Revenue growth has decelerated from a 52.4% peak in 2023Q4 to a 0.5% contraction in 2026Q1, while gross margins have compressed from 95.3% to 75.5% over the same period.
| Sales/Revenue | 165.25M | 165.45M | 127.18M | 108.65M | 76.51M | 42.32M | 27.98M | 19.27M | 19.15M | 11.24M |
| Revenue Growth % | 19.23% | 30.09% | 17.05% | 42.02% | 80.77% | 51.26% | 45.23% | 0.6% | 70.33% | - |
| Cost of Goods Sold | 22.92M | 29.68M | 7.54M | 9.11M | 2.96M | 0 | 0 | 0 | 3.79M | 3.07M |
| COGS % of Revenue | - | 17.94% | 5.93% | 8.39% | 3.87% | - | - | - | 19.78% | 27.33% |
| Gross Profit | 142.33M | 135.77M | 119.65M | 99.54M | 73.55M | 42.32M | 27.98M | 19.27M | 15.36M | 8.17M |
| Gross Margin % | 86.13% | 82.06% | 94.07% | 91.61% | 96.13% | 100% | 100% | 100% | 80.22% | 72.67% |
| Gross Profit Growth % | - | 13.47% | 20.2% | 35.34% | 73.78% | 51.26% | 45.23% | 25.41% | 88.02% | - |
| Operating Expenses | 145.95M | 103.93M | 83.97M | 77.76M | 71.67M | 30.93M | 16.85M | 17.87M | 9.23M | 4.98M |
| OpEx % of Revenue | - | 62.82% | 66.02% | 71.57% | 93.68% | 73.08% | 60.22% | 92.73% | 48.2% | 44.31% |
| Selling, General & Admin | 106.61M | 99.61M | 72.59M | 65.18M | 51.28M | 27.63M | 13.68M | 14.73M | 9.23M | 4.98M |
| SG&A % of Revenue | - | 60.21% | 57.08% | 59.99% | 67.02% | 65.29% | 48.88% | 76.44% | 48.2% | 44.31% |
| Research & Development | 6.14M | 0 | 0 | 10.29M | 6.76M | 3.95M | 2.5M | 2.5M | 0 | 0 |
| R&D % of Revenue | - | - | - | 9.47% | 8.84% | 9.33% | 8.95% | 12.97% | - | - |
| Other Operating Expenses | 3.47M | 4.31M | 11.38M | 2.29M | 13.63M | -647K | 669K | 641K | 0 | 0 |
| Operating Income | -3.61M | 31.84M | 35.67M | 21.78M | 1.88M | 11.39M | 11.13M | 1.4M | 6.13M | 3.19M |
| Operating Margin % | -2.19% | 19.24% | 28.05% | 20.04% | 2.45% | 26.92% | 39.78% | 7.27% | 32.02% | 28.36% |
| Operating Income Growth % | - | -10.75% | 63.81% | 1060.26% | -83.52% | 2.34% | 695.07% | -77.17% | 92.28% | - |
| EBITDA | 14.32M | 46.26M | 41.48M | 23.87M | 8.84M | 13.79M | 13.36M | 3.63M | 6.87M | 3.57M |
| EBITDA Margin % | 8.66% | 27.96% | 32.61% | 21.97% | 11.55% | 32.59% | 47.74% | 18.82% | 35.88% | 31.79% |
| EBITDA Growth % | -69.38% | 11.53% | 73.79% | 170.1% | -35.94% | 3.26% | 268.39% | -47.23% | 92.22% | - |
| D&A (Non-Cash Add-back) | 17.93M | 14.42M | 5.8M | 2.09M | 6.96M | 2.4M | 2.23M | 2.23M | 739.7K | 385.75K |
| EBIT | -38.07M | 31.84M | 36.95M | 21.04M | 3.87M | 12.83M | 12.48M | 1.45M | 9.74M | -3.2M |
| Net Interest Income | -7.39M | -620K | -1.55M | 21K | -971K | -668K | -1.42M | -2.33M | 0 | 0 |
| Interest Income | -2.46M | 7.83M | 137K | 259K | 0 | 0 | 303K | 140K | 1.71M | 0 |
| Interest Expense | 4.93M | 8.45M | 1.69M | 238K | 971K | 668K | 1.73M | 2.48M | 0 | 2.19M |
| Other Income/Expense | -39.69M | -64.25M | -1.52M | -1.64M | 1.02M | 772K | -379K | -2.43M | 410.55K | -8.58M |
| Pretax Income | -43.31M | -32.41M | 34.15M | 20.14M | 2.9M | 12.16M | 10.75M | -1.03M | 6.54M | -5.39M |
| Pretax Margin % | -26.21% | -19.59% | 26.85% | 18.54% | 3.79% | 28.74% | 38.43% | -5.34% | 34.16% | -47.94% |
| Income Tax | 2.03M | 522K | 3.47M | 1.88M | 510K | -289K | -4.4M | 872K | 135.67K | -133.1K |
| Effective Tax Rate % | -4.7% | -1.61% | 10.16% | 9.34% | 17.59% | -2.38% | -40.91% | -84.74% | 2.07% | 2.47% |
| Net Income | -45.34M | -32.93M | 30.68M | 18.26M | 2.39M | 12.45M | 15.15M | -1.9M | 6.41M | -5.26M |
| Net Margin % | -27.44% | -19.9% | 24.12% | 16.81% | 3.12% | 29.42% | 54.15% | -9.87% | 33.45% | -46.76% |
| Net Income Growth % | -231.01% | -207.34% | 68.01% | 664.02% | -80.81% | -17.81% | 897% | -129.68% | 221.85% | - |
| Net Income (Continuing) | -45.34M | -32.93M | 30.68M | 18.26M | 2.39M | 12.45M | 15.15M | -1.9M | 6.41M | -5.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.29 | -0.93 | 0.84 | 0.47 | 0.06 | 0.37 | 0.45 | -0.06 | 0.19 | -0.16 |
| EPS Growth % | -233.34% | -210.71% | 78.72% | 652% | -83.11% | -17.78% | 900.71% | -129.58% | 218.75% | - |
| EPS (Basic) | - | -0.93 | 0.85 | 0.49 | 0.07 | 0.37 | 0.45 | -0.06 | 0.19 | -0.16 |
| Diluted Shares Outstanding | 35.23M | 35.48M | 36.34M | 38.54M | 38.21M | 33.81M | 33.81M | 33.81M | 33.81M | 33.81M |
