B90 Holdings Revenue Ahead of Expectations as AI Investment Keeps EBITDA Flat

B90 Holdings has delivered a positive first-half revenue update, with strong trading in its core iGaming business putting sales ahead of management expectations.

However, revenue growth will not translate into higher short-term profitability. Continued spending on artificial intelligence, marketing and technology means earnings before interest, tax, depreciation and amortisation - better known as EBITDA - are expected to remain comparable with the previous year.

That creates a fairly clear investment case from this update: B90 is choosing to reinvest its current progress in pursuit of a larger and more scalable business. The potential reward is stronger long-term growth, but shareholders will still want evidence that the spending eventually produces higher earnings.

B90 Holdings trading update at a glance

Metric	H1 2026 update
Reporting period	Six months ended 30 June 2026
Revenue	Expected to be ahead of management expectations
Revenue drivers	Core iGaming performance and optimisation of the AI-driven marketing platform
EBITDA	Expected to remain comparable with the previous year
Investment priorities	Marketing, AI automation, machine learning and technology
Adjacent-sector pilots	Progressing positively but still at an early stage
Pilot revenue contribution in 2026	Not expected to be material
Interim results	Expected in September 2026

The company did not disclose revenue, EBITDA, cash or investment figures in this announcement. Investors will therefore have to wait for September's interim results for a more detailed financial picture.

The full details are available in the original company announcement.

Revenue is running ahead of expectations

For the six months ended 30 June 2026, B90 said trading remained strong as it continued building what it describes as a scalable, AI-enabled performance marketing platform.

The board expects revenue to be ahead of management expectations. It attributed that performance to two areas: strength in the core iGaming business and continued optimisation of B90's proprietary AI-driven marketing platform.

That is the clearest positive in the update. Revenue beating internal expectations suggests that current trading has been better than management planned, rather than merely growing against an undisclosed prior-year comparison.

The company did not quantify how far ahead revenue is or provide an updated full-year target. That limits the conclusions investors can draw before the interim figures arrive.

Readers looking for wider company coverage can find it on the B90 Holdings PLC share page.

Why is EBITDA not growing with revenue?

B90 has continued investing in marketing and technology, with particular attention given to AI automation and machine learning.

These capabilities are being embedded across campaign management and operational workflows. In plain English, B90 is using its technology to help select, manage and improve digital marketing campaigns with greater automation.

Management believes this should improve campaign success, support better decision-making and make the business easier to scale. The drawback is that the investment carries a near-term cost.

As a result, first-half EBITDA is expected to remain comparable with the previous year, despite revenue coming in ahead of expectations. No EBITDA figure or margin was disclosed.

This is not necessarily a poor trade-off. Reinvestment can make sense if it creates lasting technology advantages and allows future revenue to grow faster than operating costs. But that outcome is not yet demonstrated by this trading update.

Investors will need to watch whether B90's spending produces better campaign economics, stronger margins or sustained revenue growth over time. Without those results, investment can simply become a continuing cost rather than a source of shareholder value.

The iGaming operation remains the foundation

B90 said its core iGaming business continues to provide a profitable and highly cash-generative foundation for the group.

That statement matters because the existing operation is funding the broader platform strategy while B90 experiments with new uses for its technology. A profitable core business can give management more room to invest without relying entirely on new sources of capital.

Still, the announcement did not disclose operating cash flow, the group's cash balance or the amount being committed to customer acquisition and technology. Chief executive Ronny Breivik described the balance sheet as strong, but no supporting balance-sheet figures were provided in this update.

B90 previously discussed its financial progress alongside audit-related uncertainty, covered in this article on the company's return to profitability and revenue growth. The September interim results should provide the next opportunity to assess the current financial position in detail.

Adjacent-sector pilots offer potential, not current revenue

Alongside iGaming, B90 is running pilot programmes to test whether its technology platform can be applied in adjacent industries.

Management said these initiatives are developing positively, but it also applied two important qualifications. The pilots remain at an early stage and are not expected to contribute materially to revenue during the current financial year.

Investors should therefore treat expansion beyond iGaming as an option for future growth rather than part of the present earnings story.

There could be value in proving that the platform works across multiple sectors. It would broaden B90's addressable market and reduce its dependence on one industry. For now, though, no target sectors, customers, commercial terms or pilot performance measures were disclosed.

What looks positive and what needs watching?

The positives

• First-half revenue is expected to beat management's expectations.
• The core iGaming business is described as strong, profitable and highly cash-generative.
• AI and machine learning tools are being embedded in practical campaign and operating workflows.
• Management believes the platform can support a more scalable business model.
• Early pilots could create opportunities outside iGaming over the longer term.

The uncertainties

• Revenue, EBITDA and cash figures were not disclosed.
• EBITDA is expected to remain comparable with the previous year despite stronger revenue.
• The return from increased marketing and technology spending is not yet quantifiable.
• Adjacent-sector pilots are early and will not make a material revenue contribution this year.
• No updated full-year financial guidance was provided.

September's numbers will test the investment case

This is an encouraging trading update, but it is more persuasive on direction than financial detail.

B90 has revenue running ahead of internal expectations and says its core iGaming operation is thriving. At the same time, it is deliberately accepting stable near-term EBITDA while investing in customer acquisition and proprietary technology.

The key question is whether this investment creates profitable, scalable growth rather than revenue growth alone. September's interim results should help answer that by showing the actual revenue, EBITDA, margins, cash position and scale of investment behind the headline claims.