B90 Holdings (AIM:B90), the performance marketing and technology business focused on the online gambling sector, saw its shares rise 21% to 2.47p after reporting that revenue more than doubled and the company swung back to profit in its 2025 financial year.
Revenue rose to €7.2 million from €3.5 million in 2024, with the company attributing the growth to the scaling of its AI-driven marketing platform, which it said operates as a live production environment rather than a development-stage ambition.
EBITDA, earnings before interest, tax, depreciation and amortisation, rose 66% to €1.1 million, and the company posted a profit after tax of €0.4 million, against a loss of €1.7 million the previous year.
Cash at the year-end stood at €1 million, up from €0.4 million, and working capital moved from negative to positive during the year.
B90 operates a capital-light model in which its platform automates customer acquisition activity for online gambling operators, using machine learning to optimise marketing spend in real time across international markets.
The company said it was now evaluating the deployment of its platform capabilities into sectors beyond gambling, though it gave no specific details on target verticals or timelines.
Chief executive Ronny Breivik said the 2025 results demonstrated that the model could deliver financial performance and operational scalability simultaneously, and that advances in artificial intelligence were expected to further improve campaign efficiency.
He pointed to the 2026 global sports calendar as an additional near-term tailwind, noting that major sporting events historically drive a surge in customer acquisition activity across the online gambling industry.
Trading since the start of 2026 has remained in line with management expectations, supported by the continued expansion of the company's business-to-business partner base.
The separation of the chairman and chief executive roles was completed after the year-end, strengthening governance as the company scales.