NYX revenue up 98% for Q1

ider NYX Gaming Group has recorded a 98% year-on-year revenue increase to CAD$9.9m for the first quarter of 2015.

NYX has in part described the revenue increase as a result of its acquisition of poker network Ongame from provider Amaya Gaming in November, and the revenue upturn is 79% “when excluding Ongame”.

Gross profit went up 105% to CAD$8.8m and gross margin improved by 4% to 88%.

Net loss increased to CAD$5m from CAD$1.1m, which NYX attributed to being “mainly driven by the losses from Ongame and the fair value adjustment to the embedded derivative related to the Amaya note”.

Negative adjusted EBITDA of CAD$453,000 was reported, down from positive adjusted EBITDA of CAD$355,000.

NYX CEO Matt Davey said in a press release: “I am very pleased to report that in our first full quarter of 2015, we have been able to carry forward our growth momentum from last year resulting in a strong start to 2015.

"With our proven abilities to identify accretive opportunities, I am confident that our track record of operational and financial success will continue. With our experienced management team, dedicated employees and supportive shareholders we are able to position ourselves for future growth."