Gambling.com Group Limited Reports Record Third Quarter Financial Results
Gambling.com Group Limited (NASDAQ: GAMB), a leading provider of digital marketing services for the global online gambling industry, has announced its financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Revenue | $32.1M | $23.4M | 37% | $30.4M |
| Net Income | $8.5M | $5.0M | 70% | N/A |
| Earnings Per Share (EPS) | $0.24 | $0.13 | 85% | $0.16 |
| Adjusted EBITDA | $12.6M | $6.1M | 108% | N/A |
Gambling.com Group Limited delivered a record third quarter, highlighted by a 37% revenue increase to $32.1 million, surpassing Wall Street consensus estimates of $30.4 million. Impressively, EPS rose to $0.24, significantly higher than the consensus estimate of $0.16. The company's robust performance is further emphasized with Adjusted EBITDA more than doubling compared to the same quarter last year.
Key Developments and Operational Highlights
- Delivered over 116,000 new depositing customers (NDCs), an increase of 35% year-over-year.
- Repurchased 1,316,975 shares at an average price of $9.35 per share, with an additional 486,000 shares repurchased post-quarter at $9.80 per share.
- Reduced the outstanding balance of $25.0 million on a $50.0 million credit facility as of September 30, 2024.
- Won the prestigious Casino Affiliate of the Year award at the 2024 EGR Operator Awards.
- Authorized an additional $10.0 million for the share repurchase program on November 13.
Comments from Company Officers
Charles Gillespie, CEO and Co-Founder, attributed the record results to 'best-in-class execution' and ongoing global market share growth. Looking forward, the company aims to achieve $100 million in annual Adjusted EBITDA by continuing to explore expansion opportunities within the online gaming ecosystem. Meanwhile, CFO Elias Mark highlighted the resilience of the North American market and anticipated significant year-over-year growth for 2024.
Share Repurchase Program and Dividends
In addition to the existing share repurchase activities, the company has authorized an additional $10.0 million for its share repurchase program, signaling strong confidence in its financial health and future prospects.
Forward Guidance
For 2024, Gambling.com Group has updated its full-year revenue guidance to range between $125 million and $127 million, with Adjusted EBITDA expected between $46.5 million and $48.5 million. These updates reflect anticipated year-over-year growth of 16% in revenue and 29% in Adjusted EBITDA.
Stock Price Movement
Following the earnings release, Gambling.com Group's stock experienced a minor decline of approximately 0.10%.
Gambling.com Group continues to demonstrate strong operational momentum and strategic growth initiatives, positioning itself for a promising future as a leader in the digital marketing space for online gambling.
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