Gambling.com Group Limited announced record financial results for the third quarter ended September 30, 2024. The company reported record revenue of $32.1 million, representing a 37% increase year-over-year, and record adjusted EBITDA of $12.6 million, which was a 108% increase from the prior year. Adjusted net income for the quarter rose 65% to $8.9 million, with adjusted diluted net income per share increasing 79% to $0.25.
The company also achieved a record free cash flow of $14.2 million in Q3 2024, significantly up from $1.6 million in the same period last year. This strong cash generation was supported by 116,000 new depositing customers (NDCs) delivered to clients, a 35% increase year-over-year. Gross profit for the quarter increased 43% to $30.4 million, resulting in a gross margin of 95%.
Reflecting this strong performance, Gambling.com Group raised its full-year 2024 guidance, projecting revenue between $125 million and $127 million, with the midpoint indicating 16% year-over-year growth. Adjusted EBITDA guidance was also increased to a range of $46.5 million to $48.5 million, with the midpoint representing 29% year-over-year growth. The board also authorized an additional $10 million for future share repurchase activities, building on the 3.3 million shares already repurchased since November 2022 at an average price of $9.00.
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