GiG reports fourth quarter revenues up 29% from third quarter 2017, and up 86% from fourth quarter 2016
In Q4 2017 Gaming Innovation Group Inc. (GIG) continued its profitable growth, reporting all time high quarterly revenues of EUR 39.9 million and EBITDA of EUR 7.9 million. The increased profitability is driven by growth in recurring B2B revenues.
“Through the last three months of 2017 we made solid progress across the organization – and reached the target of revenues above EUR 120 million for the full year. The achievements are a testament of the capabilities and value of our proprietary technology, products and organization. Our goal is to re-invent the value chain in the industry, replacing it with an open and connected eco-system, benefitting users, suppliers and operators alike. I see the recently announced Hard Rock partnership as one evidence of our capabilities to develop these industry leading services”, said Robin Reed, CEO of GIG.
“We have taken large strategic and organic steps throughout 2017. The effects have now started to be evident in the financial performance. Going forward this trend will be strengthened. We look forward to a 2018 where we expect to see more positive results from the initiatives we have made – and those that we have in the pipeline”, says Robin Reed.
Financial highlights Q4 2017
- Operating revenues of EUR 39.9 million, up 29% from EUR 30.8 million in Q3 2017 and up 86% from EUR 21.5 million in Q4 2016
- Organic revenue growth of 25% over Q3 2017 and 67% from Q4 2016
- EBITDA of EUR 7.9 million, up from EUR 3.0 million in Q3 2017 and EUR 3.9 million in Q4 2016
- B2B revenues of EUR 18.0 million, up 55% from Q3 2017 and 255% from Q4 2016
- B2C revenues of EUR 25.4 million, up 16% from Q3 2017 and 42% from Q4 2016
- Marketing expenses of EUR 13.1 million, compared to EUR 11.9 million in Q3 2017 and EUR 7.0 million in Q4 2016
Financial highlights 2017
- Operating revenues of EUR 120.4 million, up 125% from EUR 53.6 million in 2016
- EBITDA of EUR 12.5 million, up 115% from EUR 5.8 million in 2016
- Marketing expenses amounted to EUR 47.1 million, up 147% from EUR 19.1 million in 2016
Operational highlights Q4 2017
- Major breakthrough for GIG Platform Services, entering regulated US market through partnership with Hard Rock International
- Successful launch of Highroller.com
- Developed management structure to enable continued, rapid growth and efficiency
- New headquarters and campus in Malta
- Seek to be a frontrunner in improving the user experience, regulatory standing and social impact of the industry
- New sportsbook and games offering to have strong impact on both B2B and B2C
- Aiming for New Jersey license in H1 2018
- Exploring several acquisition opportunities
- Sustain strong and governed growth whilst increasing operational efficiency
Investor presentation and webcast:
The company will present the Q4 2017 financial results on Tuesday 13 February 2018 at 10:00 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 www.gig.com.
For further information, contact:
Robin Reed, CEO, +356 9999 0382, ([email protected])
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 our eco-system of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is listed at the Oslo Stock Exchange under the ticker symbol GIG.
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