Depositing Customers) were down 32% year-over-year, indicating challenges in customer acquisition [21] - The company is facing regulatory headwinds in the U.K. and Finland, which are expected to impact performance marketing [23][24] Company Strategy and Development Direction - The company is actively reinventing its marketing business to build closer relationships with end users, focusing on scaling its CRM platform and offering more interactive content [7][10] - The strategy includes diversifying revenue sources away from SEO, with a focus on email, social media, and paid channels [9][12] - The company plans to launch a new product in the spring, which is expected to enhance its marketing capabilities and drive future growth [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return to year-over-year growth in the fourth quarter, despite ongoing pressures on SEO revenue [9] - The company expects revenue for 2026 to be in the range of $170 million to $180 million, with adjusted EBITDA between $50 million and $58 million, reflecting modest growth but a decrease in EBITDA margin [6][23] - Management highlighted the potential for the sports data services business to grow in the high teens and see margin expansion, while acknowledging challenges in the marketing business [7][36] Other Important Information - The company has fixed the contingent consideration from an acquisition, allowing for better alignment of teams and resources [16] - The company repurchased 110,000 shares in the fourth quarter and a total of 672,000 shares for the year, with $14.4 million remaining in the share buyback authorization [22] Q&A Session Summary Question: Thoughts on U.K. tax increase and market implications - Management noted that while some brands may exit the market, the overall market remains robust, and there are opportunities for the company to benefit from the exit of competitors [28][29] Question: Guidance and challenges in performance marketing - Management indicated that regulatory headwinds in the U.K. and Finland have impacted guidance, with continued search volatility affecting performance [32][33] Question: Success in OpticOdds and growth strategies - The company has around 300 active customers on long-term contracts and expects to onboard more clients, with a focus on both upselling existing customers and acquiring new ones [37][38] Question: AI headwinds and market share - Management reported that referrals from LLMs (Large Language Models) are increasing, but challenges with Google search rankings persist due to spam and negative SEO attacks [42][44] Question: Strategic options and capital allocation - The company plans to prioritize deleveraging before focusing on share buybacks, with a strong business model that remains attractive despite market challenges [47][48] Question: Insights on new product impact on EBITDA - The new product is expected to have limited revenue contributions in the current year but is strategically important for future growth [60][64] Question: Long-term growth vision and M&A potential - Management envisions a return to growth in the marketing business and continued expansion in sports data services, with potential for M&A to enhance capabilities [74][76]

Core Insights - Gambling.com Group (GAMB) and SharpLink Gaming (SBET) have diverged significantly in their business models, with GAMB focusing on a recurring-revenue data business while SBET has pivoted to a crypto treasury strategy [2][3]. Gambling.com Group (GAMB) - GAMB reported Q3 2025 revenue of $39.0 million, reflecting a 21.4% year-over-year increase, driven primarily by its sports data services unit, which saw a remarkable 304% year-over-year revenue growth, now constituting 24% of total quarterly revenue [3][6]. - The CEO highlighted that the sports data services business, particularly through OpticOdds, has achieved product market fit in a multi-billion-dollar market, emphasizing the high-margin, recurring subscription revenue as the fastest-growing segment [3][4]. - Despite the growth in sports data, GAMB faces challenges in its marketing segment, where performance marketing revenue fell 4% year-over-year due to search quality headwinds from spam websites [5][6]. SharpLink Gaming (SBET) - SBET has transitioned to an Ethereum treasury strategy, holding 864,597 ETH and raising approximately $3.2 billion to support this accumulation [4][6]. - The company reported Q4 staking revenue of $15.3 million, which was below the consensus estimate of $17.33 million by 11.7%, and a significant GAAP net loss of $734.6 million, primarily due to a $616.2 million unrealized ETH markdown and a $140.2 million LsETH impairment [4][6]. - Institutional ownership in SBET has increased to 46%, up from approximately 6%, indicating growing investor interest [5].

Core Viewpoint - Gambling.com Group Limited, a provider of marketing and sports data services for the online gambling industry, is set to release its fourth quarter and full year results for 2025 on March 12, 2026, before market opening [1] Group 1 - The company will host a conference call and simultaneous webcast at 8:00 a.m. ET on the same day as the earnings release [1]

Company Overview - Gambling.com Group Limited (NASDAQ:GAMB) is a performance marketing and sports betting media company that provides digital customer acquisition services to online gambling operators. The company operates primarily in Dublin, Ireland, with a significant presence in Charlotte, North Carolina [4]. Financial Performance - In the third quarter of 2025, Gambling.com Group achieved record revenue of $39 million, representing a 21% year-over-year increase. Adjusted EBITDA rose by 3% to $13 million [3]. - The company raised its full-year guidance, projecting approximately $165 million in revenue and $58 million in adjusted EBITDA, which indicates year-over-year growth of 30% and 19%, respectively [3]. Market Position and Outlook - The company is well-positioned to benefit from the ongoing legalization and expansion of online sports betting. Its asset-light model provides flexibility to navigate potential volatility in 2026 [4]. - Analyst Mike Hickey from Benchmark lowered the price target for Gambling.com Group to $7 from $8 while maintaining a Buy rating, reflecting a cautious outlook on the company's 2026 earnings trajectory rather than a decline in near-term fundamentals [1].