EBet has reported “significant progress” in reducing net loss and increasing adjusted EBITDA for the two months ended August 2022.
The group reported a net loss of $3.8m and adjusted EBITDA that was “approximately breakeven” for the two months.
This was compared to a net loss of $9m and negative adjusted EBITDA of $4m in the previous quarter. It represents an average turnaround of approximately $1.7m per month in net loss and $1.4m per month in adjusted EBITDA for the two months ended August 2022.
EBet noted that measures taken to achieve the results included a realignment of resources to focus on revenue-generating wagering products, an elimination of non-material contracts, and a general reduction of operating costs.
“This represents significant progress for the company, as we have a two-month period of improved net loss and adjusted EBITDA,” said EBet CEO Aaron Speach. “I’m proud that the team was able to achieve such a massive turnaround in such a short period of time, as August was our first month implementing our new profitability plan.
“I am specifically encouraged and optimistic for our shareholders because we were able to achieve this despite the challenging global business environment.
“In the coming months, we look to scale all profitable revenue-generating wagering products as well as seek out new traffic-generating opportunities and partnerships. We are optimistic about our future and will continue to strive to create value for our EBet shareholders.”
Last month, EBet laid off over half of its workforce, among other actions, in an effort to boost profitability.