Gaming Innovation Group reports Q2 2021

Gaming Innovation Group Inc. (GiG) reports Q2 2021 revenues* of €16.2 million and an EBITDA of €5.3 million.

“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”, says Richard Brown, CEO of GiG.

Financial Highlights

• Revenues* in Q2 2021 were €16.2m (13.2), an increase of 23%, all organic growth
• EBITDA was €5.3m (2.8), up 86%, EBITDA margin* increased to 32.6% (21.6%)
• Revenues in Media Services at all-time high of €11.0m (8.6), an increase of 28%, with an all-time-high EBITDA of €5.3m (4.8)
• Revenues* for Platform Services were €5.1m (4.7), an increase of 9%, with a positive EBITDA of €0.2m (-0.9)
• Positive EBIT of €2.1m (-2.2), an improvement of €4.3m
• Positive cash flow from operations of €3.4m (10.1)
• Strengthening of the balance sheet through conversion of €8.5m convertible loan and refinancing of bond, maturity extended to June 2024

Operational Highlights 

• Signed an agreement for the provision of GiG’s iGaming platform to power a new online casino for the European market, operating on its own license
• 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
• 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 August with the remaining pending the clients’ decision to launch, expected in Q3 2021
• Media Services continued its positive development in the quarter, with all-time high revenues and player intake
• Entered three new markets in Media and three in Platform
• Sports Betting Services continued to improve operations, securing a sound cost base for future growth
• Winner of Full Service Platform of the year at EGR iGaming awards and Top 3 in EGR Power Affiliates 2021

Events after Q2

• One brand went live in August, two additional brands are development complete and ready to go live, and the remaining integration pipeline are progressing towards their project plans
• July has developed positively, and revenues are up 10% compared to the same period last year, and adjusted for terminated white-labels and Germany, revenues are up 26%

*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 Q2-2021 Interim Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q2 2021 results via livestream at 10:00 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:
https://www.redeye.se/events/816681/live-q-gaming-innovation-group