B90 Holdings (LSE:B90) reported on 21 September 2026 that first-half Revenue climbed about 38% to 3.33 million euros, with the company close to break-even and cash up to 1.47 million euros. Directors bought shares four days later, and the company has since published updates on its use of artificial intelligence. For readers of the FTSE AIM All Share Index, B90 is a very small performance Marketing Business serving the online gambling industry.

What the company does

B90 describes itself as a performance marketing and MarTech company for the global iGaming industry. It helps operators win customers through paid acquisition, owned websites, Data Analytics and business-to-business partnerships. Its owned sites include Oddsen.nu and Bet90.com. The company does not take on player betting risk, so its income comes from marketing services and affiliate arrangements rather than betting outcomes.

Interim results

For the six months to 30 June 2026, revenue was 3.33 million euros against 2.41 million euros in the first half of 2025. The net loss narrowed to about 0.02 million euros from 0.04 million euros, and adjusted EBITDA was positive at about 0.31 million euros, roughly flat year on year. Operating cash inflow was about 0.50 million euros, compared with about 0.04 million euros a year before. Cash rose to 1.47 million euros from 0.97 million euros at the end of 2025, with no investing or financing cash flows in the period.

Trading and outlook

The board said trading since the period end has broadly matched first-half trends, with momentum improving in recent weeks, and it expects full-year results in line with management's expectations. A trading update was issued on 5 August. LSE:B90 is spending more on marketing, artificial intelligence, technology and staff, and is running pilot projects in new markets before committing significant capital.

Artificial intelligence initiatives

On 30 September LSE:B90 published an update on end-to-end AI automation across one of its properties, and on 5 October it announced that ten thousand webpages had been reached using its AI content management system. Both were non-regulatory announcements and describe operational progress rather than financial results.

Director dealings

A director's purchase of shares was announced on 25 September, followed by a further dealing notice the same day. Earlier director dealings were reported on 19 June. The AGM notice was issued on 28 August and the AGM results were announced on 15 September, with a notice of interim results on 3 September ahead of the half-year figures.

Sector and index context

Online gambling affiliates depend on regulation, search engine rankings and operator budgets in each market. A move to owned websites and data tools can improve margins but exposes LSE:B90 to changes in how search engines treat content. B90 is among the smaller companies on AIM, and its share price movements can be large on modest volumes.

Key risks

The directors flag a material uncertainty over going concern, noting that if revenue falls short of expectations the company may need to raise funds and cannot be sure that funding would be available on acceptable terms. Regulatory change in the iGaming sector, dependence on a small number of operator partners and search traffic, and the cost of expanding into new markets are further risks. Profit is close to zero, so small revenue variations matter.

What to watch next

Investors will look for full-year results consistent with management's expectations, evidence that the pilot projects in new markets turn into revenue, and whether cash continues to grow after the extra spending on marketing and technology. Any further director dealings and clarity on funding needs will also be closely read.