Gaming Innovation Group reports Q4 2021

OSLO, Norway, Feb. 15, 2022 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports Q4 2021 revenues* of €18.2 million and an EBITDA of €5.6 million. 

"We have closed off 2021 with another strong quarter with revenues up 29% to an all-time high, and an EBITDA up 35% compared to the fourth quarter of 2020, and importantly we have laid a truly exciting and expansive structure in place to further accelerate our global ambitions via the acquisition of SportnCo.", says Richard Brown, CEO of GiG. 

Financial Highlights    

• Revenues* in Q4 2021 were €18.2m (14.1), an increase of 29% YoY, all organic 
• EBITDA was €5.6m (4.1), up 35%, EBITDA margin* increased to 30.7% (29.1%)
• Revenues in Media Services at all-time high of €12.8m (9.0), an increase of 42%, with an all-time-high EBITDA of €5.7m (4.3)   
• Revenues* for Platform Services were €5.3m (4.9), an increase of 8%, with an EBITDA of €0.2m (0.2). Excluding discontinued white-labels, revenues increased 22% 
• Positive EBIT of €1.8m (-0.1), an improvement of €1.9m    
• Positive cash flow from operations of €1.2m (-0.2), an improvement of €1.4m

Operational Highlights          

• Signed a SPA in December to acquire Sportnco Gaming, closing expected in Q1 2022
• Media Services reached a fourth successive all-time high in quarterly revenue and player intake, FTDs ended at 60,600 (33,200), up 82%
• Signed a long-term agreement with an established German operator that will migrate its existing brand to GiG's iGaming Platform
• Signed a long-term platform agreement with Rank Entertainment Holdings to power the worldwide growth for their brand Marina888    
• Two new brands were launched in Q4, and two additional brands development complete at year end

Events after Q4  

• Signed a three year extension to the long-term agreement with Betsson Group, taking the term of the contract to Q4 2025 
• Two new brands live so far in 2022, the remaining integration pipeline are progressing towards their plans 
• January has developed positively, revenues are up 20% YoY

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q4-2021 Interim Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q4 2021 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

Link to the livestream:
https://www.redeye.se/events/832407/live-q-gaming-innovation-group-2

For further information, contact: 
Richard Brown, CEO of GiG, [email protected] +34 661 599 025
Tore Formo, Group CFO, [email protected] +47 916 68 678
Hessi Mocca, Head of IR, [email protected], +46 737039820

This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 15 February 2022.

About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group's vision is 'To be the industry leading platform and media provider delivering world class solutions to our iGaming partners and their customers.  GiG's mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com

Legal disclaimer 
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks. 

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SOURCE Gaming Innovation Group