Revenue ticked up slightly, but profits went in the other direction. Acroud’s Q1 2025 results paint a mixed picture of a business mid-transformation. The company is betting on restructuring to pave the way for more stable growth – especially after turbulence in key markets like Brazil hit the bottom line.

  • Acroud Q1 2025 results showed revenue of €9.8m, up 3% from the same period last year. This came despite headwinds in Brazil, where new licensing and tax changes caused significant short-term disruption. The company reported strong NDC growth, up 60% year-on-year.

  • Adjusted EBITDA dropped by 64% year-on-year to €447k, and EBITDA fell sharply to €206k from €3.9m. This was mostly driven by weaker iGaming Affiliation performance, especially in Brazil. The segment saw revenues fall 34% to €3.8m, with EBITDA of just €200k.

  • In contrast, Acroud’s SaaS segment posted strong growth. Revenue in this area jumped 62% to €6.0m. EBITDA grew 42% to €500k thanks to greater uptake of the Network model.

  • Profit after tax came in at a loss of €3.26m compared to a €2.8m profit last year. Adjusted profit after tax was -€759k, reflecting one-off costs and currency effects. Earnings per share swung to -€0.003 from €0.015.

  • Operating cash flow also turned negative, at -€1.13m versus €2.09m in Q1 2024. This reflects both restructuring-related outflows and weaker earnings. The company remains focused on regaining efficiency through ongoing cost-cutting measures.

  • A key moment during the quarter was Acroud finalizing its large-scale restructuring. This included issuing SEK 65.3m in Super Senior Bonds and converting SEK 70m of bond debt into equity. As part of the deal, Acroud now owns 100% of its subsidiaries.

  • Acroud acquired the remaining 49% of Acroud Media Ltd for €12m. The deal was paid through a mix of cash and new shares. RAIE Media now owns 39% of the company, while PMG-related entities hold 16.3%.

  • “The restructuring has simplified our structure and enhanced our financial stability,” said CEO Robert Andersson. “We’re now better positioned to drive growth and deliver shareholder value.”

  • After Q1, Acroud began a new written procedure related to its bond loan structure. While its Q1 showed mixed outcomes, early Q2 indicators—including in Brazil—have shown signs of recovery. The company says performance in April and May is tracking close to expectations.

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