Gaming Innovation Group reports Q1 2021

By Gaming Innovation Group2 days ago

OSLO, Norway, May 5, 2021 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports Q1 2021 revenues of 18.3 million and an EBITDA of 4.6 million.

The first quarter of 2021 is a strong start to the year and another positive step forward for Gaming Innovation Group, with strong results driven from the work and strategic initiatives pushed through in the last 12 months. We are happy with the overall progress, and look forward to continuing to grow towards our long term objectives, says Richard Brown, CEO of GiG.

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Financial Highlights

  • Revenues in Q1 2021 were 18.3m (11.2), up 64%, all organic growth
  • Normalised revenues were 15.4m (10.7), an increase of 44%
  • EBITDA in Q1 2021 was 4.6m (0.6), up 674%, normalised EBITDA margin increased to 29.6% (5.5%)
  • Normalised revenues for Platform Services were 5.2m (3.8), an increase of 19% , with a positive quarterly EBITDA of 0.3m (-1.6)
  • Revenues in Media Services at all-time high of 10.0m (8.2) in Q1 2021, an increase of 23%, EBITDA was 4.6m (4.5)
  • EBITDA for Sports Betting Services was -0.4m (-1.7) an improvement of 1.3m, driven by operating expenses reduction of 75%
  • Positive EBIT of 1.3m (-4.7) in Q1 2021, an improvement of 6.0

Operational Highlights

  • Two new agreements were signed for Platform Services in the first quarter, with one new agreement signed so far in the second quarter
  • Completed the development for five new brands, whereof three are live on the platform and the remaining pending the client's decision to launch, expected in Q2 2021
  • Media Services continued its positive development in the quarter, with all-time high revenues and FTDs up 56% YoY, and 31% QoQ
  • Completed the technical infrastructure and data migration project that was started in Q4 2019
  • Awarded ISO 27001:2021 certification for its frontend development solution and content management system

Events after Q1

  • Signed an agreement for the provision of GiG's iGaming platform to power a new online casino for the European market, operating on its own license
  • One brand went live early May, two additional brands are ready to go live, and the remaining integration pipeline stands at 10 brands as of today
  • GiG Media delivered another all-time high in revenues in April, up 10% on Q1 2021 average with another all-time high in FTD's referred
  • April has developed positively and normalised revenues are up 35% compared to the same period last year
  • Initiated refinancing of the SEK 400 million bond that matures in June 2022

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