B90 Holdings revenue rises 38% as cash generation strengthens in H1 2026

B90 Holdings has delivered another period of strong top-line growth, with first-half revenue increasing by approximately 38% to €3.325 million.

The AIM-listed performance marketing and MarTech business also generated €0.50 million of operating cash, helping its cash balance reach €1.47 million at the end of June 2026.

That is useful evidence that B90's operating model is gaining traction. However, investors should look beyond the revenue headline. Adjusted EBITDA was only slightly higher, the group remained marginally loss-making on a reported basis and the accounts contain a material uncertainty related to going concern.

Here is what matters from the original company announcement.

B90 Holdings' key H1 2026 figures

Metric	H1 2026	H1 2025	Change
Revenue	€3.325 million	€2.407 million	Approximately 38% higher
Adjusted EBITDA	€0.31 million	€0.30 million	Slightly higher
Operating loss	€0.03 million	€0.05 million	Reduced
Net loss	€0.02 million	€0.04 million	Reduced
Operating cash generation	€0.50 million	€0.04 million	Materially higher
Period-end cash	€1.47 million	€0.40 million	Higher

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, with further adjustments including share-based payments. It can help investors assess underlying trading, but it is not the same as statutory profit or cash flow.

B90's adjusted EBITDA increased from €302,716 to €308,663. That is positive, but modest compared with the pace of revenue growth.

Management says this reflects deliberate investment in marketing, technology, people and operational capacity rather than an attempt to maximise short-term margins.

Cash generation is the standout improvement

The most encouraging part of these results is arguably cash flow rather than revenue.

Net cash generated from operating activities rose to €503,548 from just €36,947 in the comparable period. B90 reported no investing or financing cash flows, meaning the increase in its cash balance came entirely from operations.

Cash and cash equivalents consequently increased from €967,383 at the end of December 2025 to €1.471 million at 30 June 2026. That compares with €401,206 a year earlier.

Net current assets, which measure current assets after current liabilities, improved to approximately €1.17 million. This was up from €0.87 million at the end of 2025 and €0.06 million in June 2025.

For a small AIM business, stronger internally generated cash provides greater room to invest without immediately turning to shareholders or lenders. This represents progress from the position discussed in the earlier article covering B90 Holdings' H1 2025 revenue and EBITDA growth.

Revenue growth has not yet translated into much more EBITDA

The main financial question is why a 38% increase in revenue produced only a small increase in adjusted EBITDA.

Marketing and selling expenses increased to €1.724 million from €986,287. Salary expenses also rose to €897,203 from €816,368, while other administrative expenses increased to €493,544 from €368,448.

B90 says it is allocating spending towards campaigns, markets and partners where its data indicate attractive returns. It is also investing in technology, AI, automation and the personnel needed to handle larger campaign volumes.

That strategy may support future scale, but investors will want evidence that these investments eventually produce stronger earnings growth. At present, the statutory result remains close to break-even rather than decisively profitable.

The operating loss narrowed to €29,569, while the net loss reduced to €23,069. The result included €239,976 of amortisation and €98,256 of share-based payment expenses.

What B90 actually does with AI

B90 helps international iGaming operators acquire customers through paid marketing, owned digital assets, data analytics and business-to-business relationships. It focuses on generating leads and first-time depositing customers rather than taking betting or player risk itself.

The company says AI, machine learning and automation are embedded in areas including:

• Campaign optimisation and bidding
• Predictive analytics
• Market research
• Traffic routing
• Content workflows
• Allocation of marketing expenditure

Management's case is that automation allows B90 to process more information, make quicker decisions and direct marketing spending towards the most attractive opportunities.

The group is also developing Oddsen.nu and Bet90.com. Bet90.com now operates as an affiliate platform, allowing B90 to apply its marketing expertise without the operating costs and risks of running a gambling operator directly.

B90 is evaluating additional owned digital assets designed around changes in generative search, content creation and online discovery. Investors can follow the wider company story on the B90 Holdings PLC share page.

Expansion could broaden the opportunity, but pilots come first

B90 is assessing whether its technology and marketing capabilities can work in new markets and verticals outside its core iGaming sector.

Its approach appears measured. Management plans to use pilot initiatives to test customer acquisition economics before committing material capital. Successful projects could then be scaled using the existing technology and infrastructure.

This could diversify revenue and broaden the addressable market. The trade-off is execution risk, particularly when the existing business is still operating on a relatively small revenue base.

Management has been clear that iGaming remains the immediate priority. No financial targets, launch dates or expected contribution from these pilots were disclosed.

The going concern warning matters

Despite the stronger cash position, the notes contain an important warning.

The directors say that if future revenue falls short of management expectations, B90's ability to meet its liabilities could be affected and it may need to raise further funding. There is no certainty that funding would be available or what terms might be offered.

The company states that these conditions represent a material uncertainty which may cast significant doubt over its ability to continue as a going concern.

Management nevertheless considers the going concern basis appropriate, citing improved trading, positive operating cash flow and confidence that additional funding could be raised if required.

This disclosure should not be ignored. B90's liquidity has strengthened significantly, but the business remains small and sensitive to trading performance.

What investors should watch next

Trading since the period end has remained broadly in line with first-half trends, with momentum improving more recently. The board continues to expect full-year results in line with management expectations, although the numerical expectations were not disclosed.

The next test is whether B90 can turn revenue growth and investment into meaningfully higher earnings while preserving its improved cash position.

Key areas to monitor include operating cash flow, spending on customer acquisition, adjusted EBITDA progression and the performance of new market pilots. Further growth would be more compelling if it arrives alongside clearer statutory profitability and reduced funding uncertainty.