| Basic Shares Outstanding | 35.23M | 35.48M | 36.03M | 37.08M | 35.83M | 33.81M | 33.81M | 33.81M | 33.81M | 33.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Search Algorithm Dependency
According to recent financial disclosures, GAMB's revenue growth has exhibited significant volatility, shifting from a peak of 52.4% in 2023Q4 to a contraction of 0.5% in 2026Q1, suggesting that the initial momentum from North American market expansion may be encountering a more challenging macroeconomic environment.
The deceleration in top-line performance warrants caution, as it indicates that the company's reliance on new market entries may be reaching a point of diminishing returns. Investors should monitor whether this trend reflects a broader saturation in the affiliate marketing space or specific competitive pressures impacting user acquisition volumes.
As reported in quarterly filings, GAMB maintained a robust gross margin profile, peaking at 95.3% in 2024Q2, though recent figures show a compression to 75.5% in 2026Q1, which may indicate rising costs associated with maintaining search engine visibility and content production in a competitive landscape.
While the company's digital-first model inherently supports high margins, the recent contraction suggests that the cost of acquiring traffic is becoming increasingly expensive. This shift may imply that the company is forced to spend more aggressively to defend its search rankings against both direct operator competition and other affiliate aggregators.
Based on the provided income statements, the significant divergence between operating income and net income, highlighted by a net loss of $26.9M in 2025Q4 despite positive operating income, suggests that non-operating charges or impairment of intangible assets are heavily distorting the company's true earnings power.
The recurring gap between operating and net results implies that investors should focus on cash-based metrics rather than headline EPS. The presence of stock-based compensation and potential asset write-downs suggests that the company's reported profitability may be less sustainable than the operating margins would otherwise imply.
Data from recent periods indicates that SG&A expenses have trended upward, reaching $29.9M in 2025Q4, which appears to be outpacing revenue growth and exerting downward pressure on the company's ability to scale operating income effectively in the current fiscal environment.
The lack of clear operating leverage suggests that the company's cost structure is becoming increasingly fixed, requiring higher revenue volumes to maintain profitability. This trend warrants further investigation into whether management is successfully controlling overhead or if the business model requires constant, escalating reinvestment to remain relevant.
As evidenced by the recent shift to negative net margins, skeptics may argue that GAMB's reliance on search engine traffic creates an unsustainable cost structure, particularly as operators increasingly prioritize direct-to-consumer channels over third-party affiliate referrals to reduce their own customer acquisition costs.
The potential for search engine algorithm changes to permanently impair traffic volume remains a critical risk that could render the current cost base unsupportable. Investors should consider whether the company's premium domain assets provide a sufficient moat against the structural shift toward operator-owned marketing channels.
Quick answers to the most common questions about buying GAMB stock.
For fiscal year 2025, Gambling.com Group Limited (GAMB) reported total revenue of $165.4M. This represents a 1371.5% increase compared to $11.2M in 2017.
Gambling.com Group Limited (GAMB) reported a net loss of $32.9M for the fiscal year ending 2025.
Gambling.com Group Limited (GAMB) reported an operating income of $31.8M, resulting in an operating profit margin of 19.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gambling.com Group Limited (GAMB) generated $135.8M in gross profit for the year, representing a gross profit margin of 82.1%. This demonstrates the company's core pricing power and production efficiency.