Connect with us

Latest News

INTRALOT announces First Quarter 2022 Financial Results

Published

on

Reading Time: 10 minutes

 

INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three-month period ended March 31st, 2022, prepared in accordance with IFRS.

 

OVERVIEW

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Group Revenue at €97.7m in 1Q22 (+0.1% y-o-y).

EBITDA in 1Q22 at €26.1m (+4.9% y-o-y).

NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-5.7m, vs.

€-6.9m a year ago.

Greek entities OPEX better by 12.5% y-o-y.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Operating Cash Flow at €17.3m in 1Q22.

Group Net CAPEX in 1Q22 was €4.3m.

Group Cash at the end of 1Q22 at €98.0m.

Net Debt at €500.6m at the end of 1Q22.

Net Debt/ LTM EBITDA at 4.5x in 1Q22.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

On April 26, 2022, INTRALOT announced that it will convene a shareholders’ meeting to approve a Share Capital Increase of the Company via a rights issue, up to an amount not exceeding the 150% of the paid-up share capital. The proceeds will be used to purchase the shares in Intralot Inc. currently not controlled by the parent Group. To this end a binding Sale Purchase Agreement has been signed with the minority shareholders controlling 33.2m shares of Intralot Inc. for a price of €3.65 per share, conditional upon successful completion of the Share Capital Increase. INTRALOT announced that it has signed a binding MOU with Standard General Master Fund II L.P., according to which Standard General will purchase all unallocated shares in the Share Capital Increase, up to a number not exceeding one third of the total voting shares of Intralot SA for up to €0.58 per share.

On May 23, 2022, an extraordinary Shareholders’ Meeting provided authorization to the Board of Directors of Intralot SA to determine the terms of the Share Capital Increase and undertake all necessary actions.

 

Note:

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals.

Group Headline Figures

 

  (in € million) 1Q22 1Q21 % LTM  
  Change  
           
  Revenue (Turnover) 97.7 97.6 0.1% 414.1  
  GGR 79.8 78.9 1.2% 336.2  
  OPEX1 (21.8) (22.1) -1.2% (101.4)  
  EBITDA2 26.1 24.9 4.9% 111.7  
  EBITDA Margin 26.7% 25.5% + 1.2pps 27.0%  
  (% on Revenue)  
           
  EBITDA Margin 32.7% 31.6% + 1.1pps 33.2%  
  (% on GGR)  
           
  Capital Structure Optimization (0.3) (5.0) -93.9% (12.4)  
  expenses  
           
  D&A (17.1) (15.9) 7.3% (72.2)  
  EBT (2.3) (2.8) 17.5% 37.6  
  EBT Margin (%) -2.4% -2.9% + 0.5pps 9.1%  
  NIATMI from continuing operations (5.7) (6.9) 17.9% 27.8  
  Total Assets 580.5 612.1  
  Gross Debt 598.6 734.3  
  Net Debt 500.6 643.7  
  Operating Cash Flow from total 17.3 24.5 -29.6% 100.4  
  operations  
           
  Net CAPEX (4.3) (2.9) 47.3% (24.3)  
             

 

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:

“First quarter results show a consolidation of gains and recovery from the COVID impact and reflect an improved financial profile, with normalized revenues and a reduction in operational expenses and debt servicing costs consistent with the Company’s business plan. On the background of this strongly improved P/L and Balance Sheet, the Company has designed and is about to launch a Share Capital Increase by means of Rights Issue and has secured the commitment of Standard General Master Fund

  • P. as cornerstone investor for the unsubscribed rights in a move that will significantly strengthen our prospects to grasp the tremendous opportunities in the US and the global markets.”
  • OPEX line presented excludes the capital structure optimization expenses.
  • The Group defines “EBITDA” as “Operating Profit/(Loss) before tax” adjusted for the figures “Profit/(loss) from equity method consolidations”, “Profit/(loss) to net monetary position”, “Exchange Differences”, “Interest and related income”, “Interest and similar expenses”, “Income/(expenses) from participations and investments”, “Write-off and impairment loss of assets”, “Gain/(loss) from assets disposal”, “Reorganization costs” and “Assets’ depreciation and amortization”.

 

OVERVIEW OF RESULTS

REVENUE

Reported consolidated revenue posted a steady performance compared to 1Q21, leading to total revenue for the three-month period ended March 31st, 2022, of €97.7m (+0.1%).

