B90 Holdings plc (LON: B90), the AIM-listed performance marketing and MarTech business serving the global iGaming industry, said revenue rose approximately 38% to €3.325 million in the six months to 30 June 2026, from €2.407 million a year earlier. The company, which helps betting and gaming operators acquire customers through paid advertising, owned websites, data analytics and partner deals without taking on player risk itself, published unaudited interim results before today’s market open.
Adjusted EBITDA, earnings before interest, tax, depreciation and amortisation adjusted for one-off items, stayed positive at €0.31 million, little changed from €0.30 million a year earlier, despite marketing and selling costs rising to €1.72 million from €0.99 million as the group invested in AI tools and staff. The net loss narrowed to €0.02 million from €0.04 million.
The more notable shift sits in the cash flow statement. Net cash generated from operations jumped to €0.50 million from €0.04 million a year earlier, lifting the period-end cash balance to €1.47 million from €0.97 million at the end of 2025. The company declared no dividend.
Chief executive Ronny Breivik commented:
The first half of 2026 has provided further evidence of the strength of the operating model. Revenue increased by approximately 38%, the Group remained adjusted EBITDA positive while investing in identified AI opportunities and personnel. I am pleased with €0.50 million of operating cash generation contributing to a period-end cash balance of €1.47 million.
Ronny Breivik, Chief Executive Officer, B90 Holdings plc
B90 is continuing to build owned digital assets Oddsen.nu and Bet90.com, the latter repositioned as an affiliate platform, and is piloting deployment of its marketing and technology platform into markets beyond iGaming, testing commercial economics before committing significant capital. The company flagged a material uncertainty around going concern, noting it may need further funding if revenue growth does not continue as expected, though directors said they remain confident such funding could be secured.