Gaming Corps delivers a revenue growth of 41% for the first quarter of 2026 compared to the same period last year, with net revenues of 15.1 MSEK for the period. The operating result deteriorates and lands at -11.7 MSEK.
This an english summary of Gaming Corps AB (publ) (the "Company" or "Gaming Corps") interim report for the first quarter of 2026. For the full report please see the official Swedish version available at:
https://www.gamingcorps.com/corporate/investor-relations/
In the event of any discrepancies between the Swedish report and the English summary, the Swedish version shall prevail.
KEY FIGURES FIRST QUARTER 2026
| | GROUP JAN-MAR 2026 | GROUP JAN-MAR 2025 |
| Net revenues | 15,1 MSEK | 10,7 MSEK |
| Net revenue growth, YoY | 40,8% | 45,7% |
| Operating profit | -11,7 MSEK | -5,00 MSEK |
| Results after financial items | -11,1 MSEK | -10,9 MSEK |
| Earnings per share | -0,08 SEK | -0,09 SEK |
| Number of casinos live | +2180 | +1640 |
CEO LETTER FROM JUHA KAUPPINEN
Dear shareholders,
Three months of 2026 have passed, and we note that the expected breakthrough in our revenue is still pending. We increased net revenue by 41% during the first quarter of the year compared to the same period in 2025, reaching 15.1 MSEK for the period. The operating result has deteriorated compared to the previous quarter, landing at -11.7 MSEK (-8.7). A key reason for the weaker growth in Q1 is that February was generally a tough month for the industry, and in addition, one of our major game releases did not meet player expectations well enough. The effect of an unsuccessful game launch should also decrease going forward as we grow as a company.
The cost side remains high relative to the revenue increase we are seeing. As you all know, over the past six months, we have built a larger organization to produce more and better games, both for Gaming Corps and for our RGS partners. As I mentioned in the last CEO letter, our hope when the strategy was set was that revenues would accelerate faster than they have, partly around our own games, but primarily from profit sharing on the games marketed by DEGEN Studios.
To secure our operations, we have agreed with DEGEN Studios that we can continue to pre-invoice for game development, and we have also secured additional financing of 1,5 MEUR through a convertible loan agreement. The implementation of this financing is, however, conditional on a decision at our upcoming Annual General Meeting in June. Please refer to the Board of Directors' statement on financing on page 24 of the full Swedish version of the report. The situation with our existing cost structure versus future growth and its expected revenues is a challenging balancing act for us in the management team. We carry out strategic workshops with the management team every three months where all department heads report from their operations so that we can closely follow development and make the best possible decisions for the long-term benefit of Gaming Corps.
In parallel with doubling our workforce in 2025, we have also continued to invest in innovation to offer something different from other studios in the industry. We are convinced that as a relatively small player, we need to combine classic gaming experiences with new thinking and things that stand out to achieve success. In this area, I have previously talked about our game engine Marbles, whose beta test is planned to go live with a selected partner in the coming days. What has been a little more secret is our latest addition, Instant Blitz. This is our latest game series, which is a new type of instant win game, somewhere between scratch cards, slots, and arcade. The idea is to offer a combination of the simplicity of scratch cards with a more dynamic and feature-rich gaming experience, the Instant Blitz series is already launched with selected partners. In addition to new game engines, we continuously work to strengthen our footprint in further regulated markets. During the first quarter of the year, we have, among other things, gone live in South Africa and Portugal. Both markets combine clear regulatory frameworks with a growing demand for new gaming experiences. As you may have seen, we recently also communicated that we have been granted a conditional license for Alberta by AGLC, a market that is expected to become a significant North American regulated iGaming market.
Our idea of communicating a clear Road Map to both customers and the wider market has proven successful, and we continue with that transparency. On pages 8-9 of this report, you can see Gaming Corps' game releases for Q2 and Q3. Our Road Map for Q4 will be released on our social channels later this summer, so please keep an eye out there.
We invested heavily in 2025 to be able to deliver more and better games to our customers. We have built the foundation we need organizationally and in terms of expertise, now it is about achieving the full commercial leverage with the existing organization and our strong distribution network. We have navigated a challenging first quarter, but with our innovative game portfolio, strong position in regulated markets, and an organization that is now ready to deliver fully, the future looks exciting for Gaming Corps.
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 www.gamingcorps.com/newsroom
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 2026-05-15 15:20 CEST.
