NeoGames records Q2 net revenue of $48m – 128% up year-on-year
In its Q2 2023 report, NeoGames’ figures show good growth, yet it still posts a loss for the period.
Key stats:
– NeoGames records Q2 net loss of $7.8m
– H1 revenue grows to $97.4m
– Q2 adjusted EBITDA rises by 75%
NeoGames has posted its Q2 2023 report, showing that it made a net loss of $7.8m for the period.
The company also recorded net revenue of $48m – over double the $21m it made in Q2 2022. When breaking down the revenue figures, NeoGames’ gross revenue stood at $57m; however, it still made a loss from operations that totalled $9.1m – although this is an improvement on Q2 2022’s operations loss of $14.5m.
Meanwhile, for H1 2023, NeoGames’ total revenue of $97.4m was three times higher than its H2 2022 sum of $34.3m.
Furthermore, NeoGames’ Q2 2023 adjusted EBITDA totalled $18m – a 75% rise on Q2 2022’s $10.3m. For the first six months of the year, NeoGames’ H1 adjusted EBITDA recorded a sum of $38.2m – up on the $18.8m it posted in H1 2022.
Focusing on NeoGames’ net loss in Q2 2023, which stood at $7.8m, it represents a rise on Q2 2022’s $13m. That figure is highlighted further in NeoGames’ H1 report, which for the first six months of 2023 stands at $8.6m, although that figure is again an improvement on H1 2022’s $13.8m – despite the loss.
NeoGames’ report is an improvement on its Q2 and H1 2022; however, the losses have remained, despite an overall increase in revenue and EBITDA.
Taking a look at NeoGames’ in 2023 so far, the price remained steady until 12 May – when it stood at $12.84 – before which it shot up on 15 May to $27.17 and has consistently stayed high since. The reason behind this is down to the$1.2bn acquisition of NeoGames by Aristocrat being announced that day.
At the time of writing, NeoGames’ share price totals $27.05, while its yearly high came on 20 July at $27.65.
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