Mobile Streams plc Reports FY 2025 Results with Major Push into Mexican Betting Market

Mobile Streams FY 2025: Pivot to Mexican Betting Drives Revenue Surge, Losses Widen

Mobile Streams plc has reported audited results for the year to 30 June 2025 showing a sharp pivot away from legacy products and into Mexico’s online betting and media markets. Revenue jumped as work ramped up to launch a new online casino and sportsbook in April 2025, but losses also widened as the company invested heavily to build this new business line.

The headline strategic move is a proposed reverse take-over (RTO) to acquire 100% of its Mexican partners Estadio Gana and Capital Media Sports, consolidating the BET business under the MOS umbrella. Completion is now expected in Q1 2026.

Headline Numbers From the FY 2025 Audited Results

Metric	FY 2025	FY 2024	Notes
Revenue	£1,412k	£436k	Growth reflects marketing, development and intelligence services supplied to BET
Loss before tax	£2,330k loss	£947k loss	Higher operating expenses as investment stepped up
Cash at 30 June	£1,550k	£235k	Improved cash at year end
Bank debt	£29k	£36k	Bounce Back Loan
Receivable from BET	£1,452k	Not disclosed	Debtors at year end to be converted into equity as part of the RTO
Funds raised in FY	£3.9m	Not disclosed	Principally via the exercise of warrants
Funds raised post year-end	£0.6m	n/a	Further warrant exercises
Cash at 30 September 2025	£991k	n/a	After significant due diligence spend
Dividend	£Nil	£Nil	No dividend proposed

Mexico-Focused BET Business: What It Is and Why It Matters

MOS has been working with Estadio Gana Sapi de CV and Capital Media Sports Sapi de CV to enter the Mexican sports betting and media markets. The new online casino and sportsbook went live in April 2025, with MOS supplying marketing, development and intelligence services through the run-up and launch.

This is a substantial strategic shift. Rather than selling legacy products, MOS is now building a consumer-facing betting and media proposition in a large, fast-growing market. The company believes the level of trade in this new segment will continue to build significantly in 2026, subject to ongoing development of the BET business.

Reverse Take-Over: Taking Ownership to 100%

On 31 March 2025, MOS announced plans for a reverse take-over of the two Mexican businesses to consolidate operations. If completed, MOS’s stake in Estadio Gana would rise from 25.87% to 100%, and its stake in Capital Media Sports from 22.5% to 100%. Completion is expected in Q1 2026.

A reverse take-over is a transaction where a listed company acquires a business large enough to be treated effectively as a new listing, triggering enhanced scrutiny and approvals. The strategic logic here is clear: full ownership should simplify control and economics across the betting and media operations. Notably, £1.452 million owed to MOS by BET for services will be converted into equity as part of the RTO, which tidies up the debtor position.

Quality of Revenue and Cash Conversion: A Fair Question

Revenue growth to £1,412k is encouraging, but it’s important to look under the bonnet. A large share relates to services supplied to BET and sits in debtors – specifically, £1.452 million due from BET at year end. Until the RTO completes, that is a receivable rather than cash in the bank.

Once converted to equity, that debtor will no longer be a near-term cash inflow. Investors should therefore focus on how the underlying betting business performs post-consolidation and how quickly it can generate cash. KPIs such as active customers, staking volumes and net gaming revenue would help, but these are not disclosed in this statement.

Funding, Warrants and Runway

MOS raised £3.9 million during the year, principally via the exercise of warrants – rights to buy shares at a set price. Since year end, a further £0.6 million has been raised from warrant exercises. This has supported increased investment and due diligence ahead of the RTO.

Cash was £1.55 million at 30 June 2025, with very low bank debt (£29k). By 30 September 2025, cash stood at £991k after significant expenditure on due diligence. The Board says that, including recent funding and warrant exercises, the Group’s working capital needs are covered for the foreseeable future. Exact cash burn and monthly run-rate are not disclosed.

Positives and Pressure Points

• Big strategic pivot executed – the online casino and sportsbook launched in April 2025, moving MOS into a higher-growth market.

• Strong top-line growth – revenue rose to £1,412k from £436k, reflecting delivery milestones to BET.

• Ownership stepping up – stakes increased to 25.87% (Estadio Gana) and 22.5% (Capital Media Sports), with an RTO planned to take both to 100% in Q1 2026.

• Improved year-end liquidity – £1.55 million cash and minimal bank debt at 30 June 2025; further £0.6 million raised after year end.

• Clear 2026 focus – the Board is confident activity in the new segment will build, subject to continued development of the BET business.

• Losses widened – loss before tax increased to £2,330k due to higher investment and operating expenses.

• Revenue quality – a significant debtor (£1.452 million) relates to BET services and will be converted to equity at RTO, not cash.

• Execution risk – the RTO still needs to complete in Q1 2026, with integration and delivery risk thereafter.

• Visibility – no disclosed KPIs for the betting business yet, and no guidance on customer metrics or unit economics.

What To Watch In 2026

• RTO completion timeline – the move to 100% ownership of Estadio Gana and Capital Media Sports is pivotal.
• Post-RTO reporting – clarity on betting and media KPIs, cash generation and marketing efficiency would be key, but are not disclosed here.
• Cash position – with £991k at 30 September 2025 and ongoing investment needs, watch for further funding updates.
• Operational scale-up – evidence that the April 2025 launch is converting into sustained growth in the BET business.

Josh’s Take: High-Conviction Pivot, Now Comes the Hard Part

This is a bold transformation year for Mobile Streams. Management has shifted decisively into a market with far larger potential than the legacy business, and they have put real capital behind it. The planned RTO to full ownership should make the story cleaner and, if they execute, more valuable.

The flip side is that the P&L is loss-making, cash conversion is not yet proven, and investors are still waiting on hard operating metrics. If you believe the Mexican betting push can scale, 2026 could be a breakout year. If execution slips or the RTO timetable drifts, expect volatility. For now, it’s a story with momentum – and a to-do list as long as your arm.