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Gambling.com reports record Q1 2023 financial results18 May 2023(PRESS RELEASE) -- Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, today reported record first quarter financial results for the three-month period ended 31 March 2023. The Company also increased its guidance for full-year revenue and Adjusted EBITDA. “Our record first quarter 2023 results exceeded internal forecasts and reflect industry-leading organic revenue growth as well as strong profitability and cash generation,” said Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “Our performance in the first quarter demonstrates both Gambling.com Group’s successful execution on our North American growth initiatives and our success in generating ongoing attractive growth in more established markets. New depositing customers ("NDCs") increased 31% from the prior-year period, helping drive 36% year-over-year revenue growth, a 49% increase in Adjusted EBITDA to $10.7 million and an Adjusted EBITDA Margin of 40%. “We continue to deliver strong growth in both our newer and more established markets, with particular strength in iCasino performance marketing revenue in many of our global markets. North American revenue increased 33% year-over-year to $14.1 million, despite the year-ago period including the blockbuster launch of sports betting in New York. First quarter growth in U.K. and Ireland, markets where we have a longer operating history, was also impressive as we generated all-time quarterly record revenue for the fifth consecutive quarter in those markets, with revenue rising 36% to $8.5 million. In addition, revenue from other Europe and the rest of the world increased 51%. “We have established a record of consistently delivering market-leading organic revenue growth compared to our publicly-traded peers, as well as strong Adjusted EBITDA and Free Cash Flow. The advantages of our proprietary technology are a key factor driving our consistent growth in established markets and our success in addressing the high-growth North American market opportunity. Following the strong start to the year, we are raising our outlook for 2023 full-year revenue and Adjusted EBITDA as we remain on track to deliver another year of strong profitable organic growth and record financial results.” First Quarter 2023 and Recent Business Highlights:
2023 Outlook: The Company today raised its full-year 2023 guidance for revenue of $95 million to $99 million, and for Adjusted EBITDA of $33 million to $37 million. The mid-points of the new revenue and Adjusted EBITDA ranges reflect year-over-year growth of 27% and 45%, respectively. The Company’s guidance assumes:
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