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The company showed strong financial metrics, with significant revenue growth across key regions and improved cash generation. Positive guidance, especially regarding market expansion and EBITDA, suggests optimism. Despite some concerns in Colombia, the removal of bonusing headwinds and increased market share are promising. The Q&A revealed strategic investments and market expansion plans, while analysts showed interest in growth strategies. Overall, the positive aspects outweigh the negatives, leading to an expected stock price increase of 2% to 8%.
Revenue Record revenue of $1.13 billion in 2025, representing 23% year-over-year growth. This growth was driven by exceptional user growth and engagement across the platform.
Adjusted EBITDA Adjusted EBITDA grew by 66% year-over-year to a record of $153.7 million in 2025. This reflects the powerful operating leverage inherent in the business model.
Net Income Net income grew to $74 million in 2025 compared to $7.2 million in 2024, showing significant bottom-line growth.
Monthly Active Users (MAUs) - North America MAUs grew 37% year-over-year in Q4 2025 to over 278,000, with online casino markets seeing a 51% increase. This growth was achieved without new market launches.
Monthly Active Users (MAUs) - Latin America MAUs grew 47% year-over-year in Q4 2025 to over 493,000, despite temporary tax headwinds in Colombia.
Gross Margins Gross margins for the full year 2025 were 34.6%, consistent with the prior year, reflecting a shift to higher-margin markets.
Marketing Expenses Marketing expenses for 2025 were $158.4 million, a 2% year-over-year increase, representing 14% of total revenue. Marketing spend as a percentage of revenue decreased by 290 basis points compared to 2024, showing improved efficiency.
General & Administrative (G&A) Expenses G&A expenses for 2025 were $81 million, representing 7.1% of revenue, down from 8.1% in 2024. This reflects continued investment in technology and infrastructure while maintaining operational leverage.
Online Casino Revenue Online casino revenue grew 28% year-over-year for the full year 2025, driven by the casino-first strategy.
Online Sports Betting Revenue Online sports betting revenue grew 7% year-over-year for the full year 2025, contributing to overall growth.
Revenue - North America Revenue in North America grew 25% year-over-year for the full year 2025, driven by strong performance in online casino markets.
Revenue - Latin America Revenue in Latin America grew 12% year-over-year for the full year 2025, despite the impact of extra bonusing in Colombia.
Cash Generation Generated $142 million of cash during 2025, net of stock repurchases, demonstrating improved cash generation capabilities.
Record Revenue: Achieved record revenue of $1.13 billion in 2025, a 23% year-over-year growth.
Casino-First Strategy: Focused on online casino markets, leading to 51% growth in monthly active users (MAUs) in North America in Q4 2025. Prioritized online casino markets due to higher lifetime value and retention rates.
Technological Innovation: Invested in differentiated casino content and enhanced user experiences.
North America Expansion: Strong growth in North American online casino markets with 51% MAU growth in Q4 2025.
Latin America Growth: MAUs grew 47% in Latin America, with significant market share gains in Colombia despite tax challenges.
Alberta Launch: Anticipated launch in Alberta, Canada, expected to drive further growth.
Operational Efficiency: Adjusted EBITDA grew 66% year-over-year to $153.7 million in 2025.
Marketing Optimization: Marketing expenses decreased as a percentage of revenue, reflecting improved acquisition strategies.
Cost Management: G&A expenses reduced as a percentage of revenue, demonstrating operational leverage.
Colombia Tax Navigation: Successfully managed tax challenges in Colombia, maintaining player engagement and loyalty.
Selective Market Entry: Focused on markets with high growth potential, such as Alberta and Latin America.
Regulatory Changes in Colombia: The company faced a challenging tax environment in Colombia, including a temporary 19% VAT tax on deposits in 2025. Although this tax expired, a new 19% VAT tax on revenue was introduced in 2026 but was suspended by the Constitutional Court. The uncertainty surrounding the tax structure poses risks to financial performance and market stability in the region.