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • Lottery Games was the largest contributor to our top line, comprising 61.9% of our revenue, followed by Sports Betting which contributed 18.8% to Group turnover for the three-month period. Technology contracts accounted for 7.7% and VLTs monitoring represented 11.2% of Group turnover, while Racing constituted the 0.5% of total revenue.
  • Reported consolidated revenue for the three-month period is higher only by €0.1m year over year. The main factors behind the steady top line performance per Business Activity are:
  • €+1.8m (+6.1%) from our Licensed

Operations (B2C) activity line with the variance driven by:

  • Higher revenue in Argentina (€+2.5m or +32.0% y-o-y), driven by local market growth. In local currency, current year results posted a +50.4% y-o-y increase, and
  • Lower revenue in Malta (€-0.6m or -2.9% y-o-y), driven by market performance.
  • €+0.7m (+1.3%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
  • Higher revenue in Australia (€+1.1m or +30.6% y-o-y), due to lockdown restrictions in 1Q21,
  • Higher revenue in Croatia (€+0.9m), following the go-live of the lottery solution developed for Hrvatska Lutrija (national lottery of Croatia),
  • Higher revenue from other jurisdictions (€+0.5m) mainly due to services related sales, and
  • Lower revenue in US operations (€-1.9m or -5.1% y-o-y), was primarily affected by the nonrecurrence of the jackpot that boosted 1Q21 sales by c. €4.0m. Revenue from services ended lower by -3.4% y-o-y, while revenue from merchandise sales generated a deficit of -55.4% y-o-y due to their less frequent nature. From a currency perspective, there was a positive impact of 6.9% (Euro depreciation versus a year ago — in average terms).
  • €-2.4m (-18.3%)   from   our

 

Management (B2B/ B2G) contracts activity line with the variance driven by:

  • Slightly higher revenue in Morocco (€+0.1m),
  • Marginally higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m), and
  • Lower revenue from our Turkish operations (€-2.6m), solely affected by the appreciation of EUR (+75.8% versus a year ago – in average terms). In local currency, current year results posted a +20.4% y-o-y increase. In 1Q22, the local Sports Betting market expanded close to 1.3 times y-o-y, with the online segment representing close to 89% of the market at the end of 1Q22.
  • Constant currency basis: In 1Q22, revenue — net of the negative FX impact of €3.8m —reached €101.4m (+4.0% y-o-y).

 

GROSS GAMING REVENUE & Payout

  • Gross Gaming Revenue (GGR) from continuing operations concluded at €79.8m in 1Q22, posting an increase of 1.2% (or €+0.9m) year over year, attributable to:
  • the decrease in the non-payout related GGR (-1.7% y-o-y or €-1.2m vs. 1Q21), driven mainly by the lower top line contribution of our US operations (jackpot affected), followed by
  • the increase in the payout related GGR (+20.2% y-o-y or €+2.1m vs. 1Q21), driven mainly by the lower average payout ratio both in Malta and Argentina (+4.3% y-o-y on wagers from licensed operations3). 1Q22 Average Payout Ratio4 decreased by 5.4pps vs. 1Q21 (58.9% vs. 64.4%), significantly affected by the higher weighted contribution from our operations in Malta.
  • Constant currency basis: In 1Q22, GGR — net of the negative FX impact of €3.1m — reached €82.9m (+5.1% y-o-y).
  • Licensed Operations Revenue also include a small portion of non-Payout related revenue, i.e., value-added services, which totaled €1.3m and €0.8m for 1Q22 and 1Q21respectively.
  • Payout ratio calculation excludes the IFRS 15 impact for payments to customers.

 

OPERATING EXPENSES5 & EBITDA6

  • Total Operating Expenses ended lower by €0.3m (or -1.2%) in 1Q22 (€21.8m vs. €22.1m). After excluding the higher D&A expenses (€0.7m) in USA, Morocco and Croatia, Operating Expenses ended lower by €0.9m supported by cost containments in HQ perimeter.
  • Other Operating Income from continuing operations ended at €5.7m presenting an increase of 3.2% y-o-y (or €+0.2m). The bulk of income is driven by the equipment leases in the USA.
  • EBITDA from continuing operations amounted to €26.1m in 1Q22, posting an increase of 4.9% (or €+1.2m) compared to 1Q21. Despite the absence of jackpot that boosted significantly 1Q21 performance (US operations), the Group has managed to improve its EBITDA via the combined effect of the lower payout from our licensed operations and the lower Operating Expenses.
  • On a yearly basis, EBITDA margin on sales improved to 26.7%, compared to 25.5% in 1Q21 (+1.2pps).
  • LTM EBITDA stands at €7m.

