Gambling.com Group Q4 Revenue More Than Doubles On Solid Ramp Up Of Its North American Operations, Initiates FY23 Guidance

Gambling.com Group Ltd GAMB reported fourth-quarter FY22 revenue growth of 107% year-over-year to $21.35 million, beating the consensus of $18.27 million. Adjusted EPS was $0.02, which missed the consensus of $0.07.
North American revenue grew 364% Y/Y for the quarter to $10 million. The company delivered more than 82,000 new depositing customers.
GAMB reported an operating loss of $(305) thousand, compared to an operating income of $623 thousand in 4Q21.
Adjusted EBITDA increased 202% Y/Y to $6.86 million, and margin expended by 1,000 bps to 32%.
The company's cash flows generated by operating activities for the fiscal totaled $18.76 million, an increase of 34% Y/Y. Free cash flow was $9.47 million.
GAMB repurchased 38,708 ordinary shares for an average price of $8.98 per share.
"Our investments in expanding our team, technology, and our portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators. These factors, combined with our expansion into five new North American markets last year, helped drive an 81% increase in 2022 full year revenue to $76.5 million, a 31% improvement in Adjusted EBITDA to $24.1 million, and Free Cash Flow of $9.5 million," commented Charles Gillespie, Chief Executive Officer, and Co-Founder.
"Our previously announced media partnerships with McClatchy and Gannett also position us to further deliver on our growth expectations and for our clients. We expect to generate strong organic growth in 2023 despite no current expectations for any additional North American markets coming online," added Gillespie.
FY23 Outlook: Gambling.com initiates guidance for revenue of $93 million-$97 million vs. consensus of $94.13 million. GAMB sees Adjusted EBITDA of $32 million-$36 million.
Price Action: GAMB shares traded lower by 3.38% at $9.72 on the last check Thursday.

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