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A slow sports calendar did not stop Acroud from posting one of its strongest quarters to date.
Acroud has reported a sharp rise in quarterly performance, delivering 41 per cent revenue growth in Q3 2025 as the affiliate group expanded its SaaS business and increased new depositing customers across multiple markets. The update indicates steady recovery following a challenging start to the year and gives operators an early view of affiliate trends heading into 2026.
Revenue reached €13m, up from €9.2m in Q3 2024, while adjusted EBITDA climbed 75 per cent to €1.4m. Loss after tax narrowed to €681,000, compared to €1m last year. The business delivered 45,508 new depositing customers during the quarter, an increase of around ten per cent. Operating cash flow rose significantly to €1.1m, up from €206,000 a year ago.
SaaS drives the quarter as sports results soften
Acroud’s SaaS segment became the core engine of growth in Q3.
CEO Mikael Strunge, who stepped into the role in July, said the company reached record levels across several internal performance metrics. The SaaS division generated €9.3m in revenue, representing 91 per cent year-on-year growth and forming the majority of the group’s quarterly earnings.
The affiliation segment produced the remaining €3.8m, reflecting softer activity linked to September football results across European leagues. Acroud described this impact as temporary, noting that several high-value matches delivered lower net gaming revenue for operators during the month.
Strunge said the company has confidence in its project pipeline for the affiliation segment and expects performance to stabilise as the sports calendar strengthens in Q4.
“We view this as a short-term anomaly and remain focused on executing the rich project pipeline within this segment to drive future growth.”
Organisational changes set up the next phase
Acroud moved quickly to restructure leadership roles during Q3.
The business implemented several senior appointments to support its operational roadmap. These included the hiring of:
- Daniel Lunnes as chief operating officer
- Gary Gillies as chief business development officer
- Adam McSweeney as chief accounting officer
According to the company, the internal reorganisation is intended to create clearer operational oversight as Acroud scales its SaaS activities and prepares for a busier sports schedule in 2026.
Year-to-date shows mixed signals for operators
The strong Q3 performance contrasts with slower growth earlier in the year.
Across the first nine months of 2025, Acroud generated €33.8m in revenue, up 20 per cent, with organic growth at 2 per cent. Adjusted EBITDA reached €3.4m, down 2 per cent compared to the same period in 2024.
Loss after tax for the nine-month period totalled €3.7m, while operating cash flow dropped to €992,000, down from €3.3m last year.
Despite the mixed financial picture, Acroud reported 167,216 new depositing customers year-to-date, representing 26 per cent growth and signalling ongoing demand from operators seeking traffic sources outside paid media.
Outlook for Q4 and the start of 2026
Acroud says it heads into the final quarter with more stability and clearer visibility on project delivery.
The company expects its strengthened balance sheet, leadership changes and SaaS expansion to provide momentum for the remainder of the year.
Strunge said the organisation is entering Q4 with confidence in its current portfolio after a quarter that delivered strong numbers despite limited sports content in July, August and September.
“As we enter the final quarter of the year, we do so with confidence in our project portfolio, a gradually strengthening balance sheet, and a more efficient organisation.”
Operators watching affiliate performance will see Acroud’s Q3 results as part of a broader shift in the market, where SaaS-driven tools and media networks continue to gain value during periods of inconsistent sports results.
Source: NEXT.io
