Gaming Innovation Group reports Q3 2021

Gaming Innovation Group Inc. (GiG) reports Q3 2021 revenues* of €17.0 million and an EBITDA of €5.3 million.

“I am very pleased with the results and the momentum we continued to demonstrate in the third quarter across GiG’s business units. The Company continued to build towards its execution strategy for long term sustainable growth over the coming years, leveraging its diverse portfolio of operations and to prepare for expansion into new markets, development of products and operational performance that will enable the Company to push towards further success in the coming years.”, says Richard Brown, CEO of GiG.

Financial Highlights

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• Revenues* in Q3 2021 were €17.0m (14.2), an increase of 20% YoY, all organic
• EBITDA was €5.3m (3.2), up 67%, EBITDA margin* increased to 31.3% (22.5%)
• All-time high revenues in Media Services of €11.2m (8.6), an increase of 30%, with an EBITDA of €5.1m (4.0)
• Revenues* for Platform Services were €5.7m (5.4), an increase of 6% (32% ex. terminated white-labels), with a positive EBITDA of €0.6m (-0.1)
• Positive EBIT of €1.8m (-1.6), an improvement of €3.4m
• Positive cash flow from operations of €7.9m (-0.2), an improvement of €8.1m

Operational Highlights

• Signed two long-term agreements for the provision of GiG’s platform to facilitate an operator’s multi-brand strategy and expansion into several EU markets
• Signed a long-term agreement for the provision of GiG’s platform that will support a client’s operations in certain designated markets
• One new brand was launched in Q3 and the development for three additional brands are now complete, all expected to go live in Q4
• Media Services reached a third successive all-time high in quarterly revenue and player intake was in line with previous quarter despite normal seasonality effects in Q3
• Entered four new markets in Media and one in Platform

Events after Q3

• Signed a long-term agreement with an established German operator that will migrate its existing brand to GiG’s iGaming Platform
• October has developed positively, and revenues are up 23% compared to the same period last year. Adjusted for terminated white-labels and Germany, revenues are up 34%
• The strong development continues in Media Services with both all-time high revenue and player intake in October

*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. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q3-2021 Interim Report for more details.