In a significant financial development, Acroud has reported an impressive 41 percent increase in revenue for the third quarter of 2025, despite facing a slow sports calendar. The affiliate group has attributed this growth to the expansion of its Software as a Service (SaaS) business and a rise in new depositing customers across various markets. This performance marks a robust recovery from earlier in the year and offers a glimpse into potential affiliate trends as the industry moves towards 2026.
The company’s revenue reached €13 million, up from €9.2 million in the same quarter last year. There was a notable increase in adjusted EBITDA, which rose by 75 percent to €1.4 million. Additionally, the loss after tax decreased to €681,000 compared to €1 million the previous year. The quarter saw the acquisition of 45,508 new depositing customers, representing an approximate ten percent increase. Moreover, operating cash flow surged to €1.1 million from €206,000 a year prior.
Acroud’s SaaS division emerged as the primary growth driver during this period. Under the leadership of newly appointed CEO Mikael Strunge, who took over in July, the company achieved record levels in several internal performance metrics. The SaaS segment contributed €9.3 million in revenue, showcasing a staggering 91 percent year-on-year growth and forming the bulk of the company’s quarterly earnings.
In contrast, the affiliation segment generated €3.8 million, which was affected by softer activity linked to September football results across European leagues. Acroud regarded this dip as a temporary issue, attributing it to lower net gaming revenue from several high-value matches during that month. Nonetheless, Strunge expressed confidence in the company’s project pipeline for the affiliation segment and anticipated a stabilization of performance as the sports calendar picks up in the fourth quarter.
“We view this as a short-term anomaly and remain focused on executing the rich project pipeline within this segment to drive future growth,” reflected the company’s outlook.
In preparation for the next growth phase, Acroud implemented several organizational changes in the third quarter. This included high-profile appointments such as Daniel Lunnes as chief operating officer, Gary Gillies as chief business development officer, and Adam McSweeney as chief accounting officer. The internal reorganization aims to provide clearer operational oversight as the company scales its SaaS activities and gears up for an anticipated busier sports schedule in 2026.
While the third quarter’s performance was strong, it contrasted with the slower growth seen earlier in the year. For the first nine months of 2025, Acroud reported revenue of €33.8 million, marking a 20 percent increase with organic growth at 2 percent. Adjusted EBITDA for this period was €3.4 million, experiencing a slight decrease of 2 percent from the previous year. The loss after tax for these nine months amounted to €3.7 million, and operating cash flow decreased to €992,000 from €3.3 million last year. Despite these mixed results, the company recorded 167,216 new depositing customers year-to-date, indicating a 26 percent increase and underscoring the ongoing demand from operators seeking traffic outside traditional paid media channels.
Looking ahead to the fourth quarter and the beginning of 2026, Acroud maintains an optimistic outlook. The company anticipates that its robust balance sheet, recent leadership changes, and ongoing SaaS expansion will continue to provide momentum. Strunge conveyed that Acroud is entering the fourth quarter with confidence, having achieved strong results despite limited sports content in the preceding months.
“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,” he remarked, highlighting the company’s strategic positioning.
Operators monitoring affiliate performance are likely to view Acroud’s Q3 achievements as indicative of a broader market trend, where SaaS-driven tools and media networks gain prominence during periods of inconsistent sports outcomes. This shift underscores the evolving landscape of the igaming industry, where adaptability and innovation continue to drive success.
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