Gaming Innovation Group Inc. (GiG) reports revenues of €32.4 million and an EBITDA of €4.1 million.
“The Company delivered an EBITDA of €4.1m in Q1 and the key highlight was all time high revenues and EBITDA in our media business. It is a performance I am reasonably satisfied with in light of the loss of a major B2B customer which we announced in Q4-18, and the new regulation in Sweden which is impacting both our B2C and B2B revenues. We had anticipated this and managed the impact by careful cost control.
The business is robust with cash flow from operating activities of €2.6m.GiG has become better and more competitive as the Company matures. Our leadership has never been stronger, our processes are more robust, and our strategic understanding and intent has evolved. I am looking forward with confidence to the growth opportunities for the rest of the year.“, says Robin Reed, CEO of GiG.
- Revenues for Q1 2019 were €32.4m (37.3), impacted by the Swedish market.
- EBITDA was €4.1m (4.3) in Q1 2019, corresponding to an EBITDA margin of 12.7% (11.6).
- For the second consecutive quarter, the Media Services vertical reached all-time-high revenues of €9.0m (8.2) in Q1 2019, EBITDA was €5.2m (4.4).
- Revenues for the B2B segment in Q1 2019 were €14.2m (15.3). EBITDA was €3.0m (4.1).
- Revenues for the B2C segment in Q1 2019 were €20.2m (25.4), with a positive EBITDA of €1.1m (0.1).
- Other operating expenses quarter-on-quarter (adjusted for one-offs) decreased by 4% in Q1 2019 as a result of increased efficiencies and cost-savings across the organisation.
- Cash flow from operations in Q1 2019 was €2.6m (2.0).
- The omni-channel sportsbook solution agreement with Hard Rock Intl. went live in January 2019.
- Ten new customer agreements for GiG’s marketing compliance screening tool, Comply, in Q1 2019.
- Two in-house developed games were launched during Q1 2019.
- One new brand was signed to platform services in Q1 2019, one customer was launched in April with an additional five brands in the pipeline for launch. The total number of brands on the platform is 39.
- The GiG share was listed on Nasdaq Stockholm (main list) on 26 March, a dual-listing with Oslo Børs.
- Outlook: Measures taken in B2C in the last 12 months have been effective and are improving performance. Expansion in high potential new markets for both B2C and B2B is expected to contribute to profitable growth in 2019 and beyond. Heavy investments in technology is starting to pay off and modular and turnkey solutions can be offered across the main iGaming verticals.
Investor presentation and webcast:
CEO Robin Reed will present the Q1 results at 10:00 CET at Helio GT 30, Grev Turegatan 30, Stockholm. The presentation will be given in English and available live via webcast and via a telephone link. Questions can be asked via this weblink:
Dial-in numbers for participation in the telephone conference:
United Kingdom: +443333009265
United States: +18335268380
For further information, contact:
Robin Reed, CEO, +356 9999 0382
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 at 08:00 CET on 6 May 2019.
About Gaming Innovation Group (GiG)
Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through its ecosystem of products and services, it is connecting operators, suppliers and users, to create the best iGaming experiences in the world. GiG 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