Grandstand reports Q2 revenue, EBITDA in line, reaffirms guidance

Grandstand (NASDAQ: GRSD ) released second-quarter financial results and hosted an earnings call on Thursday.

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View the webcast at Summary Grandstand Ltd reported Q2 revenue of $37.8 million and adjusted EBITDA of $7.7 million, in line with expectations.

Adjusted free cash flow was nearly $10 million.

The company completed a restructuring in May, with cost savings expected to benefit margins in the second half of 2026, setting up for higher adjusted EBITDA and free cash flow run-rate.

Grandstand introduced a new fintech product, Rollcard, which targets the sports betting and gaming market, with a projected $50 to $100 million revenue opportunity over five years.

Sports Data Services revenue grew 12% year-over-year, with B2B driving significant growth, now comprising the majority of this segment's revenue.

Marketing revenue declined by 10% year-over-year due to SEO declines, though strong growth was observed in North America and partner audience monetization.

The company's strategic focus includes diversifying its business away from SEO and enhancing AI capabilities to streamline operations and improve margins.

Grandstand is positioned for revenue and adjusted EBITDA growth in 2026 and into 2027, driven by enterprise data growth, diversified marketing, and new product launches.

Management reiterated full-year guidance of $165 to $170 million in revenue and $45 to $50 million in adjusted EBITDA, expecting strong revenue growth in the second half due to seasonal factors.

Full Transcript OPERATOR (Operator) Greetings and welcome to Grandstand Ltd.'s second quarter earnings conference call.

At this time, all participants are in a listen-only mode.

A question-and-answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad.

As a reminder, this conference is being recorded.

I would now like to turn the conference over to Peter McGough, Investor Relations.

Please go ahead, sir.

Peter McGough, Senior VP of Investor Relations and Capital Markets Hello everyone and welcome to Grandstand's second quarter 2026 results call.

I'm Peter McGough, Senior VP of Investor Relations and Capital Markets, and I'm joined by Kevin McChrystal, co-founder and Chief Executive Officer, and Elias Mark, Chief Financial Officer.

This call is being webcast live through the Investor Relations section of our website, grandstand.com/investors, and a downloadable version of the press release is available there as well.

A webcast replay will be available on the website after the conclusion of this call.

You may also contact Investor Relations support by emailing investors@grandstand.com.

I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements, including as defined by securities laws.

These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

Some important factors that could cause such differences are discussed in the Risk Factors section of Grandstand's filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws.

During the call there will also be a discussion of non—IFRS financial measures.

A description of these non—IFRS financial measures is included in the press release issued this afternoon, and reconciliations of these non—IFRS financial measures to their most directly comparable IFRS measures are also in the press release, which is available in the Investors tab of our website.

I'll now turn the call over to Kevin.

Kevin McChrystal, Co-Founder and Chief Executive Officer Good afternoon everyone and thank you for joining our 2026 second quarter conference call.

We have quite a bit to share with you today, including our second quarter results and outlook for the full year, as well as our recent corporate rebranding and the introduction earlier this week of our new Rollcard product.

Elias will follow with a review of the second quarter financial results in detail before we open it up for questions.

Looking at our operating performance in the second quarter, revenue of $37.8 million and adjusted EBITDA of $7.7 million were in line with our expectations.