19 November 2025
GiG Software Plc
("GiG" or the "Company")
Q3 2025 Financial Results
Trading across Q3 remained strong with results in line with expectations
GiG delivered 31% YoY increase in revenue and generated €1.1 million of EBITDA
Strengthened balance sheet supports organic and acquisitive growth ambitions
GiG Software Plc (First North: GiG SDB; OTCQX: GIGXF), a leading B2B iGaming technology company, is pleased to announce its financial results for the third quarter ended 30 September 2025 ("Q3 2025").
Key Operational Highlights
- Delivered three launches across Q3 2025, including GiG's market-leading sportsbook in the UK, with two additional launches released following the end of the quarter
- Ongoing new business momentum continued, with five commercial agreements signed, including an agreement to supply our technology to a European Lottery alongside new business wins targeting the Brazilian market
- Continued progress against the Company's key strategic growth priorities, in particular leveraging AI across the iGaming vertical
- Post quarter end, the Company entered into a commercial agreement with a European Operator to provide platform and sportsbook services to the French market
Financial Summary
Q3 2025
- Q3 2025 revenue of €9.7 million (Q3 2024: €7.4 million), up 31% YoY
- Q3 2025 Adjusted EBITDA* for the third quarter of 2025 increased €2.3 million to €1.2 million (Q3 2024: loss of €1.1 million) at a margin of 13% (Q3 2024: -15%)
- Q3 2025 operating loss reduced to €3.5 million (Q3 2024: underlying loss of €9.7 million)
- Cash and cash equivalents balance of €4.7 million as at 30 September 2025 (30 September 2024: €10.0 million; 31 December 2024: €6.4 million)
- At the end of Q3 2025, GiG received €11m in relation to the Company's directed share issue. In light of this, the Board are satisfied with the current strength of the Company's Balance Sheet and, in the interest of all shareholders, do not currently envisage the need for additional funds.
Results for the First Nine Months of 2025
- Revenue for the first nine months of 2025 ("9M 2025") was up 22% YoY to €28.0 million (9M 2024: €23.0 million)
- Adjusted EBITDA for 9M 2025 amounted to €2.6 million (9M 2024: underlying loss of €3.1 million), at a margin of 9% (9M 2024: -13%)
- Operating loss for 9M 2025 reduced to €11.6 million (9M 2024: underlying loss of €22.1 million)
Q3 2025 Financial Breakdown
€m | Q3-2025 | Q3-2024** | YoY Variance | 9M 2025 | 9M 2024** | FY 2024** |
Revenue | 9.7 | 7.4 | 31% | 28.0 | 23.0 | 31.8 |
Adjusted EBITDA* | 1.2 | (1.1) | 211% | 2.6 | (3.1) | (3.0) |
Adjusted EBITDA Margin | 13% | (15%) | 185% | 9% | (13%) | (9%) |
EBITDA | 1.1 | (3.7) | 131% | 2.3 | (6.8) | (7.2) |
EBIT** | (3.5) | (60.5) | 94% | (11.6) | (72.9) | (79.0) |
Loss after tax** | (3.0) | (59.6) | 95% | (11.6) | (74.1) | (79.4) |
Net cash inflow/(outflow) | 0.4 | 6.6 | 93% | (1.7) | (0.6) | (4.3) |
Cash and cash equivalents | 4.7 | 10.0 | (52%) | 4.7 | 10.0 | 6.4 |
* Adjusted for share-based payments
** Q3 2024 contained one-time intangible asset & goodwill impairments amounting to €50.8m
Richard Carter, Chief Executive Officer of GiG, commented:
"We continue to be encouraged with our ongoing financial and operational progress across the business. Our new business momentum has been supported by a number of key strategic new business wins, including recent gains targeting the Brazilian market and GiG securing a major European Lottery, marking our first entry into the lottery vertical.
Q3 represented another period of progress for GiG and further evolution of the business. We continue to refine our go-to-market strategy and evolve our highly scalable technology platform complemented by an increasingly data-driven, AI-empowered operating model."
Investor Presentation
Richard Carter, Chief Executive Officer, and Phil Richards, Chief Financial Officer, will provide a presentation and Q&A for investors and shareholders via the Investor Meet Company platform on Wednesday, 19 November 2025 at 11.00 a.m. CET / 10.00 a.m. GMT.
