This is an english summary of Gaming Corps AB (publ) (the "Company" or "Gaming Corps") interim report for the third quarter of 2025. For the full report please see the official Swedish version available at: https://gamingcorps.com/investor-relations/financials-reports/ In the event of any discrepancies between the Swedish report and the English summary, the Swedish version shall prevail.
KEY FIGURES THIRD QUARTER 2025
| | GROUP JUL-SEP 2025 | GROUP JUL-SEP 2024 |
| Total revenue | 14,1 MSEK | (9,8 MSEK) |
| Net revenues | 12,7 MSEK | (9,8 MSEK) |
| Net revenue growth, YoY | 29% | (24%) |
| Operating profit | -7,9 MSEK | (-2,8 MSEK) |
| Results after financial items | -9,1 MSEK | (-3,8 MSEK) |
| Earnings per share | -0,06 SEK | (-0,05 SEK) |
| Number of casinos live | +2 000 |
Figures in parentheses refer to the third quarter of 2024.
CEO LETTER FROM JUHA KAUPPINEN
As we now close the books on the third quarter, we can conclude that Gaming Corps continues to make significant progress across many areas. We deliver a Net Sales growth of about 29% and a Total Revenue increase of 44% compared to the same period last year. Both Total Revenue and Net Sales also took a step up compared to the previous quarter and came in at 14.1 MSEK respectively 12.7 MSEK for the period.
As we continue to scale as a company, we are continuously looking over different parts of the organisation to ensure we have the best possible conditions to reach our goal of becoming one of the industry's most innovative and respected game studios. With many key pieces now in place, our focus is shifting toward aligning our commercial strategies with the company we have grown into. Hence it was with excitement we recently announced the hiring of a new Chief Commercial Officer. Graham Greensmith, who most recently led a strong growth journey at the British giant Inspired, joins Gaming Corps with valuable experience in scaling commercial operations.
As already communicated we have recruited more intensively than before. The reason for this is that we need a larger team to be able to deliver on both increased game quality and an increased game release frequency. Despite our growth, we continue to have exceptionally low employee turnover, something I believe is quite unique in our industry. However, recruitment is costly, and as a result our expenses largely follow the increase in revenue and are up compared to the previous quarter.
On the cost side it is important to remember that we have built two separate production lines in a short period of time, one for our own games and one for Denwena/DEGEN Studios through our RGS-offering. The production line for DEGEN Studios is largely financed with the prepayment that I mentioned in the last CEO Letter. The setup is highly favourable for us, and although it means that both costs and revenues increase initially, we are fully convinced that this is the right path forward for Gaming Corps and for us as shareholders. Here I would also like to note that the partnership has had a longer ramp-up phase than expected, which means that their broad marketing campaigns still lie ahead of us.
We have yet to reach two game releases per month for DEGEN Studios, but we now have the resources in place to support this. We have also built a game portfolio for them with finalized but unreleased game titles, which gives us confidence that we will reach two releases per month at the beginning of 2026. The organization around our own games have improved on every level, this has enabled us to communicate a clear Product Road Map for the coming two quarters, please see page 6 in the english summary report.
We continue to receive a large number of inquiries regarding our RGS offering. These come partly from existing partners, but also from new game studios and other major industry players. So far, we have chosen to decline these opportunities as we are, for the time being, prioritising the collaboration with DEGEN Studios and our own pipeline.
Innovation and new gaming experiences are core to who we are, and in that context, the upcoming launch of our new game engine Marbles will be particularly exciting to follow. As it is a completely new product on the market, regulators need to fully understand the underlying mechanics, which has resulted in a longer-than-expected certification process. Interest in the exclusive launch of Marbles still remains very strong.
When it comes to new markets, I would like to highlight Ontario, which we believe has strong potential for us. Not only have we signed an agreement with one of the largest operators there for an exclusive launch, but we also have partnerships in place with a major share of the remaining market once the exclusivity period ends. The United Kingdom is another key market, where we continue to gain market share and expect to have the majority of the market covered during the first quarter of 2026.
We are now entering the most intense period for the iGaming industry, and this winter we also have more planned game releases than ever before. Our communicated target of reaching profitability during 2025 remains in place. We will have the final outcome with the next quarterly report, but everyone at the company is working hard every day to achieve the target. A big thank you to all our shareholders who are with us on this journey, I have high expectations for Gaming Corps going forward.
As always, I want to thank you for your commitment and support.
Best regards
Juha Kauppinen
CEO Gaming Corps AB
For more information, please contact
Juha Kauppinen, CEO: juha@gamingcorps.com
IR: ir@gamingcorps.com
Certified Adviser, Tapper Partners AB, +46 (0)70 44 010 98, ca@tapperpartners.se
This press release is available in its entirety on https://gamingcorps.com/investor-relations/press-releases/
This information is such information that Gaming Corps AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person mentioned above, at the time specified by Gaming Corps' news distributor MFN upon the publication of this press release.
About Us
Gaming Corps is a developer of digital games, focusing on both traditional and non-traditional premium games for online casinos. The company's operations span several areas where, in addition to an established global distribution network of casinos, it develops Casino Slots, Table Games, Multiplier Games, Mine Games, Plinko Games, and the Smash4Cash series. Founded in 2014, the company is headquartered in Sweden with development teams in the UK, Malta, and Ukraine. Gaming Corps AB is listed on Nasdaq First North Growth Market under the ticker symbol GCOR, with ISIN code SE0014694691, and its Certified Adviser is Tapper Partners AB.
www.gamingcorps.com ir@gamingcorps.com
This information is information that Gaming Corps 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 2025-11-14 07:00 CET.