 

  • Constant currency basis: In 1Q22, EBITDA, net of the negative FX impact of €1.4m, reached €27.5m (+10.5% y-o-y).

 

EBT / NIATMI

EBT in 1Q22 totaled €-2.3m, compared to €-2.8m in 1Q21, with the variance driven by:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • the lower reorganization expenses following the succesful conclusion of our capital structure optimization process (€+4.7m vs 1Q21),
  • the lower interest expenses, direct effect of debt restructuring (€+1.9m vs 1Q21)
  • the positive impact from EBITDA (€+1.2m vs 1Q21)

 

The major headwinds affecting the improved perfornance can be attributed to:

  • the negative impact from FX results (€-4.2m vs 1Q21), as a result of the valuation of cash balances in foreign currency other than the functional currency of each entity, the valuation of commercial and borrowing liabilities of various subsidiaries abroad in EUR, as well as the negative effect from the reclassification of FX reserves to Income Statement applying IFRS 10,
  • the recognition of expenses vs income from participations and investments (€-1.5m vs 1Q21),
  • the higher D&A (€-1.2m vs 1Q21), mainly due to Turkey (Bilyoner) and Morocco
  • the accounting loss identified due to IAS 29 in our Argentinian operations (€-1.1m vs 1Q21).

 

Constant currency basis: In 1Q22 EBΤ, adjusted for the FX impact, reached €-0.4m, from €-6.5m in 1Q21.

  • NIATMI from continuing operations in 1Q22 concluded at €-5.7m compared to €-6.9m in 1Q21. NIATMI from total operations in 1Q22 amounted to €-5.7m (improved by €2.6m vs. a year ago), including the performance of the discontinued operations in Peru and Brazil.
  • Constant currency basis: NIATMI (total operations) in 1Q22, on a constant currency basis, reached €-5.3m from €-12.1m in 1Q21.
  • Operating Expenses analysis excludes expenditures related to capital structure optimization.
  • EBITDA analysis excludes Depreciation & Amortization, and expenditures related to capital structure optimization.

 

CASH-FLOW

  • Operating Cash-flow in 1Q22 amounted to €17.3m, lower by €7.3m, compared to 1Q21. Excluding the operating cash-flow contribution of our discontinued operations in Brazil, the cash-flow from operating activities is lower by €7.0m vs. a year ago and is attributed to Income Tax payments vs returns 1Q21.
  • Adjusted Free Cash Flow7 in 1Q22 decreased by €2.9m to €1.7m, compared to €4.6m a year ago. The main negative contributors to this variance were the income tax paid vs return in 1Q21 (€-7.4m y-o-y) and the higher maintenance capex (€-1.8m). On positive ground, dividends paid during the period were lower (€+3.1m y-o-y), net finance charges following the capital restructuring generated savings (€+2.0m y-o-y) and EBITDA performance has been improved (€+1.2m y-o-y).
  • Net CAPEX in 1Q22 was €4.3m, higher by €1.4m compared to 1Q21. CAPEX in 1Q22 has been allocated towards R&D and project pipeline delivery (€0.3m), US (€3.0m) and the rest of operations (€1.0m). Maintenance CAPEX accounted for €2.2m, or 52.0% of the overall capital expenditure in 1Q22, from €0.8m or 28.2% in 1Q21.
  • Net Debt, as of March 31st, 2022, stood at €500.6m, increased by €3.4m compared to December 31st, 2021 (€497.2m). The Net Debt increase was impacted primarily by the normal course of business following an adverse working capital movement, the exchange rate differences

(€+4.7m) for our USD denominated debt, and investments in growth capex (€+1.4m) for our US operations. The increase was partially offset by the lower interest accrued over 1Q22 vs December 2021.

  • Calculated as EBITDA – Maintenance CAPEX – Cash Taxes – Net Cash Finance Charges (excluding refinancing charges) – Net Dividends Paid; all finance metrics exclude the impact of discontinued operations.

 

OUTLOOK

Although the risks associated with the pandemic of COVID-19 have been downgraded, the geopolitical tension arising from the war in Ukraine coupled with the energy crisis, the supply chain disruptions and the rising inflation are factors that are expected to determine the economic outlook over the coming months.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Our Group does not have direct exposure in terms of operations or dependency on suppliers in Ukraine and Russia. However, the risk of indirect effects on the Group’s business activities from the reduction in the household disposable income and the possible increase in operating expenses due to inflationary pressures cannot be overlooked.

