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Affiliate Monitor Company-by-company Q1 results analysis
Acroud Change at the top
Where to start with Acroud? It’ s probably best to start at the end with the most recent news about its outstanding SEK80.8 million(€ 7.45 million) bond. As part of the company’ s recent restructuring, it offered a voluntary debt-for-equity swap with its bondholders.
The offer expired in early March – and none of the bondholders took up the option. As a commentary on the prospects for Acroud, this lack of enthusiasm was telling. Debt-for-equity swaps are made on favourable terms, after all.
Their refusal to take on equity looks sensible given the manoeuvrings that have got the company to where is current stands.
As best as Affiliate Monitor can work out, the company has been taken over by the management of Acroud Media, which merged its 39 % stake with the 16 % owned by the PMG Group, which earlier sold assets including TheGamblingCabin, Voonix and Matching Visions to Acroud. PMG converted its earnout into shares.
The company also announced the issuance of super senior bonds worth SEK65.3 million, with SEK26 million of that coming in the form of cash and the rest being set off against the original bond. What the refusal of the exiting bondholders to take any shares means for that bond is less than clear.
Robert Andersson, CEO, remains in charge and he said of the new structure that it was a“ transformational moment.”
“ We are emerging stronger, with a leaner balance sheet, improved liquidity and a clear vision for sustainable growth,” he added.
In its subsequent earnings announcement – an announcement that was not accompanied by a call with analysts – the company said revenue amounted to € 10.4 million, up 55 % year-on-year and representing organic growth of 9 %. However, adjusted EBITDA fell 16 % year-on-year to € 1.18 million.
Full-year revenue of € 38.6 million represented a decline of 2 % year-on-year but organic growth of 3.8 %. Adjusted EBITDA of € 4.7 million was down 27 % year-on-year.
Andersson said that as a result of the organisational changes, the company is“ no longer the same company we were a year ago.”
“ We are leaner, more resilient, and better positioned to capitalise on market opportunities,” he added.“ With management now as the largest collective owner of Acroud, all interests are fully aligned around driving shareholder value and long-term growth.”
He said the company was“ actively repositioning” as a broader media and technology company.“ This shift will unlock greater market potential, reduce regulatory risks and enhance our valuation as we move towards a future beyond traditional gaming affiliation,” he claimed. This is understood to involve more geo-focused media partnerships and non-gaming affiliation.
iGB Affiliate Monitor April 2025