Gaming Innovation Group Inc. (GiG) reports Q2 2023 revenues* of Euro 31.1 million
and an adjusted EBITDA of Euro 14.0 million.
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“The second quarter of 2023 has proven another step forward for GiG with the
business reaching another all-time high in revenues. We now look into the second
half of the year with total focus on ensuring strong growth mechanics, continued
operational improvement and long-term scalability for GiG”, says Richard Brown,
CEO of GiG.
Financial Highlights
· Gaming Innovation Group achieved all-time high revenues* in Q2 2023
amounting to Euro 31.1m (22.1), an increase of 40% YoY, whereof 22% organic
· Adjusted EBITDA was Euro 14.0m (8.3), up 68%, adjusted EBITDA margin* increased
to 45.0% (37.5%) an all-time high and strong progress towards financial target
goal of 50%
· EBIT was Euro 6.6m (2.4), an increase of 173% YoY, with an EBIT margin* of 21.1%
(10.8%)
· Revenues in GiG Media at all-time high of Euro 21.7m (14.8), an increase of 47%
(20% organic), with an adjusted EBITDA of Euro 10.3 (7.0)
· Revenues* for Platform & Sportsbook were Euro 9.3m (7.3), an increase of 27%,
all organic, with adjusted EBITDA of Euro 3.7m (1.3), adjusted EBITDA margin*
increased to 39.7% (17.2%)
· Profit before tax was Euro 6.6m (2.2), an increase of 197% YoY
· EPS was Euro 0.05 (0.01)
· Positive cash flow from operations of Euro 9.1m (9.5))
Operational Highlights
· FTDs for GiG Media ended at 109,400 (79,400), up 38% YoY
· Ask Gamblers continued positive momentum with revenues in July up 45% from
run rate at take over
· Signed final agreement with Palasino, powering the online entry of Trans
World Hotels & Entertainment retail business through Palasino.com
· Platform & Sportsbook awarded licenses in Pennsylvania and Maryland, US and
the new gambling software provider license in Sweden
· Successful launch and completion of migration of all GiG legacy Sportsbook
clients to Sportnco solution
· Launched two new brands and signed three new agreements for Platform &
Sportsbook in the quarter
· Awarded Full-service Platform Provider and Multi-channel Supplier of the
year at the 2023 EGR B2B award
Events after Q2
· Signed one new agreement and three HOTs for Platform & Sportsbook
· Five additional brands have gone live so far in Q3 2023, including new
market entries in Serbia and further expansion into Latin America, number of
live brands is 65 as of today
· GiG’s platform and sportsbook live in the U.S. state of Maryland
· Appointed Richard Carter as new Platform & Sportsbook CEO and Jonas Warrer
as CEO for GiG Media
· July has developed positively, and revenues are up 30% compared to the same
period last year, whereof 10% organic growth
*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. See Note 2 in the Q2-2023 Interim
Report for more details.
Investor presentation and webcast
CEO Richard Brown will present the Q2 2023 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:
LiveQ: Gaming Innovation Group - Redeye
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 91668678
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 16 August 2023.
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, sportsbook
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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