25 February 2026
GiG Software Plc
("GiG" or the "Company")
Fourth Quarter and Year Ended 31 December 2025 Financial Results
- Revenue increased 8% YoY to €9.5 million
- €1.4 million YoY improvement in adjusted EBITDA to €1.5 million
- Six new launches across Q4, bringing the total for 2025 to 16
GiG Software Plc (First North: GiG SDB; OTCQX: GIGXF), a leading B2B iGaming technology company, is pleased to announce its financial results for the fourth quarter ("Q4 2025") and year ended 31 December 2025 ("FY 2025").
Key Operational Highlights - Q4 2025
- Delivered six launches across Q4 2025, including ITV Win
- Sustained new business momentum signing five commercial agreements for both platform and sportsbook services in Q4
- Cost optimisation programme underway alongside continued progress against broader strategic priorities, including introduction of new AI based tools
- In February 2026, GiG announced a Platform and Sportsbook migration agreement with Jupiter Gaming to further expand GiG's presence in the UK market
Financial Summary
Q4 2025
- Q4 2025 revenue of €9.5m million (Q4 2024: €8.8 million), up 8% YoY
- Q4 2025 Adjusted EBITDA* increased €1.4 million to €1.5 million (Q4 2024: €0.1 million) at a margin of 15% (Q4 2024: 1%)
- Q4 2025 operating loss reduced to €3.6 million (Q4 2024: underlying loss of €6.1 million)
- Cash and cash equivalents balance of €9.9 million as at 31 December 2025 (31 December 2024: €6.4 million)
Full Year 2025
- Revenue for FY 2025 up 18% YoY to €37.6 million (FY 2024: €31.8 million)
- Adjusted EBITDA for FY 2025 amounted to €4.3 million (FY 2024: underlying loss of €3.0 million), at a margin of 11% (FY 2024: -9%)
- Operating loss for FY 2025 reduced to €15.2 million (FY 2024: loss of €28.2 million)
Outlook
- Commitment to underlying cash generation by end of H1 2026 reiterated
- 2026 guidance of €44-48 million revenue and €10-13 million adjusted EBITDA, as per the year-end trading update
Q4 2025 Financial Breakdown
All comparative 2024 figures are presented on a proforma basis having been previously consolidated in the historic group prior to the spin off at the end of Q3 2024.
€m | Q4-2025 | Q4-2024 | YoY Variance | FY 2025 | FY 2024** |
Revenue | 9.5 | 8.8 | 8% | 37.6 | 31.8 |
Adjusted EBITDA* | 1.5 | 0.1 | +1.4m | 4.3 | (3.0) |
Adjusted EBITDA Margin | 15% | 1% | 14% | 11% | (9%) |
EBITDA | 1.1 | (0.4) | 379% | 3.4 | (7.2) |
EBIT | (3.6) | (6.1) | 41% | (15.2) | (28.2) |
Loss after tax | (3.4) | (5.3) | 36% | (15.1) | (79.4) |
Net cash inflow/(outflow) | 5.2 | (3.6) | 243% | 3.5 | (4.3) |
Cash and cash equivalents | 9.9 | 6.4 | 56% | 9.9 | 6.4 |
* Adjusted for share-based payments and ex-gratia payments
** FY 2024 contained one-time intangible asset & goodwill impairments amounting to €50.9m
Richard Carter, Chief Executive Officer of GIG, commented:
"2025 marked GiG's first full year as an independent, listed company in which we delivered strong growth and ongoing strategic progress. Revenue increased by 18% to €37.6 million, with adjusted EBITDA improving by €7.3 million to deliver our first year of positive adjusted EBITDA of €4.3 million.
We enter 2026 with strong momentum and expect to deliver sustained revenue and adjusted EBITDA growth through accelerated customer additions and continued operational discipline."
Investor Presentation
Richard Carter, Chief Executive Officer, and Phil Richards, Chief Financial Officer, will provide a presentation and Q&A for investors via the Investor Meet Company ("IMC") platform on Wednesday, 25 February 2026 at 11.00 a.m. CET / 10.00 a.m. GMT.
