Overview
- Fourth-quarter revenue rose 31% to $46.2 million, driving full-year revenue up 30% to $165 million, with Q4 adjusted EBITDA at $15.5 million and full-year adjusted EBITDA up 19%.
- Gross margin declined to 85% from 94% a year earlier as higher traffic acquisition costs from marketing diversification lifted cost of sales to $6.9 million from $2.2 million.
- Sports data brands OpticOdds, OddsJam and RotoWire produced $11.8 million in Q4 revenue, roughly 26% of the total, with contribution margins described as well over 50%.
- More than half of revenue now comes from non-SEO channels as organic search new depositing customers fell 32% year over year.
- 2026 guidance calls for $170–180 million in revenue and $50–58 million in adjusted EBITDA, reflecting ongoing investment and regulatory and search-related headwinds.