The Management of the Company monitors the geopolitical and economic developments on a constant basis and is ready to take all the necessary measures for protecting its operations.

 

RECENT/ SIGNIFICANT COMPANY DEVELOPMENTS

  • On April 26, 2022, INTRALOT announced that it will convene a shareholders’ meeting to approve a Share Capital Increase of the Company via a rights issue, up to an amount not exceeding the 150% of the paid-up share capital. The proceeds will be used to purchase the shares in Intralot Inc. currently not controlled by the parent Group. To this end a binding Sale Purchase Agreement has been signed with the minority shareholders controlling 33,227,256 ordinary shares of Intralot Inc. for a price of €3.65 per share, conditional upon successful completion of the Share Capital Increase. INTRALOT announced that it has signed a binding MOU with Standard General Master Fund II L.P., according to which Standard General will purchase all unallocated shares in the Share Capital Increase, up to a number not exceeding one third of the total voting shares of Intralot SA for up to €0.58 per share.
  • On May 23, 2022, an extraordinary Shareholders’ Meeting provided authorization to the Board of Directors of Intralot SA to determine the terms of the Share Capital Increase and undertake all necessary actions.

 

APPENDIX

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Performance per Business Segment8

YTD Performance

Performance per Geography

Revenue Breakdown

(in € million)   1Q22   1Q21 %
    Change
         
Europe   35.8   34.4 4.0%
Americas   52.3   50.5 3.4%
Other   15.3   16.8 -8.9%
Eliminations   (5.7)   (4.2)
Total Consolidated Sales   97.7   97.6 0.1%

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gross Profit Breakdown

(in € million)   1Q22   1Q21 %
    Change
         
Europe   3.5   (1.7)
Americas   11.4   13.8 -17.5%
Other   13.0   14.2 -8.4%
Eliminations   (2.7)   (0.7)
Total Consolidated Gross Profit   25.2   25.6 -1.6%

 

  • Part of the US revenue that concerns SB management, has been included under the category “Game Management”. The rest of the US revenue is included under the “Technology” business segment.

 

Gross Margin Breakdown          
            %
      1Q22   1Q21
        Change
           
  Europe   9.8%   -5.1% + 14.8pps
  Americas   21.8%   27.4% – 5.5pps
  Other   84.8%   84.4% + 0.4pps
  Total Consolidated Gross Margin   25.8%   26.2% – 0.4pps

 

INTRALOT Parent Company results

  • Revenue for the period increased by 28.1%, to €6.0m, with the improvement driven by the higher rendering of services towards the Group’s subsidiaries in the current period.
  • EBITDA shaped at €-1.3m from €-4.5m in 1Q21, with the positive variance stemming from the top-line improvement that generated higher profitability due to better margins and lower costs.
  • Earnings after Taxes (EAT) at €-6.7m from €-0.1m in 1Q21, impacted mainly by the gain recorded in 1Q21 following the sale of Intralot de Peru.

 

(in € million)   1Q22   1Q21 %
    Change
         
Revenue   6.0   4.6 28.1%
Gross Profit   (0.5)   (3.1) -82.9%
Other Operating Income9   0.1   0.0
OPEX9   (4.5)   (5.1) -11.8%
EBITDA9   (1.3)   (4.5) 71.5%
EAT   (6.7)   (0.1)
CAPEX (paid)   (0.3)   (0.5) -35.4%

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • Other Operating Income, Operating Expenses and EBITDA lines presented exclude the expenditures and recharges related to capital structure optimization.

 

CONFERENCE CALL INVITATION – 1Q22 FINANCIAL RESULTS

Sokratis Kokkalis – Chairman & CEO, Chrysostomos Sfatos – Deputy Group CEO, Nikolaos Nikolakopoulos – Deputy Group CEO, Fotis Konstantellos – Deputy Group CEO, Andreas Chrysos – Group CFO, Nikolaos Pavlakis – Group Tax & Accounting Director, Antonis Skiadas – Group Finance, Controlling & Budgeting Director and Michail Tsagalakis – Capital Markets Director, will address INTRALOT’s analysts and institutional investors to present the Company’s 1Q22 results, as well as to discuss the latest developments at the Company.

