22 May 2025
GiG Software Plc
("GiG" or the "Company")
Q1 2025 Report
Strong start to 2025 underpinning full-year guidance
GiG Software Plc (First North: GiG SDB), a leading B2B iGaming technology company, is pleased to announce its financial results for the first quarter ended 31 March 2025.
Key Operational Highlights
- Delivered four key customer launches, including with Betzone (UK), Primero (Sweepstakes) and Powerplay (Ontario).
- Nine commercial agreements signed, including with a key existing customer, Casino Gran Madrid.
- Initiation of technical consolidation to streamline business processes and eliminate duplication triggering significant cost savings and revenue upside in 2026 and beyond.
- Signed sales pipeline at 31 March 2025 of €20m up from €16m at Q4 2024.
Financial Summary
- Revenue of €9.1 million (Q1 2024: €8.3 million) for the first quarter of 2025, up 10% YoY.
- Adjusted EBITDA* for the first quarter of 2025 increase of €1.2 million to €0.3 million (Q1 2024: loss of €0.9 million) at a margin of 4% (Q1 2024: -7%).
- Cash and cash equivalents balance of €4.9 million as at 31 March 2025 (31 March 2024: €4.5 million, 31 December 2024: €6.4 million).
Q1 2025 Breakdown
€m | Q1-2025 | Q1-2024 | YoY Variance | Jan-Dec 2024 |
Revenue | 9.1 | 8.3 | 10% | 31.8 |
Adjusted EBITDA* | 0.3 | (0.9) | 150% | (3.0) |
Adjusted EBITDA Margin | 4% | -10% | 157% | -9% |
EBITDA | 0.2 | (1.6) | 115% | (7.2) |
EBIT | (4.4) | (5.9) | 26% | (28.2) |
Loss after tax | (4.6) | (6.6) | 31% | (79.4) |
Net cash outflow | (1.5) | (6.1) | 77% | (4.3) |
Cash and Cash equivalents | 4.9 | 4.5 | 9% | 6.4 |
* Adjusted for share-based payments
Investor Presentation
Richard Carter, Chief Executive Officer, and Phil Richards, Chief Financial Officer, will provide a presentation and Q&A for investors via the Redeye platform on Thursday, 22 May 2025 at 10.00 a.m. CET / 9.00 a.m. BST. The Redeye presentation is open to all existing and potential shareholders.
Investors can register for the presentation via the following link:
https://www.redeye.se/events/1093511/live-q-gig-software?tab=abouttheevent
Financial Statements and Notes to the Accounts
For access to the Financial Statements and Notes to the Accounts for the first quarter, please view the accompanying PDF attachment.
For further information, please contact:
GiG Software PLC Richard Carter, Chief Executive Officer Phil Richards, Chief Financial Officer | ir@gig.com |
Vigo Consulting (Investor Relations) Jeremy Garcia / Kendall Hill / Peter Jacob GiG@vigoconsulting.com | Tel: +44 (0) 20 7390 0230 |
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 08.00 am CET on May 22, 2025.
CEO's Review
I am delighted to report that Q1 continued with the same positive momentum and trajectory that we saw through the latter half of 2024, delivering solid financial progress and the addition of new and exciting customers.
Pleasingly, we launched four new brands in the quarter. This excellent progress is a testament to our ability to deliver a market-leading solution to new customers, underpinning our financial targets we have communicated to the market, and reinforces the scalability and flexibility of our solutions. The brands launched are in some of the most dynamic and competitive markets within our industry, and the mix between new customers and additional brands goes to further highlight the appeal of expansion within our existing customer base, alongside new operators wanting to launch with GiG to ensure they are operating with the latest and best technology in the industry.
To achieve these results against a backdrop of YoY cost reduction is equally impressive, with our continued focus on profitability and cash generation beginning to yield tangible results. Improving our EBITDA by €1.8m year-on-year, alongside significant revenue growth and product enhancements, demonstrates that the business turnaround is taking shape.
Q1 saw another quarter of significant contract signings, with nine being signed in the quarter alone. This saw a good mix between partnership renewals/expansions and new customers wishing to take our market-leading products.
In addition, we maintain our focus on pipeline expansion, both in terms of quantity and quality. The improvement over the last twelve months has been remarkable, and our unprecedented brand presence at the industry's leading conference, ICE, in Barcelona was a testament to the reputation we are building across the sector for innovation, technical excellence and speed of execution. With over 1,000 unique visitors, 190 product demos, and 100+ sales meetings during the conference, we were able to significantly build upon our existing pipeline, realising already the benefits of this with two walk-on leads having already signed commercial heads of terms prior to the quarter end.
In summary, 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 whilst delivering a best-in-class solution underpinned by a solid and scalable financial model to ensure maximum shareholder value is created.
Richard Carter
CEO
22 May 2025
