Gaming Innovation Group reports Q4 2018
11 February, 2019
Gaming Innovation Group Inc. (GiG) reports €39.9 million in revenues in Q4 2018 and an EBITDA of €5.0 million.
One-off items adversely impacted EBITDA by €1.8m in Q4 2018. Excluding one-off costs, EBITDA was €6.9m in Q4 and €18.9m for the full year 2018.
“In Q4, we matched our previous all-time-high in revenues and for the full year 2018, we grew revenues and EBITDA with nearly 30% over 2017. After investing around €16m into tech and product development in 2018, we have now closed the circle and are offering products and services across all major verticals in the iGaming value chain. We have started our expansion into regulated markets with big brand partners, and we have launched our online and retail sports betting platform in the USA. I am really proud of what we have achieved and are looking forward to 2019.“, says Robin Reed, CEO of GiG.
Financial highlights
- Operating revenues for Q4 2018 were €39.9m (39.9) in line with Q4 2017 and a 7% Q-on-Q increase. Full year 2018 revenues were €151.4m (120.4), an increase of 26% over 2017
- EBITDA in Q4 2018 was €5.0m (7.9), a decrease of 36% from Q4 2017. Full year 2018 EBITDA was €16.1m, an increase of 28% over 2017
- EBITDA in Q4 2018, excluding one-off costs, was €6.9m and €18.9m for the full year 2018
- B2B revenues in Q4 2018 were €16.4m (18.0), a decrease of 9% from Q4 2017
- Revenues for the Media vertical reached an all-time-high in Q4 2018 of €8.7m (8.5)
- B2C revenues in Q4 2018 reached an all-time-high of €25.8m (25.4), +2% from Q4 2017 with an EBITDA of €0.7m (-2.1), €1.7m adjusted for one-off costs
- Restructuring in the B2C segment impacted EBIT in Q4 2018 with a non-cash impairment of €13.7m
- A further decrease in the number of employees in Q4 2018 resulted in an 8% decrease in other operating expenses quarter-on-quarter (adjusted for one-offs)
Operational highlights
- Omni-channel Sportsbook solution agreement with Hard Rock Intl., live in January 2019
- Two in-house developed games launched during Q4 2018
- Two new brands were signed to platform services in Q4 2018 and one new brand signed GiG Comply after the quarter
- Awarded two licences in the newly regulated Swedish market and Spanish licence pending
- New Board of Directors elected and a reversed stock split of 10:1 effective from 21 December 2018
- Applied for listing at NASDAQ Stockholm (main list) - planned for March 2019
Investor presentation and webcast:
CEO Robin Reed will present the Q4 results at 10:00 CET at Helio GT 30, Grev Turegatan 30, Stockholm. The presentation will be given in English and available live via webcast and via a telephone link. Questions can be asked via the weblink.
Link to the webcast:
https://tv.streamfabriken.com/gig-q4-2018
Dial-in numbers for participation in the telephone conference:
Norway: +4723500236
Sweden: +46856642703
United Kingdom: +443333009032
United States: +16467224904
For further information, contact:
Robin Reed, CEO, +356 9999 0382
This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 11 February 2019.
About Gaming Innovation Group Inc. (GiG):
Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group's vision is 'To open up iGaming and make it fair and fun for all'. Through our ecosystem of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. GiG operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG. www.gig.com