Shares plunged 41.7% following earnings as investors reacted negatively to continued deceleration and margin pressure in the marketing segment, alongside a cautious near-term outlook exacerbated by regulatory headwinds and weakening SEO performance.

• Total Q1 revenue of $40.4 million was flat year-over-year, reflecting growth in sports data services offset by a 5% decline in marketing revenue.
• Sports data services grew 13% to $11.2 million, now representing 28% of total revenue, driven by strong OpticOdds performance and international expansion.
• Marketing revenue fell due to ongoing challenges with search ranking, regulatory impacts in the UK and Finland, and lower revenue share hold rates.
• Diversification away from SEO continues, with non-SEO revenue exceeding SEO revenue for the second consecutive quarter, but this shift has compressed near-term margins.
• Management targets revenue, adjusted EBITDA, and free cash flow expansion in H2 2026, though investors appear unconvinced by the cautious outlook and margin pressures.