Audioboom Q1 2026 results: record revenue growth and a big EBITDA step-up
Audioboom has kicked off 2026 with its best-ever first quarter. Revenue jumped 30% year-on-year to US$22.5 million, gross profit rose 41% to US$4.8 million, and adjusted EBITDA more than doubled to US$1.4 million. For a business built on scale and ad-tech, this is the blueprint investors wanted to see: more inventory, improving margins, and tight cost control.
The CEO’s tone is confident, and with reason. The company is leaning into higher-margin ad-tech via its Showcase marketplace, boosting audience scale through marquee signings, and investing in video monetisation with new Apple and Spotify partnerships. There are moving parts – notably a drop in RPM (revenue per thousand), which we’ll unpack – but the direction of travel is positive.
Key Q1 2026 numbers at a glance
| Metric | Q1 2026 | Prior/Note |
|---|---|---|
| Revenue | US$22.5 million | Q1 2025: US$17.3 million (+30%) |
| Gross profit | US$4.8 million | Q1 2025: US$3.4 million (+41%) |
| Gross margin | 21.3% | Q1 2025: 19.7% |
| Adjusted EBITDA | US$1.4 million | Q1 2025: US$0.6 million (+118%) |
| Adjusted EBITDA margin | 6.2% | Q1 2025: 3.7% |
| Opex (monthly average) | US$1.1 million | Stable |
| Average monthly distribution | 170 million downloads and video views | Q1 2025: 94.8 million (+79%) |
| RPM (revenue per 1,000 downloads/views) | US$45.10 | Q1 2025: US$60.83 (lower as expected) |
| Showcase revenue growth | — | +63% year-on-year |
| Cash | US$5.5 million (31 Mar 2026) | 31 Dec 2025: US$4.2 million |
| Overdraft facility | US$3.4 million available | Additional liquidity |
Showcase marketplace powers growth and margin improvement
Showcase – Audioboom’s higher-margin, tech-led global ad marketplace – continues to be the engine room. Q1 Showcase revenue grew 63% year-on-year, reflecting both strong demand and swelling inventory. That mix shift helps explain the gross margin climb to 21.3% from 19.7%.
Opex held steady at roughly US$1.1 million per month. That cost discipline, combined with scale benefits, is classic operational gearing: each extra dollar of revenue drops through to profit at a higher rate. Management says incremental revenue is converting to adjusted EBITDA at over 20% – a healthy sign for future quarters if growth persists.
Audience scale surges to 170 million downloads and views
Distribution averaged 170 million downloads and video views per month in Q1, up 79% year-on-year. That leap reflects three things: the Adelicious acquisition in July 2025, fast growth in Audioboom’s video podcasts, and new signings into the Audioboom Creator Network.
New tier-one partnerships include Crooked Media, RedHanded and Hear Me Out, contributing more than 20 million downloads and YouTube views per month in 2026. Those shows also add more than 200 million monthly available impressions to the Showcase marketplace, which is valuable stock for advertisers and a lever for monetisation over time.
RPM fell to US$45.10 – why that matters and why it may improve
RPM slipped to US$45.10 from US$60.83. Management flagged this ahead of time: the mix has tilted toward lower-yield video views and an expanding UK audience. That naturally depresses short-term average pricing.
The glass-half-full view is that this creates upside. Video monetisation is still maturing in podcasts, and Audioboom has just launched commercial partnerships with Spotify and Apple to open up expanded advertising and subscription options for video creators. If those pipes fill, the company can raise yield on a much larger base.
Video monetisation push with Apple and Spotify
Partnerships with Spotify and Apple were launched in the quarter to support Audioboom’s video monetisation engine. In plain English: more ways to sell ads and subscriptions on video podcasts across the biggest platforms. If execution is strong, this should deepen advertiser demand and improve RPM on the rapidly growing video segment.
Creator network momentum and contract renewals
The content slate is a genuine competitive moat in podcasting. Crooked Media – a leader in political podcasts – has joined the network in time for the 2026 US midterm election cycle and the 2028 Presidential election. That timing could be a tailwind for ad demand around news and politics categories.
Other signings include RedHanded and Hear Me Out, while key renewals landed for F1: Beyond the Grid, Soder, Zane and Heath: Unfiltered, The Sabrina Zohar Show and Monsters Among Us. Retention plus smart additions equals reliable inventory for Showcase to monetise.
Cash position and cost control look sensible
Group cash was US$5.5 million at 31 March 2026, up from US$4.2 million at year-end. There is also US$3.4 million available via an overdraft facility. While the RNS does not disclose debt levels beyond the overdraft facility availability, the quarter-on-quarter cash increase aligns with the stronger profit delivery.
With opex stable and operational gearing evident, the model is behaving as intended: scale up inventory, hold costs tight, and let gross margin expansion flow through to EBITDA.
What this means for investors
- Positive – quality of growth: Revenue up 30% with gross margin up to 21.3% and adjusted EBITDA up 118% suggests growth is not being bought at the expense of profitability.
- Positive – ad-tech momentum: Showcase revenue up 63% year-on-year underlines the platform-led strategy. That typically commands better margins and scalability.
- Positive – audience and inventory: 170 million monthly downloads and video views and over 200 million monthly available impressions added from new signings give Audioboom more to sell.
- Watch – RPM trajectory: RPM dropped to US$45.10 due to mix. Management frames this as an opportunity, especially with new Apple and Spotify partnerships, but investors should track whether RPM stabilises or begins to rise as video monetisation deepens.
- Watch – execution in video: The video shift is central to the story. Success will hinge on converting views into higher-yield ad and subscription revenue without bloating costs.
- Neutral – guidance: No formal full-year guidance is disclosed in this update. Commentary is upbeat, citing record inventory and new commercial opportunities.
Context: scale and reach
Audioboom says its shows are downloaded and viewed 170 million times each month by 50 million unique listeners globally and is ranked the fifth largest podcast publisher in the US by Edison Research. That footprint matters for winning creators and negotiating with advertisers.
Quick jargon buster
- Adjusted EBITDA: Earnings before interest, tax, depreciation, amortisation, share-based payments, non-cash FX, material one-offs and onerous contract provisions and losses.
- RPM: Revenue per 1,000 downloads and video views – a key pricing and yield metric.
- Operational gearing: When fixed costs are stable, extra revenue converts to profit at a higher rate.
- Showcase: Audioboom’s higher-margin, technology-based global advertising marketplace.
Bottom line: this is a strong quarter. Audioboom is adding high-profile creators, scaling inventory, and improving margins while laying the pipes for video monetisation with Apple and Spotify. Keep an eye on RPM and the pace of video yield improvement – if those move the right way, the operational gearing highlighted this quarter should do the heavy lifting on profits.