 

Powered by WPeMatico

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading
Advertisement

Latest News

SOFTSWISS Kids Camp: Award-Winning Initiative Putting Families First

Published

on

softswiss-kids-camp:-award-winning-initiative-putting-families-first
Reading Time: 2 minutes

SOFTSWISS, an international iGaming software provider, hosted the second season of its award-winning Summer Kids Camp in August on the shores of Lake Jeziorsko, Poland. The initiative brought together over 100 children of SOFTSWISS employees from more than 11 countries, reaffirming the company’s commitment to a people-first culture that extends well beyond the workplace.

The 11-day camp combined sports, creativity, and early career exploration, with over 50 engaging activities amounting to nearly 350 hours of programming. Children took part in everything from tournaments and creative workshops to speaking clubs and hands-on masterclasses.

A standout feature of this year’s programme was the camp coin system – a playful, gamified experience that introduced children to basic economic thinking. Kids earned coins for being proactive or engaged in educational tasks, and then spent them on fun privileges like ice cream, song requests at the disco, or even “becoming a PE teacher” for an hour, which many cleverly used to cancel morning workouts.

“The coin system helped teach initiative, responsibility, and teamwork in a fun way – almost like running a small business,” said Hanna Sauchuk, Event Producer at SOFTSWISS. One of the most touching moments was when the kids pooled their savings to ‘buy’ a collective sunrise celebration on the final day. That kind of collaboration and emotional intelligence is exactly what we hoped to nurture.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Last year’s event has earned external recognition, winning the Eventex Award 2025 in the Corporate Event category – placing SOFTSWISS’ initiative alongside brand-led experiences from Disney, Nike, and Netflix.

“For me, this is not just another corporate project –  it is one of the most meaningful things we do at SOFTSWISS. It brings our core value ‘We see people’ to life in the most tangible way. We don’t just see professionals at their desks; we see human beings with families, dreams, and passions. The Kids Camp is our way of saying: your family matters to us as much as your work does. It’s an investment in joy, in connection, and in kindness. Because when children are happy, their parents shine – and together, we create a stronger, more united community. This is rare in business, and that’s exactly why we are proud to make it happen at the highest quality,”  said Ivan Montik, Founder of SOFTSWISS.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 35,000 casino games, Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post SOFTSWISS Kids Camp: Award-Winning Initiative Putting Families First appeared first on European Gaming Industry News.

Continue Reading

Latest News

BETBY INTRODUCES HELP ARENA, RAISING THE STANDARD FOR CUSTOMER SUPPORT AND COLLABORATION

Published

on

betby-introduces-help-arena,-raising-the-standard-for-customer-support-and-collaboration
Reading Time: 2 minutes

BETBY, a leading provider of cutting-edge sportsbook solutions, has announced the launch of Help Arena, a comprehensive customer support platform designed to enhance operational efficiency and streamline communication with its partners.

Help Arena serves as a central hub where BETBY partners can access support, submit and manage tickets, and stay informed with tailored updates, all from one intuitive portal. The platform is built to simplify day-to-day operations by consolidating communication and support tools into a single, easy-to-use interface, whilst ensuring that all customer queries and requests are met in a short timeframe

Through Help Arena, partners can engage in real-time communication with BETBY’s support team via an integrated widget and dedicated email channel. The platform is ideated to also support communication through multiple popular messaging apps, reflecting BETBY’s commitment to accessible and responsive support.

The platform features an efficient ticketing system, enabling users to create, track, and manage support requests with ease. Alongside this, Help Arena includes a robust knowledge base and FAQ section covering key topics such as sportsbook features, risk management, Betby Games, and betting rules. Partners can also access release notes and technical maintenance notifications, ensuring they are always up to date with the latest developments.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Help Arena was developed to provide our partners with a seamless, efficient, and transparent support experience,” said Kirill Zhgun, Head of Customer Support at BETBY. “We understand that convenience and clarity are key to productive partnerships, and Help Arena reflects our commitment to making support as streamlined and effective as possible.”

Looking ahead, BETBY plans to continue enhancing the platform with new features, including deeper analytics, improved reporting tools, and greater customization options. The team is also actively working on expanding the knowledge base and FAQ section to support five languages, making Help Arena even more accessible to a global audience. Help Arena represents not just a support tool, but a long-term investment in the success and satisfaction of BETBY’s partners.

The launch of Help Arena marks a significant milestone in BETBY’s mission to deliver world-class service and operational excellence across the iGaming industry. Partners are encouraged to explore the platform and discover how BETBY is redefining customer support.

