Yggdrasil posts another quarter of positive results

n update to investors, Yggdrasil’s Q3 financial results showed revenue had increased by 110% year-on-year to MSEK44.1 in that period.

Number of player transaction (rounds) increased by 132.6% year-on-year to 1,019 million, with mobile gaming growing to be 59% of the total gross game win.

The EBITDA margin for the period amounted to 42%, increasing to MSEK18.7.

Yggdrasil CEO, Fredrik Elmqvist comments: “As is always the case at Yggdrasil, it has been an action-packed quarter as the company continues to build upon the significant progress we have already made.

“Once again, we have delivered an all-time high result, with EBITDA for the period hitting MSEK 18.7. It is a fantastic achievement which was only made possible by the hard work of the most dedicated and talented team in gaming.

The company had yet another busy quarter, signing 10 new licence agreements, including Betfred and SkillOnNet.

“Our focus remains on laying solid foundations to ensure we can continue our growth trajectory off the back of these extremely strong results,” added Elmqvist.

Yggdrasil released three new games during the quarterly period, Rainbow Ryan, Valley of the Gods and the much-anticipated Jungle Books which was showcased at ICE earlier this year.

“Due to our growing workforce, we have secured additional office space in Krakow and in Malta, are looking to move to a bigger space in Gibraltar, and have a new office operational in Stockholm.

“As you’ll see by the growth in profit, this expansion has been achieved in a cost-efficient manner. As is natural for a fast-growing company, costs will continue to grow, but we remain focused to ensure additional spend helps spur further growth.