Q2 2025 Financial Results

Trading across Q2 remained solid with results in line with guidance

GiG delivered 27% YoY increase in revenue and generated €1 million of EBITDA

Significant increase in EBITDA profitability demonstrating scalability of business model

Updated guidance released for full year and mid-term 2026-2027

GiG Software Plc (First North: GiG SDB), a leading B2B iGaming technology company, is pleased to announce its financial results for the three months ended 30 June 2025 (“Q2 2025”), updated guidance for 2025, and guidance and targets for 2026 and 2027.

Financial Highlights

• Revenue increased by 27% to €9.3 million (Q2 2024: €7.3 million)
• Adjusted EBITDA grew by €2.1 million to €1.0 million (Q2 2024: loss of €1.1 million)
• EBIT improved by €2.9 million to -€3.7 million (Q2 2024: loss of €6.6 million)
• Cash balance at 30 June 2025: €4.3 million excluding €4.7 million proceeds from directed share issue received in July 2025
• Post quarter-end, raised an additional €22m from directed share issue in August 2025

Operational Highlights

• Three launches achieved during the quarter, including one in the key target market of the Philippines
• Three new commercial agreements signed, alongside four managed services agreements 
• Continued progress against the Company’s key strategic growth priorities
• Post quarter-end Heads of Terms signed with Brazilian partner targeting significant market share in this fast-growing market
• Commercial agreement signed to power GiG’s first major European lottery post-quarter-end to go live during 2026

Outlook

• Continued solid performance during Q2 2025, delivering customer wins across the globe, alongside current customer growth and new market launches
• Ongoing strengthening of balance sheet through directed share issue to support strategic initiatives and growth opportunities
• Strengthened balance sheet provides headroom for period of consolidation, focus on quality, product development, and new market expansion to deliver sustainable, long-term, profitable growth 
• Focus on new high-growth markets, including Brazil

Guidance Update

• Guidance for 2025 revised to revenue in the range of €39 million – €42 million (previously €44 million), EBITDA range of €5 million – €7 million (Previously €10 million)
• Revision to 2025 guidance due to partners exiting the Sweepstakes market and delayed launches to new partners, coupled with a strengthened balance sheet allowing for the Company to target higher quality, experienced partnerships
• Limited impact on 2026 outlook and beyond as underpinning growth is the focus on new, high-quality, experienced partners alongside delayed launches being realised
• 2026 guidance of revenue between €56 million – €60 million and EBITDA €15 million +
• 2027 targets released with revenue between €70 million – €75 million, ARR over €65 million and EBITDA margin over 30% (€23 million +)

Richard Carter, Chief Executive Officer at GiG, commented:“We continue to demonstrate solid progress, underpinned by a strong underlying performance across our existing customer base. With our balance sheet strengthened, we now have the strategic flexibility to enhance our growth ambitions, which reinforces our confidence and medium-term outlook.”

Investor Webcast

Richard Carter, Chief Executive Officer, and Phil Richards, Chief Financial Officer, will provide a live presentation and Q&A for investors on Thursday, 28 August at 11.00 a.m. CET / 10.00 a.m. BST. The presentation and Q&A is open to all investors and will broadcast live via Redeye’s website. For more information, including details on how to register, visit: https://www.redeye.se/events/1122793/live-q-gig-software-2. 

Financial Statements and Notes to the Accounts

For access to the Financial Statements and Notes to the Accounts for the second quarter, please view the accompanying PDF attachment.

For further information, please contact: 

About GiG Software Plc

GiG Software is a leading B2B iGaming technology company that provides premium solutions, products, and services to iGaming operators worldwide, fully compliant with regulatory requirements. GiG’s proprietary technology empowers our partners by delivering dynamic, data-driven, and scalable iGaming solutions that drive user engagement, optimise performance, and propel sustainable growth in the ever-evolving digital landscape. GiG’s vision is to be the pioneering force in the iGaming industry, transforming digital gaming experiences through innovation and technology that inspire and engage players worldwide.