To find out more about BETBY, visit: https://betby.com/

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

About Betby

Betby is a leading B2B provider of top-tier sports betting services, renowned for its groundbreaking technology and dedication to excellence. Betby’s team of industry veterans tap into their knowledge and expertise to deliver a premium, adaptable, and scalable sportsbook platform tailored to meet the varied demands of operators across the globe. From dynamic in-play betting options to robust risk management tools and ground-breaking AI tools, Betby is committed to propelling the success of its partners in the rapidly evolving landscape of online sports betting.

For more information visit betby.com

The post BETBY INTRODUCES HELP ARENA, RAISING THE STANDARD FOR CUSTOMER SUPPORT AND COLLABORATION appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Latest News

MixRift Appoints Former Meta VP Ingrid Cotoros to Board of Advisors to Accelerate Mixed Reality Gaming Innovation

Published

on

mixrift-appoints-former-meta-vp-ingrid-cotoros-to-board-of-advisors-to-accelerate-mixed-reality-gaming-innovation
Reading Time: 2 minutes

Innovative mixed reality gaming developer strengthens leadership team with hardware technology veteran behind Quest 3, Ray-Ban Meta glasses, and Orion AR prototype
MixRift, an innovative mixed reality (MR) gaming developer, today announced the appointment of Dr. Ingrid Cotoros as a key member of its Board of Advisors.
Cotoros brings over 20 years of hardware engineering expertise from her leadership roles at Meta’s Reality Labs and GoPro, where she spearheaded the development of breakthrough technologies that powered the world’s most advanced VR, AR, and smart glasses products.
As the former VP of Technology Engineering for Devices at Meta’s Reality Labs, Cotoros founded and led a thousand-strong team of specialised technologists who delivered the hardware innovations behind Meta’s Quest Pro, Quest 3, Quest 3S VR headsets, Ray-Ban Meta smart glasses, and the cutting-edge Orion AR glasses prototype. Her technical contributions span depth perception systems, immersive audio experiences, and world-locked display technologies that have shaped the mixed reality landscape since 2020.
“The future of gaming lies in creating unique experiences that blend digital and physical worlds,” said Dr. Cotoros. “MixRift’s vision for mixed reality gaming represents the next evolution of how we interact with digital content, and I’m excited to help them bring truly immersive experiences to players.”
Cotoros’ appointment aligns perfectly with MixRift’s ambitious technology roadmap, and reflects MixRift’s commitment to staying at the forefront of technological innovation in gaming.
“Ingrid’s deep understanding of hardware capabilities and sensing technologies complements our founding team’s vision beautifully,” said Bobby Voicu, CEO of MixRift. “Her experience developing the technologies that power every major VR and AR device launched in recent years gives us invaluable insight into what’s possible today and what’s coming next. We’re basically talking about someone who’s been at the forefront of every breakthrough that’s made our industry possible.”
During her tenure at Meta, Cotoros championed the strategic sequencing of features to engage customers in AI-powered computing platforms. Prior to Meta, she led multiple first-to-market innovations at GoPro, including the development of the first consumer-grade high-definition spherical camera and professional-level panoramic stereo capture systems.
Cotoros will focus her advisory efforts on understanding the physical capabilities of emerging device platforms and how they can unlock new interaction modes and experiences for gamers. A physicist by training with a PhD in Condensed Matter Physics from UC Berkeley and a BS in Physics from Caltech, Cotoros holds 26 US patents in camera hardware and content processing. Her diverse technical background reflects the interdisciplinary approach needed to solve complex mixed reality challenges.
Before her consumer electronics career, Cotoros served as a rocket scientist and space systems engineer at Lockheed Martin, developing space applications and defense programs. She was twice selected for Romania’s national team at the International Physics Olympiad, demonstrating her early passion for pushing the boundaries of what’s technically possible.
Meta Connect 2025 Meeting Opportunities
MixRift CEO Bobby Voicu will be attending Meta Connect 2025 (September 17-18, Menlo Park) and is available for media briefings about MixRift’s mixed reality gaming roadmap and strategic vision. With the company’s recent advisory board expansion bringing deep hardware expertise from Meta’s Reality Labs, Bobby can discuss how MixRift is leveraging insider knowledge of upcoming device capabilities to build next-generation gaming experiences. He’ll be sharing exclusive previews of MixRift’s upcoming titles and discussing how the company is positioning itself at the intersection of advanced hardware and innovative game design.

The post MixRift Appoints Former Meta VP Ingrid Cotoros to Board of Advisors to Accelerate Mixed Reality Gaming Innovation appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania