B90 Holdings (B90) AI Stock Analysis

• Market Cap: £15.65M
• Dividend Yield: N/A
• Average Volume (3M): 266.09K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 8
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 0.00
• Shares Outstanding: 440,814,730
• 10 Day Avg. Volume: 63,534
• 30 Day Avg. Volume: 266,089
• PEG Ratio: 0.12
• Price to Book (P/B): 2.37
• Price to Sales (P/S): 4.45
• P/FCF Ratio: -32.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: 3.50p ▼(-17.65% Downside)

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

Conservative capital structure

Zero reported debt and a positive equity base provide financial flexibility to fund customer acquisition or absorb marketing volatility without interest burdens. This strengthens survival odds across industry cycles and preserves optionality for strategic investments or partnerships.

Improving revenue and gross margin

Material revenue growth coupled with a large gross margin improvement signals better monetization and pricing or higher-quality traffic. If sustained, higher gross margins create scope for operating leverage, allowing future marketing reinvestment to drive scalable profit recovery.

Asset-light, performance-based business model

An affiliate and performance-marketing model is capital-light and scales with traffic and conversion improvements. Revenue tied to measurable outcomes aligns incentives with operator partners and supports rapid geographic or channel expansion without heavy fixed-capex commitments.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow forces reliance on external funding or equity dilution, limiting the company's ability to self-fund growth or withstand marketing cost shocks. Volatile FCF (sharp YoY swings) raises execution and liquidity risk.

Ongoing losses and weak returns

Deep negative margins and negative ROE indicate the business currently destroys shareholder capital. Continued losses erode equity, reduce strategic flexibility, and require a durable shift to profitable unit economics before the company can sustainably scale or attract low-cost capital.

Small scale and dependence on third-party operators

A small team and reliance on third-party operator relationships and traffic channels raise concentration and execution risks. Limited internal resources constrain product development, diversification, and contract negotiation leverage, making results sensitive to partner or platform changes.

B90 Holdings Business Overview & Revenue Model

Company Description

B90 Holdings PLC, together with its subsidiaries, engages in the operation of online Sportsbook and casino products through Bet90.com in the British Virgin Islands and Malta. The company is also involved in the provision of marketing and promotion of gaming websites, lottery, and online financial trading. In addition, it provides player acquisition services, as well as operates tippen4you.com. The company was formerly known as Veltyco Group PLC and changed its name to B90 Holdings PLC in February 2020. B90 Holdings PLC was incorporated in 2012 and is based in Douglas, the Isle of Man.

How the Company Makes Money

B90 Holdings Financial Statement Overview

Summary

Operating performance is improving (higher 2024 gross margin and smaller losses vs prior years), and the balance sheet is cleaner with zero debt in 2023–2024. However, profitability remains meaningfully negative (EBIT and net margins still deeply in the red), cash flow is consistently negative, and equity declined in 2024—keeping financial strength below average.

Income Statement

Revenue has grown materially since 2020, reaching 3.5M in 2024, but the growth trajectory is uneven with a sharp contraction in 2024 (down 351%). Profitability remains weak despite improvement: 2024 gross margin improved to ~55% (vs ~22% in 2023), yet operating results are still meaningfully negative (EBIT margin ~-49%) and the company continues to post net losses (net margin ~-48%). Overall, the trend is improving from the very large losses seen in 2021–2023, but the business has not yet demonstrated sustainable profitability.

Balance Sheet

Leverage looks conservative in recent years, with total debt at 0 in 2023–2024 and positive equity (6.6M in 2024). However, returns remain negative (return on equity ~-26% in 2024), and equity has declined from 8.0M in 2023 to 6.6M in 2024, consistent with ongoing losses. The history also shows prior balance-sheet stress (negative equity in 2020), which raises the importance of continued capital discipline.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are negative across all shown periods, including -0.48M in 2024. While cash burn improved substantially versus 2023 (operating cash flow -4.03M to -0.48M), 2024 free cash flow still fell sharply versus the prior year (growth -82.51%), indicating volatility and continued reliance on funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.55M	3.52M	3.03M	2.14M	826.86K	813.01K
Gross Profit	2.98M	1.93M	665.97K	25.32K	-479.18K	-211.35K
EBITDA	630.49K	-951.57K	-4.48M	-3.78M	-3.17M	-2.16M
Net Income	-1.42M	-1.70M	-5.47M	-4.27M	-3.49M	-2.51M
Balance Sheet
Total Assets	8.21M	8.14M	10.56M	7.11M	9.10M	1.93M
Cash, Cash Equivalents and Short-Term Investments	401.21K	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	1.56M	1.53M	2.52M	4.15M	5.43M	6.95M
Stockholders Equity	6.64M	6.62M	8.04M	2.96M	3.70M	-5.06M
Cash Flow
Free Cash Flow	84.03K	-479.93K	-5.78M	-2.31M	-4.49M	-1.58M
Operating Cash Flow	84.03K	-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	15.07K	15.07K	6.25M	1.84M	4.99M	1.67M

B90 Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GMR	74 Outperform	£110.25M	13.38	24.79%	―	21.27%	21.93%
PTEC	74 Outperform	£846.50M	―	―	163.36%	―	―
RNK	65 Neutral	£414.56M	12.09	12.43%	2.58%	8.26%	263.36%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ENT	59 Neutral	£3.85B	-7.39	-28.60%	2.24%	5.14%	-7.80%
B90	53 Neutral	£15.65M	―	―	―	―	―
EVOK	41 Neutral	£113.90M	-1.04	―	―	5.26%	32.20%

B90 Holdings Corporate Events

B90 Holdings Expects 2025 Revenue Ahead of Forecasts on Tech-Led i-Gaming Marketing Growth

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-line gains amid intensifying competition and rising costs in Google-led acquisition channels. The group has deepened its use of automation, AI and machine-learning across its marketing and operational infrastructure, enhancing campaign efficiency, boosting partner returns and supporting margin progression, and plans to maintain this tech-led, cash-disciplined growth strategy into 2026, positioning itself to capitalise on major sporting events such as the FIFA World Cup to drive further customer acquisition and revenue and EBITDA growth.

The most recent analyst rating on (GB:B90) stock is a Hold with a £3.50 price target. To see the full list of analyst forecasts on B90 Holdings stock, see the GB:B90 Stock Forecast page.

B90 Holdings Unaffected by UK Gambling Tax Changes

B90 Holdings announced that the recent UK Budget, which includes increases in gambling taxes, will not impact its business as all its revenue is generated from outside the UK. The company is performing well, with strong momentum and a growing portfolio of international partnerships, and expects to meet or exceed its financial forecasts for the year.