GiG operates out of Malta and is listed on the Nasdaq First North Premier Growth Market in Stockholm, Sweden, under the ticker GiG SDB.

Find out more at www.gig.com.

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/gig-gaming-innovation-group/ 

X: https://twitter.com/GIG_online/ 

This information is information that GiG Software Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7.45 am CET on August 28, 2025.

CEO’s Review

Q2 saw a solid quarter of delivery in line with expectations, finishing off the quarter with three launches to add to four in Q1 2025, taking the total launched in 2025 so far to seven launches, with a solid pipeline of launches to come during Q3 2025 and beyond. I am particularly excited to see the launch of our first operator in the Philippines, which is fast becoming a key focal market for us. There is significant potential to be realised from the opportunities within this region, and I anticipate both our partner and the market in general to deliver significant revenue upside in the near to mid-term. 

Indeed, we see increasing potential not just in the APAC region but in the broader emerging markets, including LatAm, Eastern Europe and Africa, where iGaming regulation is evolving and creating substantial expansion opportunities for GiG. In these markets we intend to enter into larger, more strategic agreements with our partners, delivering a higher return on investment. 

This strategy also aligns with increased investor interest from emerging markets as demonstrated by the €4.7 million directed equity issue completed in June, which has strengthened our balance sheet and will allow us to act swiftly on strategic investments and business opportunities in line with our growth strategy whilst adding new investors to our shareholder base. Following the end of the quarter, we announced that an additional subscription undertaking had been received for a total consideration of approximately €22 million. This will allow us to capitalise even further upon new market opportunities whilst adding additional support to our balance sheet enabling us to accelerate plans to execute on our business strategy. 

I am delighted that following the end of the quarter, we have entered into a Heads of Terms to migrate a European Lottery’s online casino vertical onto GiG’s iGaming platform in H1-26. This is a significant milestone as not only does it represent the first Lottery win for the business, but it will also open up additional opportunities in this sector in the future and demonstrates further evidence that our technology is suited to both Tier 1 partners and market leaders in their respective regions. 

Whilst I am pleased that we have launched seven partners during the first half of this year, this is not where we would have aspired to have been at this point of the year, reflecting current market dynamics. Our focus has been very much on ensuring quality delivery and partnering with the right customers; however, this has meant that the launch cadence has not been realised at the speed that we had anticipated. To expand upon this further, the market sentiment and regulatory developments surrounding Sweepstakes in the US has had a negative impact, meaning that some partners have adopted more caution in entering this market. This, coupled with regulatory and market readiness delays for some of our partners, has contributed to the postponement of certain launches during the period. 

Once again, our cost control focus has delivered a sharp increase in both adjusted EBITDA and EBIT of €2.1 million and €2.9 million respectively, with GiG’s adjusted EBITDA achieving €1.0 million for the quarter. This is a testament to the scalability of our business model, and we are beginning to realise the potential for margin generation within our operations. 

Q2 saw another quarter of pipeline conversions, with three new commercial agreements signed alongside four new managed services agreements once again showcasing GiG’s ability to win new contracts amongst a backdrop of delivering a market-leading product to our existing partners. 

We are maintaining investment in both our product and sales execution to ensure that both our product and pipeline remain robust, and we continue to supply our partners with the very best in iGaming services and technology whilst attracting new, quality customers to our platform. The additional capital made available through the shareholder undertakings will support these initiatives and provide us with additional fuel for growth. 

In the light of all these developments, we have reassessed our guidance for 2025 accordingly, and have also provided guidance for 2026 revenue and EBITDA. With our focus on key new markets that are delivering significant mid-term growth, alongside our strengthened balance sheet and corresponding ability to strategically target high quality, experienced partners, I am happy that we can now share our growth targets for the mid-term, as set out in our aforementioned guidance. 

Overall, I am pleased with our progress in H1 2025 and am excited about what the future holds. Our strengthened financial position will enable us to make necessary investments in product development and new market opportunities which will position GiG for sustainable, long-term profitable growth; the future has never been brighter. 

Richard Carter 

CEO

28 August 2025