The author argues GAMB's debt is manageable because EBITDA-based free cash flow can cover debt repayments and refinancing risk is low.
GAMB — LONG The author calculates GAMB's Q4 EBITDA of $16.3M produces about $11M levered free cash flow after interest, taxes, and capex, and 2026 EBITDA guidance of $63M yields about $42.5M LFCF. This cash generation can reduce net debt to approximately $71.6M by end-2026, with a $40M maturity two months later that could partly be settled in stock. The author sees no reason GAMB cannot extend its loan agreement over the next 26 months while generating over $3.5M per month.
I see no reason why they should have a problem extending their loan agreement at any point in the next 26 months especially when they are printing 3.5M+ per month.