Kambi has published its financial report for the first quarter of the year. The company noted that its results for the three-month period have been in line with expectations and that the company is positioned for further growth.
Kambi’s Q1 Performance Slowed Down
Kambi’s revenue for Q1 reached EUR 41.5 million, marking a decrease of 4% year-on-year. However, when excluding EUR 4.4 million of transition fees, revenues increased by 7%.
In the meantime, adjusted EBITA for the period was EUR 2.3 million, marking a significant decrease from EUR 5.8 million in the prior-year period. EBITA margin stood at 5.6% for Q1 2025, down from 13.3% in Q1 2024. Excluding the impact of foreign exchange (FX) revaluations, adjusted EBITA was EUR 3.5 million.
The company’s total expenses for Q1 2025 increased slightly to EUR 40.5 million. Operating profit, on the other hand, decreased to EUR 0.8 million, down from EUR 4.4 million in the prior-year period.
Kambi’s cash flow amounted to EUR 7.7 million, up from EUR 5.4 million. Earnings per share for Q1 2025 decreased to EUR 0.027.
While these results were not all that exciting, Kambi’s leaders said that Q1 was a period during which the company continued to build the foundations for long-term success.
Kambi Highlighted Some of Its Q1 Achievements
Kambi reported a number of Q1 operational highlights, including its selection as the Ontario Lottery and Gaming Corporation’s long-term sports betting partner.
The company also launched its products in the freshly regulated Brazilian betting market, supplying its games to the likes of Stake, BetMGM, BetWarrior, KTO and Rei do Pitaco.
Elsewhere, Kambi extended its partnership with BetCity.
In addition to that, Kambi secured a B2B license in Nevada, allowing it to supply its cutting-edge content to local sportsbook operators.
Kambi Is Poised for Long-Term Success
Werner Becher, Kambi Group’s chief executive officer, commented on the results, acknowledging the slight slowdown. However, he remained confident that the foundations Kambi built in Q1 2025 will be key to its long-term success.
Becher noted that the top seeds’ spectacular performance in March Madness was a part of the reason for the company’s weaker financials as Kambi posted a low single-digit margin for the tournament.
In the meantime, Kambi continued to diversify its revenue streams, reducing its reliance on large partners. Becher underscored the fact that his team wants to ensure high-quality, sustainable revenue streams and said that the company’s commitment to best-in-class sports betting solutions “remains unwavering.”
In summary, I am confident in our strategic direction, the strength of our premium product suite and the dedication of the entire Kambi team. As we execute on our long-term strategy, I am excited by the potential to not only strengthen our market-leading position but also build a more sustainable and diversified business that delivers increased value to our shareholders.
Werner Becher, CEO, Kambi
Kambi Reports Share Buyback Progress
In the meantime, Kambi announced that it has, between April 23 and 29, repurchased 10,000 ordinary shares, in line with its share buyback program, which was approved last year.
The program’s goal is to generate more value for the company’s shareholders while providing the Kambi team with increased flexibility.
Kambi elaborated that it repurchased the 10,000 shares over five days at a volume-weighted average price of SEK 118.45.
Since the program’s launch in November, Kambi has repurchased a total of 1,262,000 ordinary shares at a volume weighted-average price of SEK 108.89 apiece. All acquisitions have been carried out on Nasdaq First Growth Market in Stockholm by Carnegie Investment Bank on Behalf of Kambi.
Kambi now owns 1,262,000 of its 29,903,619 ordinary shares.