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GiG Q2 results: Revenue up 23%; adjusted EBITDA up 86%

Gaming Innovation Group (GiG) has reported its Q2 financial results for the three months ending 30 June 2021.

GIG

The company's Q2 revenue was up 23% to €16m ($18.7m), compared to revenue of €13m for the same quarter in 2020. Adjusted EBITDA was €5.3m, an increase of 86% from €2.8m in 2020.

Marketing expenses rose to €2.6m for the quarter, with operating expenses down to €8m.

Cash flow from operations was €3.4m and cash balance improved by €2m during the quarter, with a cash balance as of 30 June of €7.6m.

Media services delivered all-time-high revenue of €11m, a 28% increase year-on-year and 10% from Q1’s €10m, continuing the positive development seen over the past 18 months. 

Revenue through GiG’s sports betting services segment finished up at €100,000, as GiG says it will “continue to diligently manage the cost base while continually improving the product offering."

"Another rewarding quarter for GiG, with meaningful growth in revenues, EBITDA and EBIT as well as underlying business dynamics," said Richard Brown, CEO of GiG.

"The company is progressing towards our business growth & expansion strategies, improving delivery and future position of the group."

Through the first half of the year, revenue increased almost 33% to €31.8m, with gross profit up 32.6% to €31.3m, and EBITDA surging 188% to €9.8m.

During the second quarter, the group has strengthened the leadership of its operations by signing agreements with a new online casino for the European market, and with its partner PlayStar Casino, to supply them with GIG's iGaming platform technologies.

 

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