Friday, May 08, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 Results. The company reported Q1 revenue of €64.4 million and adj. EBITDA of €6.0 million, both of which surpassed our estimates of €59.0 million and €2.7 million, respectively, as illustrated in Figure #1 Q1 Results. Notably, revenue was up 13% YoY, driven by strong growth in Mexico and Spain, both of which increased average monthly users over the prior year period.
Favorable fundamentals. Notably, in Q1, the company benefited from strong activity in Mexico, which generated revenue of €34.6 million, up 13% YoY. The favorable performance in Mexico was supported by 98,000 average monthly users, up 20% YoY. Additionally, Spain performed strongly, with revenue growing 16% to €25.5 million and average monthly users reaching 59,000, up 13% YoY. On a consolidated basis, the company averaged 183,000 monthly active users, up 14% YoY.
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