Grandstand (GRSD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $37.8 million, adjusted EBITDA $7.7 million, and adjusted free cash flow $9.6 million, all in line with expectations.

• Net loss narrowed to $4.6 million from $13.4 million year-over-year; adjusted net income was $2.5 million ($0.05 per share).

• Restructuring completed in Q2, with cost savings to benefit margins in H2 and support reiterated full-year guidance.

• Corporate rebranding to Grandstand and launch of Rollcard, a new fintech product targeting sports betting payments.

• Business now diversified across data, technology, content, and audience solutions for sports, gaming, and entertainment.

Financial highlights

• Total revenue down 5% year-over-year, driven by a 10% decline in marketing revenue, offset by 12% growth in data revenue.

• Adjusted EBITDA margin was 20%, gross margin 64%, both down from 35% and 93% a year ago due to higher costs in diversified marketing.

• Adjusted net income was $2.5 million ($0.05 per share), down from $13.4 million ($0.37 per share) year-over-year.

• Adjusted free cash flow rose to $9.6 million from $8.2 million year-over-year, with 81% EBITDA-to-cash conversion over six months.

• Total cash at quarter-end was $8.8 million, with total liquidity of $33.3 million including undrawn credit facilities.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $165–$170 million, adjusted EBITDA $45–$50 million.

• H2 expected to benefit from positive seasonality, cost savings, and margin expansion, with trajectory to continue into 2027.

• Data business expected to grow in the teens, marketing to be roughly flat in H2 and marginally down for the full year.

• Rollcard launch included in guidance, with modest initial contribution and expenses for the last five months of 2026.

• Enterprise sports data services to remain the fastest-growing segment.