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Gaming Innovation Group

Gaming Innovation Group

Gaming Innovation Group reports Q3 2022

08:00 / 9 November 2022 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) reports Q3 2022 revenues* of €22.9 million and an adjusted EBITDA of €8.5 million. 

"I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year", says Richard Brown, CEO of GiG. 

Financial Highlights
  • All time high revenues* in Q3 2022 of €22.9m (16.9), an increase of 35% YoY, whereof 24% organic 
  • Adjusted EBITDA was €8.5m (5.8), up 47%, adjusted EBITDA margin* increased to 37.0% (34.1)
  • EBIT was €2.5m (2.1), with an EBIT margin* of 10.8% (12.6%)
  • Revenues in GiG Media at all-time high of €15.1m (11.2), an increase of 35%, with an adjusted EBITDA of €6.8 (5.1)
  • Revenues* for Platform & Sportsbook were €7.8m (5.7), an increase of 36% whereof 3% organic (14% organic excl. premium fees), with adjusted EBITDA of €1.7m (0.6)
  • Positive net profit of €0.6m (0.0)
  • Positive cash flow from operations of €10.0m (8.0)
Operational Highlights 
  • GiG Media reached a seventh successive all-time high in quarterly revenues and player intake, FTDs ended at 86,500 (46,700), up 85%
  • Granted a supplier licence for Ontario province in Canada, first two brands live in Q4
  • Platform & Sportsbook signed six new agreements in the quarter, whereof three in Europe, two in LATAM and one in North America
  • Four brands went live in Q3 2022, and the number of live brands were 62 at quarter end
Events after Q3
  • Signed agreement to power a leading land-based operator's online expansion, strengthening GiG's position within the large and growing LATAM market
  • Three brands have gone live so far in Q4 2022
  • October has developed positively, and revenues are up 34% compared to the same period last year, whereof 22% organic growth 
  • GiG Media reached all-time high player intake in October 2022

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. See Note 2 in the Q3-2022 Interim Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q3 2022 results via livestream at 11:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

Link to the livestream:

For further information, contact: 
Richard Brown, CEO of GiG, 661 599 025
Tore Formo, Group CFO, 91668678

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 9 November 2022.

About Gaming Innovation Group (GiG)
Gaming Innovation Group 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, sportsbook 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. Gaming Innovation Group 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.

Legal disclaimer 
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks. 

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