Year-over-Year Revenue Growth
Q1 revenue of EUR 12.3 million, up 26% versus Q1 2025 (and +41% year‑over‑year when adjusted for foreign exchange), representing a meaningful step-up from the prior-year quarter and establishing a higher revenue baseline.
Strong Adjusted EBITDA and Margin Expansion
Adjusted EBITDA of EUR 2.7 million (almost triple / +191% versus Q1 2025) with an adjusted EBITDA margin of 22% (up from 9% in Q1 2025). This was the third consecutive quarter with an adjusted EBITDA margin above 20% (company noted an implied 28% margin excluding EUR 0.8m incentive accrual).
Material Customer Acquisition Increase
Company reported new depositing customers materially higher versus prior year: CEO cited +88% YoY to 34,573 NDCs; CFO reported new depositing customers up 58% YoY (discrepancy in metrics reported). Both statements indicate a significant uplift in user acquisition versus the prior year.
Casino Segment Outperformance
Casino contributed 88% of group revenue and grew 43% versus Q1 2025. Casino new depositing customers rose ~98% YoY and Casino adjusted EBITDA increased 12% YoY, reflecting strong demand across regulated and sweepstakes operators.
Cost Discipline and Normalized Cost Reduction
Normalized comparable costs (excluding direct costs and incentive programs) decreased by 26% year‑on‑year. Personnel expenses declined 18% YoY (and ~32% YoY when excluding the EUR 0.8m bonus accrual), and other operating expenses were down 12% YoY.
Improved Operating Cash Generation and Debt Structure
Operating cash flow from continuing operations was EUR 4.4 million (up from EUR 3.2 million a year ago). Company has repaid its senior bond (no remaining senior debt) and reported cash and cash equivalents of EUR 13.7 million at quarter end.
Product and People Progress
Launched PlayPerks (group-wide loyalty initiative) and MRKTPLAYS+ (expanded sub-affiliate platform). Majority of top-tier products consolidated on a single platform. Employee Net Promoter Score improved over 50 points in the last 12 months to the highest level since June 2022.