The online presentation is open to all existing and potential shareholders and registration is free. Questions can be submitted during the presentation and will be addressed at the end.
Investors can register for the presentation via the following link: https://www.investormeetcompany.com/gig-software-plc/register-investor.
Financial Statements and Notes to the Accounts
For access to the Financial Statements and Notes to the Accounts for the third quarter ended 30 September 2025, 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 / Peter Jacob / Anna Sutton 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 and on the United States OTCQX Best Market under the ticker GIGXF.
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 November 19, 2025.
CEO's Review
Q3 delivered a strong performance in line with expectations with GiG finishing off the quarter with three launches, taking the total in 2025 so far to 10, with a solid pipeline to come during Q4 2025 and beyond. I'm pleased to note that two additional brands have already gone live in October, keeping us firmly on track to achieve our target of fifteen launches for the full year.
For the quarter ended September 2025, GiG delivered year-over-year revenue growth of 31% and an EBITDA margin of 13%, resulting in a Rule of 40 score of 44%, the first time in our history that we have exceeded this benchmark. This achievement reflects our ability to scale efficiently while maintaining profitability. Our disciplined cost management delivered an adjusted EBITDA increase of €2.3 million, with total adjusted EBITDA reaching €1.2 million for the quarter. These results demonstrate the inherent scalability of our platform model and our continued progress in expanding margin generation through operational leverage.
Q3 also saw another quarter of pipeline conversions, with five new commercial agreements signed. These included a major contract with a fast-growing operator targeting the Brazilian market, aiming for significant market share in one of the most promising regulated markets globally, and an agreement to supply our technology to a major European Lottery, marking our first entry into the lottery vertical. This diversification further validates the flexibility of our technology stack and opens new long-term growth avenues.
We are maintaining strategic investment in product development and commercial execution to ensure our pipeline remains healthy and our technology continues to lead the market. Our strong balance sheet, supported by equity issuances during the quarter, allows us to pursue these opportunities from a position of financial strength as we move through 2025 and into 2026.
As I have said previously, GiG has been an early adopter of AI, embedding it systematically across our operations and technology stack to enhance efficiency, product quality, and commercial outcomes. Today, AI underpins several core functions, including Fraud and Risk Management, where machine learning models have reduced false positives by over 30% and improved detection efficiency by 40%, and personalisation and player modelling, where predictive analytics drive segmentation and lifetime value forecasting to improve retention and marketing ROI. In automated QA and testing, AI pipelines have shortened release cycles by around 25%, boosting stability and time-to-market, while in CRM and campaign optimisation, intelligent automation has delivered up to a 20% uplift in user reactivation. Meanwhile, Operational Intelligence powered by predictive workload balancing and self-healing systems has improved uptime and resource efficiency. Collectively, these initiatives have delivered measurable outcomes that enhance scalability, reduce manual overhead, and strengthen partner performance across markets.
Looking forward, our AI strategy for 2026 is focused on deepening integration and accelerating automation within our platform architecture. Key priorities include the expansion of the use of large language models for internal tooling and support automation, driving further efficiencies in customer service and technical operations, and advancing mobile UX optimisation through AI-driven adaptive design and predictive engagement analytics.
A recent case study within our mobile optimisation programme demonstrated the tangible benefits of this approach. Using AI-based UX analysis, we reduced median load times by 25% and increased session engagement by 15% within the first month of rollout. This represents a clear illustration of how AI is directly contributing to performance improvements and user satisfaction.
By 2026, we expect AI-driven systems to underpin the majority of our operational and product workflows, contributing to further margin expansion, higher delivery velocity, and enhanced customer lifetime value. AI is now a foundational layer of GiG's technology strategy and a key driver of our long-term growth and scalability.
Overall, Q3 represented another step forward in GiG's evolution, combining disciplined financial performance with a clear focus on innovation and execution. We remain confident in our ability to deliver sustained revenue and EBITDA growth as we enter 2026, supported by a scalable technology platform and an increasingly data-driven, AI-empowered operating model.
Richard Carter
CEO
19 November 2025