Market Entry Risks: The company plans to expand into Alberta and other markets in North America and Latin America. However, the success of these expansions depends on regulatory approvals and market conditions, which could impact the company's strategic objectives and financial outcomes.
Competitive Pressures: The company operates in highly competitive markets, particularly in online casino and sports betting. Maintaining market share and differentiating its offerings are ongoing challenges that could impact profitability and growth.
Economic and Taxation Risks: Economic uncertainties and changes in taxation policies, such as the VAT tax in Colombia, could adversely affect revenue and profitability. The company’s ability to adapt to these changes is critical for sustained performance.
User Acquisition Costs: While the company has optimized marketing expenses, the need to attract and retain high-quality players in competitive markets could lead to increased costs, impacting margins.
Revenue Expectations: For 2026, the company expects revenue in the range of $1.375 billion to $1.425 billion, representing growth of 21% to 26% year-over-year.
Adjusted EBITDA Projections: The company anticipates adjusted EBITDA in the range of $210 million to $230 million, representing growth of 37% to 50% year-over-year.
Market Expansion: The company is preparing for an anticipated launch in Alberta, with the regulatory environment progressing toward a launch timeline that could occur in the coming quarters. Additional expansion opportunities in North America and Latin America are also being evaluated.
Tax Environment in Colombia: The temporary 19% VAT tax on deposits in Colombia expired at the end of 2025. A new 19% VAT tax on revenue was implemented for 2026 but has been suspended by the Constitutional Court. The company assumes this tax will be in place for the full year 2026 for guidance purposes.
North American Online Casino Growth: Continued strong performance is expected in North American online casino markets, which showed consistent acceleration throughout 2025.
Marketing and Operational Efficiency: Marketing spend is expected to increase meaningfully in 2026 but at a slower rate than revenue growth, driving leverage. Gross margins are expected to improve modestly in 2026 compared to 2025.
share repurchase program: During the fourth quarter, we did not repurchase any shares under our previously announced $50 million share repurchase program, which has approximately $42 million remaining.
The company showed strong financial metrics, with significant revenue growth across key regions and improved cash generation. Positive guidance, especially regarding market expansion and EBITDA, suggests optimism. Despite some concerns in Colombia, the removal of bonusing headwinds and increased market share are promising. The Q&A revealed strategic investments and market expansion plans, while analysts showed interest in growth strategies. Overall, the positive aspects outweigh the negatives, leading to an expected stock price increase of 2% to 8%.
The earnings call reveals positive growth indicators, such as a 30% increase in Latin American MAUs and strong cash reserves with no debt. Raised guidance for revenue and EBITDA, alongside strategic expansions, signal optimism. Despite concerns about tax impacts and declining margins, the company's strategic initiatives and partnerships, especially in payment processing, are promising. Analysts' questions highlight potential risks, but management's responses are generally reassuring. The market's positive momentum and strategic growth plans suggest a likely positive stock price movement over the next two weeks.
The earnings call revealed strong financial growth with a 21% revenue increase and doubled EBITDA. Despite the VAT tax impact in Colombia, guidance is optimistic with significant growth potential post-tax expiration. The Q&A highlighted strategic market expansions, particularly in Mexico and Ontario, and a commitment to shareholder returns via share repurchases. While some uncertainties remain, such as Illinois tax strategy, the overall sentiment is positive due to robust financial performance and growth strategies in new markets.
The earnings call highlights positive revenue growth, increased free cash flow, and stable demand in the Maple segment. However, the Sugar segment faces margin pressures due to higher maintenance costs and unfavorable product mix. The Q&A reveals concerns about tariffs and vague responses on strategic adjustments, which may create uncertainty. Despite strong financial metrics, guidance is conservative, and no new partnerships or shareholder return plans were announced. These mixed signals suggest a neutral market reaction.
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