Gaming Innovation Group reports third quarter revenues up 16% from second quarter 2017, and up 112% from third quarter 2016
Gaming Innovation Group Inc. (GIG) continues to grow, reporting all time high revenues of EUR 30.8 million for the quarter. Revenues are driven by organic growth in both the B2C and B2B segment. EBITDA for the Group was EUR 3.0 million, corresponding to a margin of 10%. GIG is experiencing growth in all segments and expects the trend to continue into 2018.
“Through the quarter we continued to expand our market presence both strategically and organically. Near term, we have exciting launches to be made and we are also experiencing increasing interest for our offering in all segments. GIG has a strong position in the iGaming industry and we are confident that the company is set to continue the profitable growth into 2018”, said Robin Reed, CEO of GIG.
Financial highlights Q3 2017
- Operating revenues of EUR 30.8 million, up 16% from EUR 26.6 million in Q2 2017 and up 112% from EUR 14.5 million in Q3 2016
- Organic revenue growth of 10% over Q2 2017 and 54% from Q3 2016
- EBITDA of EUR 3.0 million, up from EUR 1.9 million in Q2 2017 and EUR 1.1 million in Q3 2016
- B2B revenues of EUR 11.6 million, up 36% from Q2 2017 and 171% from Q3 2016
- B2C revenues of EUR 21.9 million, up 8% from Q1 2017 and 93% from Q3 2016
- Marketing expenses of EUR 11.9 million (39% of revenues) compared to EUR 11.1 million in Q2 2017 (42% of revenues)
Operational highlights Q3 2017
- Gaming: Organic, sequential growth in underlying core markets of 22%. Core markets now 95% of gaming revenues, up from 86% in Q2 17
- Lead Generation (GIG Media): Concluding major acquisitions of STK Marketing Ltd and Rebel Penguin
- Platform (iGC): 7 brands started operations on the platform in the quarter and new significant contract entered into in October
- The Company is expecting total revenues to be around EUR 120 million for 2017, now including acquisitions
- Recent affiliate acquisitions to increase geographical and vertical footprint
- Rapid expansion of GIG Gaming brands in Nordics, UK and Central Europe
- Expect Gaming (B2C) segment to contribute with positive EBITDA from Q1 2018 due to operational improvement initiatives and launch of Highroller.com
- iGamingCloud attracting larger customers through improved BI, infrastructure and architecture
Investor presentation and webcast:
The company will present the Q3 2017 financial results on Thursday 2 November 2017 at 11:00 am CET at Hotel Continental, Stortingsgaten 24-26, 0117 Oslo. The presentation will be given by CEO Robin Reed and it will be transferred via webcast https://gig.com/ir/.
For further information, contact:
Robin Reed, CEO, +356 9999 0382,
Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Company offers cutting-edge cloud-based services and B2B performance marketing, and owns B2C gambling operators offering games from the best-of-breed suppliers across the online sports betting and casino industry. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol "GIG".
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