Gaming Innovation Group Inc. (GiG) released its Q2 financial results, revealing overall revenues of €16.2 million, a year-on-year increase of 23 per cent which the company describes as “organic”.
EBITDA was clocked at €5.3 million, up from €2.8 million during the same period last year, with the EBITDA margin increasing to 32.6%, up from 21.6% year-on-year.
GiG also revealed that revenues in media services were at an all-time high of €11 million, representing an annual increase of 28 per cent, with an all-time-high EBITDA of €5.3 million.
Revenues for platform services were clocked at €5.1 million, an increase of nine per cent with a positive EBITDA of €0.2 million.
GiG also reported a positive EBIT of €2.1 million, up from -€2.2 million last year, therefore representing an improvement of €4.3 million.
The company’s cash flow from operations was positive, registered at €3.4 million, down from €10.1 million last year.
Commenting on the financial results, GiG CEO Richard Brown (pictured left) said:
“Another rewarding quarter for GiG, with meaningful growth in revenues, EBITDA and EBIT as well as underlying business dynamics. The Company is progressing towards our business growth & expansion strategies, improving delivery and future position of the group.”
The signing of an agreement for the provision of GiG’s iGaming platform to power a new online casino for the European market, operating on its own licence, was one of the most significant highlights for the company during the quarter.
It also signed an agreement with current partner PlayStar Casino, for the provision of GiG’s iGaming platform technologies to power the brand’s expansion into the state of Pennsylvania.
Additionally, one new brand was launched in Q2 and the development for three additional brands are now complete, whereof one went live on the platform in early August with the remaining pending the clients’ decision to launch, expected in Q3 2021.
It is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry-leading platform and media provider delivering world-class solutions to our iGaming partners and their customers. GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. GiG operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK.
He has held senior positions in a range of renowned iGaming companies, including Evolution Gaming, Tain, NYX, and SG Digital
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Andrew, an accountant by profession and a certified public accountant, has a wealth of experience in the accounting field within the financial services and construction sectors