Want to see GRSD full AI Analyst Report?
Top Page
Grandstand Limited
(NASDAQ:GRSD)
Select Model
Select Model
Rating:50Neutral
Price Target:
$2.50
▲(50.60% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weakening financial performance (revenue softness, losses, higher leverage) despite still-positive cash flow. Technicals show only a partial rebound (better short-term trend but still below longer-term moving averages). The earnings call adds modest support via reiterated guidance and cost-savings-driven margin recovery plans, while valuation remains pressured due to loss-making results and no dividend yield data.
Positive Factors
Enterprise data growth
Rapid enterprise adoption diversifies the company beyond consumer affiliate marketing and can improve revenue visibility. Strong B2B demand and sports-data growth may support a more durable, recurring growth engine over the next several years.
Negative Factors
Revenue and margin deterioration
The simultaneous decline in revenue and margins indicates pressure on both demand and operating efficiency. Sustained weakness would limit the benefits of scale, reduce earnings quality, and make the recovery outlook dependent on successful execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Enterprise data growth
Rapid enterprise adoption diversifies the company beyond consumer affiliate marketing and can improve revenue visibility. Strong B2B demand and sports-data growth may support a more durable, recurring growth engine over the next several years.
Read all positive factors
Grandstand Limited (GRSD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$70.19M
Dividend YieldN/A
Average Volume (3M)583.37K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth10.68%
EPS Growth-355.01%
CountryUS
Employees599
SectorConsumer Cyclical
Sector Strength84
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-1.29
Shares Outstanding35,097,190
10 Day Avg. Volume407,555
30 Day Avg. Volume583,368
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.79
Price to Sales (P/S)1.17
P/FCF Ratio17.97
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$5.50Price Target Upside231.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.34
Revenue Forecast (FY)$165.24M
Grandstand Limited Business Overview & Revenue Model
Company Description
Grandstand Limited provides marketing and sports data services for the gambling industry in North America, the United Kingdom, Ireland, rest of Europe, and internationally. The company offers digital marketing, and consumer and enterprise data sub...
How the Company Makes Money
Gambling.com primarily makes money by referring potential customers to online gambling operators and getting paid based on the commercial value of those referrals. Its key revenue streams are performance marketing arrangements with operators, typi...
Grandstand Limited Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: clear operational and product positives (enterprise data growth, strong cash generation, AI/Optic traction, marketing diversification, restructuring savings and a major new Roll Card product) but offset by near-term headwinds (overall revenue down 5%, marketing revenue down 10%, margin compression, large net income decline, SEO/regulatory softness and significant leverage). Management reiterated guidance and outlined a path to improved margins in H2 and 2027, but meaningful improvements depend on successful SEO recovery, continued B2B strength, and execution on Roll Card and restructuring.Positive Updates
In-line Q2 Financial Results and Strong Cash Generation
Q2 revenue of $37.8M and adjusted EBITDA of $7.7M were in line with expectations; adjusted free cash flow was $9.6M (up from $8.2M year-ago) and cash conversion over first 6 months was 81% of adjusted EBITDA. Total liquidity was $33.3M (including $24.5M undrawn revolver).
Negative Updates
Overall Revenue Decline
Total Q2 revenue declined 5% year-over-year (marketing declines offset data growth); Q2 marketing revenue fell 10% YoY to $26.5M, driving the overall topline weakness.
Read all updates
Q2-2026 Updates
Positive
Negative
In-line Q2 Financial Results and Strong Cash Generation
Q2 revenue of $37.8M and adjusted EBITDA of $7.7M were in line with expectations; adjusted free cash flow was $9.6M (up from $8.2M year-ago) and cash conversion over first 6 months was 81% of adjusted EBITDA. Total liquidity was $33.3M (including $24.5M undrawn revolver).
