But dig one centimeter below the surface and the picture is far less rosy. This is a tale of two completely different businesses living under the same ticker: a rocket-ship SaaS unit and an iGaming affiliation segment that is still licking its wounds from years of Google algorithm punches and regulatory whiplash.
Q3 2025 Key Figures at a Glance
| Metric | Q3 2025 (k€) | Q3 2024 (k€) | YoY Change | QoQ change |
|
Revenue |
13,033 | 9,240 | +41% | +15% |
| Adjusted EBITDA | 1,422 | 815 | +75% | -9% |
| EBITDA (Reported) | 1,202 | 790 | +52% | |
| Loss after tax | -681 | -1,040 | ||
| Adjusted loss after tax | -221 | -780 | ||
| NDCs | 45,508 | 41,204 | +10% | -7% |
| Operating cash flow | 1,074 | 206 | +421% |
The Real Story: SaaS Saved the Quarter (Again)
- SaaS Segment revenue: €9.26 million – an absurd +91% YoY and another all-time high.
- SaaS adjusted EBITDA: €840k (margin ~9%, still thin but improving).
- NDC in SaaS finally turned positive again: +27% QoQ.
Translation: the Network/Matching business (the old Voonix + new MatchingVision stack) is now the undisputed growth engine of Acroud. Without it, the company would still be bleeding the way it did in 2022-2023.The affiliation side? €3.78 million revenue and €858k adjusted EBITDA.
New CEO, New Org Chart, Same Structural Challenges
Mikael Strunge took the helm in July. First visible moves: three internal promotions to C-level (COO, CBDO, CAO). Smart. Zero external ego, zero golden parachutes, people who already know where the bodies are buried. That’s exactly the kind of cost discipline this company has desperately needed.But promotions don’t fix the core issue: the affiliation business remains brutally exposed to
- Google core updates (still happening twice a year)
- Sudden regulatory bans (Italy anyone?)
- Sports result volatility
Until the SaaS segment reaches ~70-80% of total revenue (we’re at ~71% this quarter), Acroud will continue to feel every hiccup in the affiliation world.Bottom Line – No SugarcoatingThe good:
- SaaS is scaling exactly as promised. 91% growth in the traditionally dead Q3 is borderline ridiculous.
- Cash flow from operations finally positive and growing fast.
- Debt is under control, balance sheet improving.
The ugly:
- Affiliation is treading water at best.
- Group-level profitability is still a mirage without the SaaS rocket.
- Organic growth YTD is a pathetic 2%. Everything else is inorganic (acquisitions).
Verdict: Acroud is no longer the broken affiliation pure-play it was two years ago. It’s now a SaaS-led turnaround story with a legacy affiliation limb that refuses to die completely. If the SaaS trajectory holds (and early Q4 indicators suggest it will), 2026 could finally be the year this company turns sustainably profitable.But until then? Fasten your seatbelts. The ride is still bumpy.
Full report: https://www.acroud.com/
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