Gaming Corps (GCOR) Q1 2025 earnings summary

Executive summary

• Achieved record total revenues of 13.4 MSEK in Q1 2025, with net sales of 10.7 MSEK, surpassing the 10 MSEK mark for the first time; net sales grew 45.7% year-over-year and 9.8% sequentially from Q4 2024.

• Operating loss improved to -5.0 MSEK from -6.1 MSEK year-over-year, but net loss widened to -10.9 MSEK due to negative currency effects on intercompany receivables.

• Focused on long-term growth by reducing game releases in 2024, but released four new games in Q1 2025 and plans to accelerate launches throughout the year.

• Expanded market presence, now live on over 1,640 online casinos across 50+ markets, with 58 employees and a strengthened commercial team.

Financial highlights

• Total revenues: 13.4 MSEK (Q1 2025) vs. 7.4 MSEK (Q1 2024); net sales: 10.7 MSEK vs. 7.3 MSEK.

• EBITDA: -4.4 MSEK (Q1 2025) vs. -2.3 MSEK (Q1 2024); operating result: -5.0 MSEK vs. -6.1 MSEK.

• Net result: -10.9 MSEK (Q1 2025) vs. -3.1 MSEK (Q1 2024); EPS: -0.09 SEK vs. -0.04 SEK.

• Cash flow from operations: -4.7 MSEK; period-end cash: 17.8 MSEK, up from 2.1 MSEK year-over-year.

• Equity ratio: 62.1% at period end.

Outlook and guidance

• Targeting profitability during 2025, supported by strong revenue growth and increased pace of game launches.

• Ongoing development of a seventh game engine blending RNG and live elements, with launches and marketing planned for 2025.