Gaming Innovation Group reports Q2 2021

OSLO, Norway, Aug. 18, 2021 /PRNewswire/ -- 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

For further information, contact: 

Richard Brown, CEO of GiG, richard.brown@gig.com +34 661 599 025

Tore Formo, Group CFO, tore@gig.com +47 916 68 678

Hessi Mocca, Head of IR, hessi.mocca@gig.com, +46 737039820

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 18 August 2021.

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 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. www.gig.com 

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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