Read all positive updates
Company Guidance
Grandstand reiterated full‑year guidance of $165–170 million in revenue and $45–60 million of adjusted EBITDA, expecting seasonally stronger second‑half revenue and margin expansion into 2027 (blended EBITDA margins targeting the low‑30s next year). In Q2 the company reported $37.8M revenue, $7.7M adjusted EBITDA (20% margin), $9.6M adjusted free cash flow and 84% gross margin; data revenue was $11.2M (30% of total) up 12% YoY with B2B pacing to grow well in excess of 50% and sports data on track for mid‑teens growth, while marketing was $26.5M (down 10% YoY) with non‑SEO channels now ~67% of marketing. The May restructure (≈25% headcount reduction) is expected to deliver $13M of lower fixed costs on an annualized basis (with ~$6.5M of fixed cost savings highlighted for H2), incurred $3.2M of restructuring charges ($1.1M settled earlier, $2.1M to be settled in Q3), and management expects improved incremental margins from scale; roll card was baked into guidance with a modest H2 contribution but a stated 5‑year revenue opportunity of $50–100M and ~80–85% gross margins prior to marketing. Balance sheet and cash metrics: Q2 cash $8.8M, total liquidity $33.3M (including $24.5M undrawn revolver), interest‑bearing liabilities $122.3M, remaining deferred consideration $26.5M (after $10.4M prepaid), term‑loan repayments of $2.8M, H1 cash conversion of 81% and an expected adjusted‑FCF conversion range of ~70–80% going forward.Grandstand Limited Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
45
Neutral
Cash Flow
51
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 165.25M | 165.45M | 127.18M | 108.65M | 76.51M | 42.32M |
| Gross Profit | 142.33M | 135.77M | 119.65M | 99.54M | 73.55M | 42.32M |
| EBITDA | -20.64M | -9.54M | 42.75M | 23.13M | 10.83M | 15.23M |
| Net Income | -45.34M | -32.93M | 30.68M | 18.26M | 2.39M | 12.45M |
Balance Sheet | ||||||
| Total Assets | 290.65M | 299.67M | 178.58M | 154.87M | 138.88M | 91.03M |
| Cash, Cash Equivalents and Short-Term Investments | 8.41M | 15.81M | 13.73M | 25.43M | 29.66M | 51.17M |
| Total Debt | 120.91M | 123.42M | 27.96M | 1.72M | 2.07M | 7.62M |
| Total Liabilities | 183.51M | 191.72M | 55.40M | 35.95M | 51.77M | 11.12M |
| Stockholders Equity | 107.15M | 107.95M | 123.19M | 118.92M | 87.11M | 79.91M |
Cash Flow | ||||||
| Free Cash Flow | 2.59M | 10.78M | 3.81M | 8.67M | 9.47M | 8.42M |
| Operating Cash Flow | 4.18M | 11.64M | 37.64M | 17.91M | 18.75M | 14.00M |
| Investing Cash Flow | -32.85M | -99.03M | -43.84M | -19.47M | -32.70M | -5.57M |
| Financing Cash Flow | 16.33M | 89.03M | -5.24M | -3.14M | -7.31M | 34.99M |
Grandstand Limited Risk Analysis
Grandstand Limited disclosed 54 risk factors in its most recent earnings report. Grandstand Limited reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Changes within the technology platforms of the operators we work with, as well as with our media partners, could alter the ability of our advertising technology to more accurately target and service NDCs which could adversely affect our business, financial condition, and results of operations. Q4, 2023
Grandstand Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.94B | 83.98 | 20.44% | ― | 34.29% | 14.69% | |
67 Neutral | $411.50M | 245.79 | 5.25% | ― | 6.33% | -150.96% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $70.19M | -1.42 | -37.13% | ― | 10.68% | -355.01% | |
49 Neutral | $155.51M | -19.20 | 70.68% | ― | -6.73% | -114.46% | |
44 Neutral | $495.61M | -0.84 | -103.53% | ― | 20.38% | -24.51% |
* Consumer Cyclical Sector Average
GRSD
Grandstand Limited
1.96
-6.61
-77.13%
INSE
Inspired Entertainment
6.08
-2.57
-29.71%
RSI
Rush Street Interactive
25.80
4.80
22.86%
CDRO
Codere Online
9.13
0.63
7.41%
BALY
Bally's Corporation
10.23
0.49
5.03%
Grandstand Limited Corporate Events
Grandstand Posts Q2 Results, Reiterates 2026 Outlook and Highlights Rollcard Fintech Push
Aug 13, 2026
On August 13, 2026, Grandstand Limited reported second-quarter 2026 results showing revenue of $37.8 million, a net loss of $4.6 million and adjusted EBITDA of $7.7 million, broadly in line with management expectations. While overall revenue decli...
Grandstand Limited Posts Lower Revenue and Margin Pressure in First Half of 2026
Aug 13, 2026
For the three and six months ended June 30, 2026, Grandstand Limited reported lower revenue and gross profit compared with the same periods in 2025, reflecting a moderation from prior-year levels. Revenue declined to $37.8 million from $39.6 milli...
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.