B90 Holdings Returns to Profitability with Revenue More Than Doubling, but Auditor Flags Material Uncertainty

B90 Holdings has delivered the sort of headline numbers that grab attention. Revenue more than doubled in 2025, the group moved back into profit, EBITDA improved strongly, and cash nearly tripled by year end. On the face of it, this is a much better business than the one investors were looking at a year ago.

But there is a catch, and it is not a small one. The auditor has flagged a material uncertainty over going concern, tied mainly to a legacy liability of €0.6 million that could, in certain circumstances, be called in at short notice. So this is a classic small-cap AIM update – genuinely encouraging progress, but still with balance-sheet risk sitting in the background.

B90 Holdings final results 2025: revenue doubled and profit returned

B90 is positioning itself as an AI-driven performance marketing and MarTech business. In plain English, that means it uses technology, automation and machine learning to help iGaming operators acquire customers more efficiently, mainly through pay-per-click, or PPC, marketing and affiliate channels.

The financial progress in 2025 was clear. Revenue rose to €7,151,380 from €3,521,834, while profit after tax came in at €394,454 compared with a loss of €1,701,414 in 2024. That is a proper turnaround, not just a cosmetic improvement.

Key figure	2025	2024
Revenue	€7,151,380	€3,521,834
EBITDA	€1,106,035	€666,311
Profit after tax	€394,454	Loss of €1,701,414
Cash and cash equivalents	€967,383	€364,259
Operating profit	€381,454	Loss of €1,715,497
Trade and other payables	€944,198	€1,308,917

EBITDA, which is a measure of operating profitability before interest, tax, depreciation and amortisation, rose 66% to €1,106,035. That matters because management is trying to show the platform can scale without overheads rising at the same pace. On that score, 2025 backs up the story reasonably well.

B90 revenue quality improved, but costs also moved sharply higher

It was not just a case of sales going up and everything else staying still. Marketing and selling expense jumped to €3,436,820 from €753,064, which tells you B90 leaned hard into customer acquisition. Salary expense also rose to €1,708,421 from €1,591,191, while other administrative expense increased to €1,081,544 from €731,037.

That might sound worrying, but context matters. Revenue growth comfortably outpaced the cost increase, and the business still generated €603,124 of cash from operating activities, against an outflow of €479,929 in 2024. For a small business trying to prove its model, cash generation is a much more convincing signal than polished wording about AI.

The revenue mix also gives a few clues. Affiliate marketing commissions were €6,559,067, agency revenue was €363,520, and white-labelled online sportsbook and casino revenue was €228,793. So despite the talk about broader platform potential, this is still overwhelmingly an iGaming customer acquisition business today.

Why B90’s AI-driven MarTech platform matters for investors

The strategic pitch is straightforward enough. B90 says its AI-driven platform is already live in production, not just a slide deck concept, and is being used for real-time optimisation, predictive analytics and more efficient deployment of marketing spend. If that is true in practice, it gives the business a route to grow faster than its headcount.

I think that is the most encouraging part of the update. Plenty of AIM companies talk about AI because the market likes the phrase. B90 is at least tying it to concrete outcomes – more lead volume, improved monetisation, stronger partner relationships and better operating leverage.

There is also a sensible logic in using iGaming as the proving ground. It is competitive, data-heavy and unforgiving on return on investment, so if the platform works there, it may have relevance elsewhere. That said, revenue from any expansion into adjacent sectors is not disclosed, and there is no evidence yet of material non-iGaming income.

The big red flag in the B90 Holdings results: material uncertainty over going concern

Now for the part investors cannot ignore. The directors say there is a legacy liability of €0.6 million linked to past operations, with uncertainty over timing and amount of settlement. They have recognised a best estimate of €0.6 million, and there is a risk the creditor could seek repayment at short notice.

That is why both the company and the auditor say there is a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern. In plain English, the business is trading better, but its financial cushion is still not especially thick if something goes wrong.

The year-end cash balance was €967,383. That is a lot better than €364,259, but when you set it against a possible €0.6 million liability, you can see why the wording matters. It does not mean failure is imminent. It does mean this remains a higher-risk small cap, and investors should treat it as such.

There is another softer risk hiding in the accounts

The auditor also highlighted the carrying value of goodwill and other intangible assets, particularly Oddsen.nu and the PPC assets. These assets rely on future revenue growth assumptions in the annual impairment review. For the PPC assets, the year 1 revenue growth assumption is 25.4%, with cumulative annual growth of 4.3% for years 2 to 5.

That does not mean the numbers are wrong, but it does mean part of the balance sheet depends on continued execution. If growth slips materially, future impairments are possible. Small investors should keep that in the back of their mind.

B90 governance, balance sheet and shareholder takeaways

There were a couple of other notable points. Working capital improved from negative to positive during the year, which is a healthy sign. The chairman and chief executive roles were also split after the period end, which strengthens governance and is a sensible move for a growing AIM company.

There is no dividend, which is no surprise. B90 needs to protect cash. I think most investors would prefer that anyway, given the legacy liability and the need to keep funding growth.

One thing to watch is dilution. The company had 56,655,000 options outstanding at 31 December 2025, up from 38,243,500 a year earlier, after granting 22,000,000 new options in June 2025. No new shares were issued in 2025, but those options are still part of the broader shareholder picture.

B90 Holdings outlook for 2026: better business, still not a low-risk share

Management says trading since the start of 2026 has remained in line with expectations. It is also pointing to supportive market conditions from the global sports calendar, including the 2026 FIFA World Cup, which historically boosts customer acquisition activity across the sector.

My view is this: the operational turnaround looks real, and the 2025 numbers are good. Revenue growth, profit recovery, cash generation and improved working capital all point in the right direction. For a company of this size, that is meaningful progress.

But the shares are not suddenly risk-free because the headline numbers look tidy. The material uncertainty around going concern is the first thing serious investors should note, and the dependence on future growth assumptions for key assets is the second. If B90 can keep growing and keep converting that into cash, the investment case gets much stronger. Until then, it remains an interesting recovery story with some sharp edges.