Gaming Corps delivers a record quarter in terms of Net Sales, with a growth of 55%. Operating profit improved by 11% to -8.7 MSEK. Profit for the period was negatively impacted by impairments and foreign exchange effects of approximately -3.5 MSEK.
This an english summary of Gaming Corps AB (publ) (the "Company" or "Gaming Corps") interim report for the fourth quarter of 2025. For the full report please see the official Swedish version available at:
https://gamingcorps.com/investor-relations/
In the event of any discrepancies between the Swedish report and the English summary, the Swedish version shall prevail.
KEY FIGURES FOURTH QUARTER 2025
| GROUP OCT-DEC 2025 | GROUP OCT-DEC 2024 | GROUP JAN-DEC 2025 | GROUP JAN-DEC 2024 | |
| Total revenue | 20,2 MSEK | 10,4 MSEK | 60,2 MSEK | 36,2 MSEK |
| Net Sales | 15,1 MSEK | 9,7 MSEK | 48,7 MSEK | 35,4 MSEK |
| EBITDA | -5,6 MSEK | -9,3 MSEK | -25,5 MSEK | -23,3 MSEK |
| Operating loss | -8,7 MSEK | -9,8 MSEK | -31,1 MSEK | -25,1 MSEK |
| Equity per share before dilution, kr | -0,06 SEK | 0,1 SEK | -0,06 SEK | 0,1 SEK |
| Earnings per share before dilution, kr | -0,09 SEK | -0,11 SEK | -0,29 SEK | -0,32 SEK |
| Number of casinos | 2100+ | 1570+ | 2100+ | 1570+ |
| Number of game releases | 5 | 4 | 24 | 17 |
CEO LETTER FROM JUHA KAUPPINEN
Dear shareholders,
2025 is Gaming Corps strongest year so far as a company, and it has been as eventful as successful. We delivered a Net Sales growth of just over 55% and came in at 15.1 MSEK for the period. Operating profit improved by just over 1 MSEK (11%) to -8.7 MSEK. Profit for the period was negatively impacted by impairments and foreign exchange effects of approximately -3.5 MSEK.
Regarding our hope of reaching profitability during 2025 we must acknowledge that we have not quite achieved this. However, it is important to note that when this target was set at the turn of 2024-2025, the current agreement with Denwena/DEGEN Studios was not yet in place, nor were the two subsequent expansions of our RGS agreements. While these agreements are positive for our long-term company journey, they have also impacted the short-term path toward profitability during 2025. During the year, we have expanded our workforce by more than 55% to meet these new demands, which is naturally reflected on the cost side. Although our cost base has increased, we remain confident that these investments position Gaming Corps well for sustainable long-term growth and value creation.
The potential in the agreement is sky high, but so far we have mainly seen revenue from production when building up their portfolio of games. The second revenue stream in the collaboration, which is significantly more important from a profitability perspective, is the revenue share from the games themselves. This has taken longer to materialise than both parties initially expected. That said, it is a considerable strength that we have achieved the growth we have to a large extent on our own, driven by a clear focus on quality in our proprietary games. This places us on a strong foundation to further accelerate growth as the collaboration ramps up.
As we continue to grow and become a larger company, interest in Gaming Corps is also increasing across the industry and among investors. We are seeing a clear rise in inbound interest from professionals who want to work with us. Another positive indicator is that our LinkedIn following has grown by approximately 245% during 2025 alone, and at the time of writing we have surpassed 31,000 followers. While more candidates are reaching out proactively, our HR team has also worked extremely hard throughout the year. But even more important than recruiting new employees is recruiting the right people. For Gaming Corps, the right individuals are not only highly skilled within their respective fields, that is a hygiene factor, but also a strong cultural fit with how we operate in a remote-first environment. That is where the real challenge lies.
I would also like to take this opportunity to commend those responsible for our recruitment efforts, who have so far succeeded in putting together this complex puzzle, and done so in an extremely competitive market. In particular, we have made strong progress on the commercial side, with a new CCO and CRO in place, as well as several new Account Managers joining the team. We are already seeing a positive response from both existing and new customers, which has resulted in a significant increase in the number of agreements being signed. Another important differentiator that now sets us apart from much of the industry is the introduction of a clearly communicated Product Road Map for our game releases. This not only creates stronger expectations among operators and players, but also brings greater transparency and predictability for you as shareholders. Please refer to pages 8-9 of the summary report for further details.
Shortly before year-end, we went live in one of the world's most important markets, Ontario in Canada, together with the leading operator BetMGM. Our games were exclusive to BetMGM during the first month, after which our other partners in Ontario also gained access. We have strong expectations for solid growth in this market.
Our latest game engine, Marbles, is now nearing certification and we are working towards launching the first title exclusively. As with all innovative game experiences, the true reception can only be assessed once the games are live, but both internally and among our partners there are high expectations for this unique concept. In parallel, we are also developing another new game engine that combines a classic slot with an "instant win" experience. We will share more about this going forward, please follow us on social media for further updates.
As mentioned earlier, 2025 has been an eventful year for Gaming Corps. In summary, we have significantly expanded the organisation, growing from 52 to 81 employees, welcomed a new long-term major shareholder in Denwena/DEGEN Studios, and entered into an industry-unique growth agreement together with them. At the same time, we have continued to strengthen our commercial and regulatory platform by, among other things, obtaining a licence for Ontario, signing agreements for launches in North America, and rolling out our games in several new markets. In addition, we have developed an entirely new game engine, an effort that places high demands on the organisation. Finally, the management team has been strengthened with a new CFO, CCO and CRO, further enhancing the Company's ability to execute in the next phase of its journey.
The investments made during the year have been clearly focused on long-term profitability and sustainable growth, and all indicators are pointing in the right direction. We now enter 2026 with a stronger organisation, a broader product portfolio, and even better conditions to continue our growth journey.
With the foundation laid during 2025, it will be very exciting to lead the Company's development throughout 2026 and beyond.
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 report is available in its entirety on https://gamingcorps.com/investor-relations/financials-reports/
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 2026-02-20 15:22 CET.
