Gaming Innovation Group’s Exciting Q4 Leap: Witnessing an impressive 37% surge in revenue, reaching a cool €35.6 million in Q4 2023, the company’s growth was predominantly fueled by its dynamic GiG Media division. 🌟
GiG Media’s Stellar Performance: Here’s the scoop – GiG Media’s revenue shot up by 49% to €26.5 million! This jump is thanks to a 19% increase in first time depositors (FTDs), hitting a whopping 137,600. 📈
Platform and Sportsbook’s Solid Growth: Not to be outdone, the Platform and Sportsbook division also had a fantastic run, with a 19% revenue boost to €9.1 million. This was thanks to the launch of two new brands on the platform during Q4. 🏆
Petter Nylander’s Vision: GiG chairman, Petter Nylander, shared his enthusiasm: “We’re engaging in advanced discussions with key partners, and our expanding sales pipeline across platform and sports verticals is a testament to our effective strategy and ambitious long-term goals. We’re laser-focused on growth, operational improvements, and scalability, particularly for Platform and Sportsbook, as we march into 2024.” 🎙️
Exciting Times Ahead: Looking forward, GiG remains committed to its strategic goals, including splitting the company into two entities, GiG Media and Platform & Sportsbook. This strategy aims to unlock new growth avenues and maximize shareholder value. 🌐
Q4 and Full Year 2023 Results Overview: 📊
| Aspect | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Revenue | €26.5m | €17.8m | €89.1m | €61.7m |
| Marketing Expenses | (€8.5m) | (€5.7m) | (€26.8m) | (€18.2m) |
| Other Operating Expenses | (€6.4m) | (€3.2m) | (€22.1m) | (€14.0m) |
| Adjusted EBITDA | €11.5m | €8.9m | €40.2m | €29.6m |
| Depreciation and Amortisation | (€0.9m) | (€0.8m) | (€6.3m) | (€3.5m) |
| EBIT | €8.5m | €7.0m | €28.7m | €21.5m |
Adjusted EBITDA Highlights: For Q4, the adjusted EBITDA rose to €12.6 million, up from €10.8 million a year ago. This was partly offset by a 47% hike in marketing expenses and a 60% rise in operating expenses. 💡
GiG Media’s Major Contribution: A significant portion of Q4’s AEBITDA, at €11.5 million, was contributed by GiG Media. 🌟
Financial Snapshot: After considering financial expenses (€4.5 million) and tax expenses (€1.8 million), GiG recorded a Q4 loss of €4.0 million, a shift from last year’s €0.1 million profit.
Full-Year 2023 Revenue: The year 2023 saw a revenue leap to €126.9 million, marking a 41% year-on-year increase, with 21% of this being organic growth. 💼
EBIT for 2023: EBIT hit €33.4 million, jumping 184% with an EBIT margin of 26.3%. Profits soared to €15.1 million from €3.1 million in 2022. 📊
Financial Standing as of December 31: The company boasted cash and cash equivalents of €15.5 million, a significant rise from €6.2 million the previous year. 💰
Stock Market Reaction: Following this announcement, shares in Gaming Innovation Group Inc (OSL:GIG) dipped 6.02% to NOK29.65 per share in Oslo. 📉
