PointsBet Holdings H1 2026 Loss Narrowing Tests Bearish Narrative On Persistent Trailing Deficit

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PointsBet Holdings (ASX:PBH) has just posted its H1 2026 scorecard, with total revenue of A$137.0 million and a basic EPS loss of A$0.0028, while net income excluding extra items came in at a loss of ...

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The company has seen revenue move from A$127.9 million in H2 2024 to A$124.4 million in H1 2025 and then to A$137.0 million in H2 2025. Over the same periods, basic EPS shifted from a loss of A$0.0217 to A$0.0520 and then to A$0.0028, setting up a story where investors will be...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"PBH.AU":"POINTSBET HOLDINGS LTD","BK7078":"赌场与赌博"},"translate_title":"PointsBet Holdings 2026年上半年亏损收窄测试对持续跟踪赤字的看跌叙述","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PBH.AU":1},"content_text":"PointsBet Holdings (ASX:PBH) has just posted its H1 2026 scorecard, with total revenue of A$137.0 million and a basic EPS loss of A$0.0028, while net income excluding extra items came in at a loss of A$0.94 million. The company has seen revenue move from A$127.9 million in H2 2024 to A$124.4 million in H1 2025 and then to A$137.0 million in H2 2025. Over the same periods, basic EPS shifted from a loss of A$0.0217 to A$0.0520 and then to A$0.0028, setting up a story where investors will be weighing these revenue gains against still negative earnings. Overall, the latest half shows a business adding turnover while margins remain under pressure. See our full analysis for PointsBet Holdings. With the headline numbers on the table, the next step is to see how they line up against the main narratives around PointsBet’s growth potential, profitability path and risk profile, and where those stories might need updating. See what the community is saying about PointsBet Holdings ASX:PBH Revenue & Expenses Breakdown as at Feb 2026 AdvertisementLosses shrink to A$0.94 million on higher half‑year revenue  Net income excluding extra items moved from a loss of A$17.2 million in H1 2025 to a loss of A$0.94 million in H2 2025, while revenue over those same halves sat at A$124.4 million and A$137.0 million respectively. Analysts' consensus view links this pattern of smaller losses with the broader five year trend, where losses have been reduced at roughly 36.6% per year, yet the trailing twelve month net loss of A$23.1 million shows profitability is still some distance away.\n     Supporters of the consensus view point to the H2 2025 loss being far smaller than the A$6.97 million loss in H2 2024, which lines up with the idea of gradually improving economics. At the same time, the trailing twelve month revenue of A$266.3 million is paired with that A$23.1 million loss, which keeps the focus on whether margin progress can keep pace with the growth in turnover.    Trailing A$23.1 million loss keeps bearish worries alive  On a trailing twelve month basis to H1 2026, PointsBet generated A$266.3 million of revenue but still reported a net loss excluding extra items of A$23.1 million and carries negative shareholders' equity. Skeptics highlight that, even with losses narrowing over five years, the combination of ongoing losses and negative equity leaves a thin buffer, and they link this concern to comments about liquidity risk and the possibility that further investment needs could pressure future earnings.\n     The bearish argument leans on the fact that net assets were reported at only A$6 million with corporate cash of A$22.7 million as of June 2025, which they see as limited headroom if the business needs to keep spending to grow. They also point to the reported MIXI Australia all cash takeover bid and the board's warning that the share price could fall if no superior proposal arrives, using that as evidence that capital structure questions remain important for existing shareholders.    On a day when the headline loss looks small, it is this trailing A$23.1 million deficit and thin equity base that cautious investors tend to focus on first, before getting comfortable with any turnaround story. 🐻 PointsBet Holdings Bear Case Low P/S and DCF fair value create valuation gap  At a current share price of A$0.87, PointsBet is trading on a P/S of 1.1x compared with peers at 2.3x and the Australian Hospitality industry at 1.5x. A DCF fair value of A$8.05 has been cited, implying a large gap between that modelled value and where the stock currently trades. Supportive investors argue this valuation gap lines up with forecasts that revenue could grow around 12% per year and earnings could move from a trailing loss toward profit within three years, yet they also recognise that the same dataset flags negative shareholders' equity as a major risk.\n     Those leaning bullish point out that analysts expect earnings to reach A$23.2 million by around 2028, which they see as consistent with the idea that today's 1.1x P/S multiple may be low if those forecasts are met. However, the presence of that DCF fair value at A$8.05 beside a share price of A$0.87 makes the story very sensitive to execution, because any setback in moving from the current A$23.1 million trailing loss toward the forecast profit would challenge the assumptions behind that model.    If you are trying to work out whether this valuation gap is justified by the long term story or by the risks on the balance sheet, it can help to see how different investors frame the bullish case versus the cautious view around these same numbers. 🐂 PointsBet Holdings Bull Case Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for PointsBet Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Reading this, you can probably see why opinions on PointsBet are split. Take a closer look at the numbers yourself and weigh the trade off between concerns and potential upside, then check our breakdown of 4 key rewards and 1 important warning sign to see how the risks and rewards line up for you. See What Else Is Out There PointsBet is still working through A$23.1 million of trailing losses, thin equity and ongoing negative earnings, which keeps balance sheet risk front and center. If that level of uncertainty feels uncomfortable, you can quickly compare this profile with companies screened for stronger cushions and steadier finances by checking our solid balance sheet and fundamentals stocks screener (17 results) today.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}