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B90 Holdings
(LSE:B90)
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Rating:63Neutral
Price Target:
4.00 p
▲(33.33% Upside)
Action:Reiterated
Date:07/25/26
The score is driven primarily by improved financial performance in 2025 (profitability and positive free cash flow alongside a debt-free balance sheet), but tempered by a volatile multi-year track record. Technically, momentum is positive but appears stretched (high RSI) and still below the 200-day average. Valuation is a headwind due to the high P/E and lack of dividend support.
Positive Factors
Revenue and earnings turnaround
The sharp 2025 revenue increase, combined with a return to positive net income and EBITDA, indicates improved operating traction and customer monetization. If execution remains consistent, this turnaround can strengthen the company’s ability to reinvest in traffic acquisition, expand marketing scale, and build earnings power.
Negative Factors
Volatile profitability history
The recent return to profitability remains unproven because it follows several years of substantial losses and negative margins. That history indicates execution and monetization have been inconsistent, increasing the risk that 2025 performance reflects a turnaround phase rather than a stable earnings base.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and earnings turnaround
The sharp 2025 revenue increase, combined with a return to positive net income and EBITDA, indicates improved operating traction and customer monetization. If execution remains consistent, this turnaround can strengthen the company’s ability to reinvest in traffic acquisition, expand marketing scale, and build earnings power.
Read all positive factors
B90 Holdings (B90) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£16.09M
Dividend Yield0.37%
Average Volume (3M)183.37K
Price to Earnings (P/E)47.2
Beta (1Y)0.74
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees15
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)<0.01
Shares Outstanding440,814,730
10 Day Avg. Volume306,835
30 Day Avg. Volume183,365
Financial Highlights & Ratios
PEG Ratio-0.44
Price to Book (P/B)2.99
Price to Sales (P/S)3.00
P/FCF Ratio35.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£8.20M
B90 Holdings Business Overview & Revenue Model
Company Description
B90 Holdings PLC, together with its subsidiaries, operates online sportsbook and casino products in the Isle of Man. It also engages in generating marketing leads and marketing contracts for the activities of partners in online sports betting and ...
How the Company Makes Money
B90 primarily makes money by delivering performance marketing outcomes for advertisers and monetizing online traffic. Revenue is typically generated when B90 refers, generates, or converts users for its advertising clients under measurable commerc...
B90 Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.15M | 3.52M | 3.03M | 2.14M | 826.86K |
| Gross Profit | 7.15M | 1.93M | 665.97K | 25.32K | -479.18K |
| EBITDA | 924.60K | -951.57K | -4.48M | -3.78M | -3.17M |
| Net Income | 394.45K | -1.70M | -5.47M | -4.27M | -3.49M |
Balance Sheet | |||||
| Total Assets | 8.34M | 8.14M | 10.56M | 7.11M | 9.10M |
| Cash, Cash Equivalents and Short-Term Investments | 967.38K | 364.26K | 829.12K | 359.05K | 827.30K |
| Total Debt | 0.00 | 0.00 | 0.00 | 655.65K | 0.00 |
| Total Liabilities | 1.15M | 1.53M | 2.52M | 4.15M | 5.43M |
| Stockholders Equity | 7.19M | 6.62M | 8.04M | 2.96M | 3.70M |
Cash Flow | |||||
| Free Cash Flow | 603.12K | -479.93K | -5.78M | -2.31M | -4.49M |
| Operating Cash Flow | 603.12K | -479.93K | -4.03M | -2.31M | -3.89M |
| Investing Cash Flow | 0.00 | 0.00 | -1.75M | 0.00 | -600.00K |
| Financing Cash Flow | 0.00 | 15.07K | 6.25M | 1.84M | 4.99M |
B90 Holdings Technical Analysis
Positive
3.00
Price Trends
2.92
Positive
2.69
Positive
3.12
Positive
Market Momentum
0.16
Negative
93.93
Negative
83.57
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:B90, the sentiment is Positive. The current price of 3 is below the 20-day moving average (MA) of 3.13, above the 50-day MA of 2.92, and below the 200-day MA of 3.12, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 93.93 is Negative, neither overbought nor oversold. The STOCH value of 83.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:B90.
B90 Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £81.07M | 14.98 | 15.38% | ― | 10.22% | -32.00% | |
68 Neutral | £480.61M | 16.34 | 7.83% | 2.88% | 4.98% | -32.67% | |
63 Neutral | £16.09M | 47.18 | 5.70% | 0.37% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | £3.38B | -5.83 | -68.47% | 3.81% | 0.26% | -13.90% | |
54 Neutral | £1.20B | -8.39 | 99.57% | 151.49% | ― | ― | |
53 Neutral | £198.52M | -0.36 | 76.91% | 0.04% | 0.07% | -388.74% |
* Consumer Cyclical Sector Average
GB:B90
B90 Holdings
3.65
0.20
5.80%
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B90 Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
B90 Holdings Sets Date for Interim Results and Investor Presentation
Neutral
Sep 3, 2026
B90 Holdings plc has announced it will publish its interim results for the six months ended 30 June 2026 on 21 September 2026, providing investors and stakeholders with an update on the company’s financial performance and operational progres...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
B90 Holdings Sets Date and Venue for 2026 Annual General Meeting
Positive
Aug 28, 2026
B90 Holdings has announced that its Annual General Meeting will take place on 15 September 2026 at a subsidiary’s offices in St. Julian’s, Malta, starting at 10:00am Central European Time. The company has distributed the AGM notice and...
Business Operations and StrategyFinancial Disclosures
B90 Holdings lifts H1 revenue outlook as AI investment drives iGaming growth
Positive
Aug 5, 2026
B90 Holdings reported that trading in the first half of 2026 remained strong, with revenue expected to come in ahead of management forecasts, driven by robust performance in its core iGaming operations and optimisation of its AI-driven marketing p...
Regulatory Filings and Compliance
B90 Chairman Increases Stake with AIM Share Purchase
Positive
Jun 19, 2026
B90 Holdings reported that its Non-Executive Chairman, Andrew McIver, has purchased 480,954 ordinary shares in the company on the AIM market at a price of 2.599p per share. Following this transaction, McIver’s total holding has risen to 1,28...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.