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B90 Holdings
(LSE:B90)
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Rating:53Neutral
Price Target:
3.50 p
▼(-17.65% Downside)
Action:N/A
Date:01/04/26
The score is held back primarily by weak financial performance—ongoing net losses, persistent negative cash flow, and equity erosion—despite an improved low-debt balance sheet. Technicals are a clear positive with the stock trading above major moving averages and supportive momentum, while valuation is neutral due to missing P/E and dividend yield data.
Positive Factors
Performance‑based iGaming marketing model
B90’s performance‑based affiliate and CPA/revenue‑share model aligns revenue with measurable customer acquisition and operator outcomes. That creates a low‑capex, scalable revenue engine tied to player activity, supporting predictable unit economics if conversion and retention remain stable.
Negative Factors
Persistent negative profitability
Deep negative operating and net margins indicate the core business has not yet delivered sustainable profitability. Continued losses constrain reinvestment, weaken returns on any incremental growth, and require either structural margin improvement or ongoing external funding to reach self‑sustaining operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Performance‑based iGaming marketing model
B90’s performance‑based affiliate and CPA/revenue‑share model aligns revenue with measurable customer acquisition and operator outcomes. That creates a low‑capex, scalable revenue engine tied to player activity, supporting predictable unit economics if conversion and retention remain stable.
Read all positive factors
B90 Holdings (B90) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£12.78M
Dividend YieldN/A
Average Volume (3M)266.09K
Price to Earnings (P/E)36.7
Beta (1Y)0.78
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees15
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)<0.01
Shares Outstanding440,814,730
10 Day Avg. Volume63,534
30 Day Avg. Volume266,089
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)2.37
Price to Sales (P/S)4.45
P/FCF Ratio-32.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£8.20M
B90 Holdings Business Overview & Revenue Model
Company Description
B90 Holdings PLC, together with its subsidiaries, operates online sportsbook and casino products in the Isle of Man. It also engages in generating marketing leads and marketing contracts for the activities of partners in online sports betting and ...
How the Company Makes Money
B90 primarily makes money through performance-based digital marketing arrangements in which it directs users (traffic) to third-party online gambling operators and earns fees tied to measurable outcomes. Key revenue streams typically include: (1) ...
B90 Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Jun 2023 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.15M | 3.52M | 3.03M | 2.14M | 826.86K | 813.01K |
| Gross Profit | 7.15M | 1.93M | 665.97K | 25.32K | -479.18K | -211.35K |
| EBITDA | 924.60K | -951.57K | -4.48M | -3.78M | -3.17M | -2.16M |
| Net Income | 394.45K | -1.70M | -5.47M | -4.27M | -3.49M | -2.51M |
Balance Sheet | ||||||
| Total Assets | 8.34M | 8.14M | 10.56M | 7.11M | 9.10M | 1.93M |
| Cash, Cash Equivalents and Short-Term Investments | 967.38K | 364.26K | 829.12K | 359.05K | 827.30K | 320.52K |
| Total Debt | 0.00 | 0.00 | 0.00 | 655.65K | 0.00 | 2.20M |
| Total Liabilities | 1.15M | 1.53M | 2.52M | 4.15M | 5.43M | 6.95M |
| Stockholders Equity | 7.19M | 6.62M | 8.04M | 2.96M | 3.70M | -5.06M |
Cash Flow | ||||||
| Free Cash Flow | 603.12K | -479.93K | -5.78M | -2.31M | -4.49M | -1.58M |
| Operating Cash Flow | 603.12K | -479.93K | -4.03M | -2.31M | -3.89M | -1.58M |
| Investing Cash Flow | 0.00 | 0.00 | -1.75M | 0.00 | -600.00K | -200.00K |
| Financing Cash Flow | 0.00 | 15.07K | 6.25M | 1.84M | 4.99M | 1.67M |
B90 Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £81.41M | 14.93 | 15.38% | ― | 10.22% | -32.00% | |
65 Neutral | £1.14B | -8.04 | 99.57% | 163.36% | ― | ― | |
64 Neutral | £452.50M | 13.09 | 9.03% | 2.58% | 5.13% | 6.55% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £3.55B | -5.52 | -57.07% | 2.24% | 3.34% | -47.20% | |
53 Neutral | £12.78M | 36.72 | ― | ― | ― | ― | |
51 Neutral | £209.51M | -0.38 | 125.82% | ― | 1.56% | -185.45% |
* Consumer Cyclical Sector Average
GB:B90
B90 Holdings
2.80
-0.05
-1.75%
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-47.37%
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GB:EVOK
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B90 Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
B90 Holdings Separates Chairman and CEO Roles in Governance Overhaul
Positive
Feb 9, 2026
B90 Holdings has reshaped its board structure by appointing existing independent non-executive director Andy McIver as independent non-executive chairman, while former executive chairman Ronny Breivik moves solely into the chief executive role. Th...
Business Operations and StrategyFinancial Disclosures
B90 Holdings Expects 2025 Revenue Ahead of Forecasts on Tech-Led i-Gaming Marketing Growth
Positive
Feb 2, 2026
B90 Holdings reported that revenue for the year to 31 December 2025 is expected to come in ahead of market expectations, driven by strong campaign performance, while EBITDA should be in line with forecasts as higher marketing spend offsets top-lin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.