Gambling.com Group (GAMB) closed FY 2025 with Q4 revenue of US$46.2 million and a basic EPS loss of US$0.77, alongside a trailing twelve month basic EPS loss of US$0.93 on revenue of US$165.4 million. The company has seen quarterly revenue move from US$35.3 million and basic EPS of US$0.23 in Q4 2024 to US$46.2 million with a basic EPS loss of US$0.77 in Q4 2025, while trailing twelve month revenue shifted from US$127.2 million with basic EPS of US$0.85 in Q4 2024 to US$165.4 million with a basic EPS loss of US$0.93 in FY 2025, highlighting pressure on margins as growth has come with losses.

With the headline numbers on the table, the next step is to see how this mix of higher revenue and compressed margins lines up with the prevailing narratives around Gambling.com Group’s earnings power and longer term potential.

Losses Swing From US$34.6m Profit To US$32.9m Loss On TTM Basis

• On a trailing twelve month view, net income moved from US$34.6 million profit in Q1 2025 to a loss of US$32.9 million by Q4 2025, while revenue rose from US$138.6 million to US$165.4 million over the same snapshots.
• Bulls focus on the long term earnings ramp, yet this shift toward a TTM loss challenges parts of that view:
  • Optimistic forecasts talk about earnings reaching US$63.3 million by around 2028 with margins moving from 9.7% to 27.1%, but the latest TTM figures show Gambling.com Group posting a US$32.9 million loss with basic EPS of US$0.93 loss, so the company is currently well away from those margin levels.
  • At the same time, TTM revenue moving from US$127.2 million in Q4 2024 to US$165.4 million in Q4 2025 fits the bullish idea that the top line can support higher earnings over time. The tension is that profitability has not kept pace with this revenue base yet.

Bulls argue that today’s losses are the setup for much stronger earnings later on, and they point to detailed scenarios that map how that could happen over the next few years. 🐂 Gambling.com Group Bull Case

Q4 Net Loss Deepens To US$26.9m As Margins Come Under Pressure

• Quarterly net income went from a profit of US$7.9 million in Q4 2024 to a net loss of US$26.9 million in Q4 2025, with basic EPS moving from US$0.23 to a loss of US$0.77 even as quarterly revenue moved from US$35.3 million to US$46.2 million.
• Bears point to this pattern as evidence that higher revenue does not automatically translate into healthier profits:
  • Over the last five years, losses have grown at about 6.5% per year and the latest FY 2025 quarters show three loss making periods out of four, including net income of US$13.4 million loss in Q2 2025 and US$3.9 million loss in Q3 2025, which bears see as consistent with pressure on the core model.
  • Critics also flag that on a TTM basis the business is unprofitable at the same time that debt is described as not well covered by operating cash flow, so they see the Q4 2025 loss as part of a broader concern about earnings quality and financial flexibility.

Skeptics warn that repeated loss making quarters, combined with weaker debt coverage, could keep investors focused on risks even if revenue holds up. 🐻 Gambling.com Group Bear Case

Low P/S Multiple Versus Peers Despite DCF Fair Value Gap

• The shares trade at US$4.35 with a P/S of 0.9x, compared with a cited peer average of 4.5x and a DCF fair value of about US$34.08, which is described as roughly 87.2% above the current price.
• Consensus style narratives often highlight this valuation gap, but the latest fundamentals introduce a clear trade off:
  • On one side, valuation metrics suggest the stock is priced below peers on sales, which fits the idea that the market is not assigning a high multiple despite TTM revenue of US$165.4 million and quarterly revenue reaching US$46.2 million in Q4 2025.
  • On the other, the same analysis notes that the company is currently loss making on a TTM basis and debt is not well covered by operating cash flow, so the discount can also be read as investors waiting for clearer evidence that earnings and cash generation are moving in line with the more optimistic forecasts.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Gambling.com Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of opportunities and concerns feels finely balanced, it is worth checking the numbers yourself and deciding where you stand. To weigh both sides with more context, take a look at the 3 key rewards and 1 important warning sign.

See What Else Is Out There

Gambling.com Group is facing pressure from repeated quarterly losses, a trailing twelve month loss of US$32.9 million and concerns about debt coverage and earnings quality.

If you are uneasy about loss making quarters and weaker debt coverage, it might be time to look at solid balance sheet and fundamentals stocks screener (41 results) that prioritize financial strength and resilience.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.