Interim results show revenue growth as Gana Media Group pivots to Mexican sports betting
Gana Media Group plc (formerly Mobile Streams plc) has posted unaudited interim results for the six months to 31 December 2025. The AIM company is now firmly orientated around Mexican sports betting and online casino, with the consumer launch of its Sports Betting business achieved in 2025 and the reverse takeover (RTO) of Estadio Gana and Capital Media Sports (CMS) completed soon after period end.
The legacy mobile content operations were a minor contributor in the half. The headline is simple: revenues grew, the underlying operating loss narrowed sharply, and the Group raised fresh capital before taking full ownership of its Mexican operations in January.
What actually changed in the half-year
- Strategic focus – development and commercialisation of sports betting and online casino in Mexico, with the consumer launch delivered in 2025.
- RTO completed post period end – on 8 January 2026 Gana acquired the outstanding shares of Estadio Gana and CMS to move to 100% ownership via a share-for-share exchange.
- Team strengthened in Mexico – Gerardo Velázquez de León appointed Head of Estadio Deportes; industry veteran Lorenzo Caci joined the advisory board.
- Streams Technology platform continued to be developed and is carried as an intangible asset with a net book value of £404k.
Key numbers at a glance
| Revenue | £1,052k (H1 FY25) |
| Revenue (H1 FY24) | £415k |
| Gross profit | £816k |
| Operating loss | £1,518k |
| Loss before tax | £1,513k |
| Adjusted operating loss (pre D&A, impairment, share-based pay and RTO fees) | £147k |
| Cash at 31 December 2025 | £1,824k |
| Trade and other receivables | £2,835k |
| Total assets | £5,089k |
| Total equity | £2,037k |
| Shares in issue at 31 December 2025 | 10,739,259,735 |
| Shares in issue after 8 January 2026 events | 17,191,823,671 |
| Basic loss per share | (0.014)p |
Revenue growth came from services into Mexico, not yet from owned betting operations
Revenue rose to £1,052k, largely from development, marketing and intelligence services provided to Estadio Gana ahead of – and following – its consumer launch. Segmentally, £1,050k was booked in Europe, with just £2k in Latin America from legacy mobile operator services. That mix underlines the transition: monetisation in the period came from B2B support activity rather than fully consolidated betting turnover.
Cost of sales stepped up to £236k, giving a gross profit of £816k. Administrative expenses were £2,318k and include a heavy slug of professional fees tied to the RTO. Management calls out c.£900k of deal-related costs. Strip out depreciation, amortisation, impairment, share-based payments and RTO fees, and the adjusted operating loss was just £147k – a meaningful improvement from £622k in the prior half.
Cash, capital raises and dilution
Gana finished the half with £1,824k of cash. During the period the Group raised £2.2 million in equity, £0.5 million via warrant exercises and received £1.7 million as an advance of direct share subscriptions (converted into shares on 8 January 2026). Post period end, it raised a further £965k through a placing at 0.5p and £384k from the exercise of 238 million warrants at an average 0.16p.
All told, 5,686 million new shares were also issued at 0.5p to acquire the remaining stakes in Estadio Gana and CMS. The share count rose from 10.74 billion at 31 December 2025 to 17.19 billion after 8 January 2026. The balance sheet is sturdier, but dilution is significant – a necessary trade-off to secure full ownership and fund growth.
What the Estadio Gana numbers say
Appendix 1 gives a first look at the operating subsidiary. For the six months to 31 December 2025, Estadio Gana reported £355k of revenue and a £1,337k loss after tax. Cash at the subsidiary level was £5k at period end, with £2,572k owed to Gana (now settled in equity as part of the RTO) and £185k drawn on a convertible loan from Gana.
This is early-stage, investment-heavy trading consistent with a sportsbook launch. Notably, £1,050k of Estadio’s administrative expenses were services acquired from Gana in the period. Post-RTO, those intercompany flows will consolidate, and investors will want to see revenue traction from Mexican consumers start to outrun fixed costs.
Outlook – management targets operational profitability
Management says the business is “well positioned” following completion of the acquisitions and the consumer launch, with synergies expected from existing digital merchandise (NFTs) and LiveScores sites. The Directors state they remain on track in the transition to delivering operational profitability and growth. The CEO highlights the Streams Technology platform and team capability as core enablers.
The strategy now hinges on execution in Mexico: customer acquisition, retention and cross-sell into casino. With the structure simplified to 100% ownership, there should be clearer visibility on performance in future updates.
My take: what’s good and what to watch
Reasons to be encouraged
- Clear strategic focus – the Group has moved decisively into Mexican iGaming, with the consumer launch already live.
- Underlying loss reduced – adjusted operating loss improved to £147k despite scaling activity.
- Strengthened balance sheet – £1.8 million cash at period end and additional post-period funding.
- Full ownership secured – acquiring the remaining stakes in Estadio Gana and CMS simplifies reporting and value capture.
- Experienced hires in market – local media and betting expertise should aid brand building.
Key risks and watch-outs
- Dilution – the share count rose to 17.19 billion after the January transactions.
- Early-stage losses at Estadio Gana – H1 loss of £1.337 million with minimal cash at subsidiary level underlines the need for rapid scale.
- Revenue quality mix – H1 revenue was mainly B2B services; investors will look for rising consumer betting and casino revenue now the businesses are consolidated.
- Receivables concentration – £2.835 million at Group level at 31 December 2025, largely from Estadio Gana, now addressed through equity on RTO, but execution risk remains.
- Cost discipline vs growth – RTO and share-based payments lifted admin costs; marketing efficiency and unit economics will be critical.
What I’ll be tracking next
- Post-RTO KPIs – active customers, deposits, sportsbook handle and net gaming revenue in Mexico (not disclosed in this RNS).
- Revenue mix shift – the pace at which consolidated betting and casino revenue replaces service income.
- Cash runway – quarterly cash burn now the group is investing in consumer acquisition at scale.
- Gross margin and operating leverage – signs that fixed costs are being diluted as volumes grow.
- Any further capital needs – given the expansion plan and marketing demands.
Bottom line
Gana Media Group’s half-year reads like a company closing out a legacy chapter and opening a new one. Revenue stepped up, the underlying loss tightened, and the ownership structure is now clean after January’s RTO and fundraises. The flip side is dilution and the reality of early-stage losses at the sportsbook level. From here, it is all about delivery in Mexico – turning that platform and media footprint into sustained, growing consumer revenue. If the team can execute, the operational gearing could be powerful. If not, more capital may be needed. The next trading updates will be telling.
