Gaming Innovation Group Inc. (GiG) reports Q2 2021 revenues* of Euro 16.2 million
and an EBITDA of Euro 5.3 million.
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“Another rewarding quarter for GiG, with meaningful growth in revenues, EBITDA
and EBIT as well as underlying business dynamics. The Company is progressing
towards our business growth & expansion strategies, improving delivery and
future position of the group”, says Richard Brown, CEO of GiG.
Financial Highlights
· Revenues* in Q2 2021 were Euro 16.2m (13.2), an increase of 23%, all organic
growth
· EBITDA was Euro 5.3m (2.8), up 86%, EBITDA margin* increased to 32.6% (21.6%)
· Revenues in Media Services at all-time high of Euro 11.0m (8.6), an increase of
28%, with an all-time-high EBITDA of Euro 5.3m (4.8)
· Revenues* for Platform Services were Euro 5.1m (4.7), an increase of 9%, with a
positive EBITDA of Euro 0.2m (-0.9)
· Positive EBIT of Euro 2.1m (-2.2), an improvement of Euro 4.3m
· Positive cash flow from operations of Euro 3.4m (10.1)
· Strengthening of the balance sheet through conversion of Euro 8.5m convertible
loan and refinancing of bond, maturity extended to June 2024
Operational Highlights
· Signed an agreement for the provision of GiG’s iGaming platform to power a
new online casino for the European market, operating on its own license
· Signed an agreement with current partner PlayStar Casino, for the provision
of GiG’s iGaming platform technologies to power the brand’s expansion into the
state of Pennsylvania
· One new brand was launched in Q2 and the development for three additional
brands are now complete, whereof one went live on the platform in August with
the remaining pending the clients’ decision to launch, expected in Q3 2021
· Media Services continued its positive development in the quarter, with all
-time high revenues and player intake
· Entered three new markets in Media and three in Platform
· Sports Betting Services continued to improve operations, securing a sound
cost base for future growth
· Winner of Full Service Platform of the year at EGR iGaming awards and Top 3
in EGR Power Affiliates 2021
Events after Q2
· One brand went live in August, two additional brands are development
complete and ready to go live, and the remaining integration pipeline are
progressing towards their project plans
· July has developed positively, and revenues are up 10% compared to the same
period last year, and adjusted for terminated white-labels and Germany, revenues
are up 26%
*Revenues are adjusted for revenues from a platform client where GiG recognizes
the full operations in its profit and loss statement, which are partly offset by
related cost of sales and site overheads. Cost of sales, marketing expenses and
EBITDA-margin are adjusted accordingly. See Note 2 in the Q2-2021 Interim Report
for more details.
Investor presentation and webcast
CEO Richard Brown will present the Q2 2021 results via livestream at 10:00 CET.
The presentation will be followed by a Q&A-session, and investors, analysts and
journalists are welcome to participate. The presentation will be given in
English.
Link to the livestream:
https://www.redeye.se/events/816681/live-q-gaming-innovation-group
For further information, contact:
Richard Brown, CEO of GiG, richard.brown@gig.com +34 661 599 025
Tore Formo, Group CFO, tore@gig.com +47 916 68 678
Hessi Mocca, Head of IR, hessi.mocca@gig.com, +46 737039820
This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 08:00 CET on 18 August 2021.
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group’s vision is 'To be the industry leading platform and media
provider delivering world class solutions to our iGaming partners and their
customers. GiG’s mission is to drive sustainable growth and profitability of
our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK. www.gig.com
Legal disclaimer
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report
are forward-looking and the actual outcomes may be materially different. In
addition to the factors discussed, other factors could have an impact on actual
outcomes. Such factors include developments for customers, competitors, the
impact of economic and market conditions, national and international legislation
and regulations, fiscal regulations, the effectiveness of copyright for computer
systems, technological developments, fluctuation in exchange rates, interest
rates and political risks.
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