The IMC 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 fourth quarter ended 31 December 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 vigo@gig.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/
CEO's Review
2025 marked GiG's first full year as an independent, listed company in which we delivered strong growth and ongoing strategic progress. Revenue increased by 18% to €37.6 million, with adjusted EBITDA improving by €7.3 million to deliver our first year of positive adjusted EBITDA of €4.3 million.
Building on the cost optimisation programme we outlined previously, we are already seeing those actions flow through clearly in our numbers, with this leaner operating model supporting growth without a corresponding increase in our cost base. Our disciplined approach to managing the cost base, including resourcing, technology and third-party costs, underpins the improvement in adjusted EBITDA and provides a strong foundation for further margin expansion as revenues scale across the medium term.
To support this, we are leveraging AI across the business, both as a revenue driver and also as an enabler of delivering ongoing efficiency gains. On the revenue side, our continued focus on innovation, including our AI Assistant, a new front-end builder Xsite, and our advanced migration middleware layer, continues to expand our product capabilities, opening new opportunities for client growth and engagement, as showcased at ICE in January. These technologies are transforming our internal operations, enabling greater automation, optimised delivery workflows, and enhanced developer productivity through AI-assisted coding and deployment, in addition to materially reducing our operational cost base. This dual impact allows us to accelerate execution while maintaining a leaner footprint, ensuring we remain a stable, well-capitalised and trusted technology partner in a market that increasingly rewards efficiency, innovation and financial discipline.
As a result of these actions, GiG remains on track to be underlying cash flow positive by the end of H1 2026, with the associated changes expected to deliver annualised cash savings of approximately €4.5 million. We ended the year with a cash position of €9.9 million, enabling us to continue to invest in the business to support our ambitious growth targets for 2026 and beyond.
We closed the year on a high note as we completed six new launches in Q4 2025, bringing the total for 2025 to 16. The business also delivered 8% quarter-on-quarter revenue growth and an EBITDA margin of 15%, underscoring strong cost management without compromising profitability.
Our continued focus on cost discipline drove a sharp increase in adjusted EBITDA, reaching €1.5 million for Q4 2025. These results highlight the scalability of our operating model and the ongoing potential for margin expansion.
Q4 2025 also saw continued commercial momentum, with five new agreements signed, again demonstrating GiG's competitive strength and ability to convert pipeline opportunities. Among these was a landmark partnership with Richmond Atlantic and ITV Studios for the launch of ITV Win, which went live in the UK market in December.
Overall, FY 2025 represented another solid step forward in GiG's journey of growth and scalability. We enter FY 2026 with strong momentum and expect to deliver sustained revenue and adjusted EBITDA growth through accelerated customer additions and continued operational discipline.
Richard Carter
Outlook
The business generated positive momentum in Q4, with revenue up 8% YoY to €9.5 million, with positive adjusted EBITDA of €1.5 million (versus a €0.1 million profit in Q4 2024) and EBIT improving significantly to a €3.6 million loss. The Company successfully executed six brand launches further validating the scalability of our model and the strength of our product in driving rapid partner growth and market share expansion. GiG also secured multiple new commercial and managed services agreements in Q4, strengthening its recurring revenue base.
The Company's strengthened balance sheet allows for a focus on quality and prioritises product development and new market opportunities to position GiG for sustainable, long-term, profitable growth.
Our mid-term outlook is unchanged and anticipates further growth, accelerating from H2 2026 onwards. This guidance is underpinned by ongoing cost optimisation through 2026 including the recently announced €4.5 million cost savings. Consistent, underlying cash generation remains a key priority for 2026 and we remain on track to be cash generative by the end of H1 2026.
For FY 2026, GiG reiterates the updated guidance issued in January 2026, with revenue in the range of €44 - €48 million, and adjusted EBITDA in the range of €10 - €13 million, implying an EBITDA margin of at least 20%. Following a successful ICE, c. 90% of 2026 revenue is now underpinned by commercial agreements.
The Company now also has the potential to utilise its stronger financial position to expand agreements into strategic partnerships, where GiG can capture a greater share of the economics and generate additional shareholder value. We continue to review a number of attractive opportunities.
