Gaming Innovation Group (GiG) Software has reported revenue of €9.1m (£7.7m) for the first quarter of 2025, marking a 10% year-on-year (YoY) climb.
Management noted the increase from Q1 2024’s total of €8.3m stemmed from new customers signed over the course of last year and into the first three months of 2025.
In what was the business’ second full quarter as a standalone entity following the strategic split from Gentoo Media in October, GiG Software saw a €1.8m improvement in its adjusted EBITDA.
That metric totalled €300,000, a rise from the €900,000 loss posted in Q1 2024, while GiG Software also posted an adjusted EBITDA margin of 4% this time around, versus -10% last year.
Operating expenses amounted to €8.4m, a marginal decrease from the €8.6m paid in the first quarter of 2024.
The supplier’s operating losses fell to €4.4m, bettering Q1 2024’s total of €5.9m.
Operationally, Q1 2025 saw the launch of four new brands, including Betzone in the UK, Ontario-facing Powerplay and sweepstakes operator Primero,
Additionally, over the course of the quarter, GiG Software secured five new customers, three new brands from existing partners were added to GiG and its “extremely important customer” Casino Gran Madrid was extended.
Meanwhile, GiG Software has singled out both France and the Philippines as two markets where it could “drive growth and reinforce its presence”.
In both cases, regulatory changes could create new igaming opportunities, according to GiG Software’s Q1 2025 results presentation.
The most recent update also outlined how the supplier is looking to streamline its operations, which includes migrating its existing customers from its legacy Alira platform to its new “next-generation igaming platform” CoreX.
Full-year 2025 guidance has been set at €44m for revenue and adjusted EBITDA of at least €10m. Q2 revenue could reach as much as €9.5m and adjusted EBITDA might break the €1m barrier.
Reflecting on the quarter, CEO Richard Carter expressed his pride at GiG Software’s performance and issued an optimistic outlook towards the rest of the year.
The chief executive remarked: “Q1 2025 delivered the foundations upon which we are basing our guidance and plans for 2025, and I am extremely proud of what we have achieved over this short period of time.
“We will look to build on this momentum going through 2025 and continue to focus upon these key themes of new partner onboarding, new market and brand launches while delivering a best-in-class solution underpinned by a solid and scalable financial model to ensure maximum shareholder value is created.”
The 10% revenue rise has inspired an uptick in GiG Software’s share price, with the supplier’s stock currently valued at SEK5.92 (46p), up nearly 3% since the market opened.
The post GiG Software revenue up 10% with four brand launches in first quarter first appeared on EGR Intel.
CEO Richard Carter talks up supplier’s performance in three-month period that also included five new customers being signed up and positive adjusted EBITDA
The post GiG Software revenue up 10% with four brand launches in first quarter first appeared on EGR Intel.