Gaming Corps (GCOR) Q3 2024 earnings summary

Executive summary

• Achieved record quarterly revenue of 9.8 MSEK in Q3 2024, up from 7.9 MSEK year-over-year, with significant EBITDA improvement and reduced costs.

• Strategic focus on cost control and targeted investments, with plans to increase sales and marketing spend in the coming half-year.

• Distribution network expanded to over 1,455 online casinos across 50+ markets.

• Capital raised through a rights issue and a directed share issue, with a major global iGaming group set to become a key shareholder.

• Fewer new game releases led to a temporary decline in player numbers, but frequency of launches will increase going forward.

Financial highlights

• Net revenue for Q3 2024 was 9.8 MSEK, up from 7.9 MSEK in Q3 2023.

• EBITDA improved to -2.3 MSEK from -5.3 MSEK year-over-year.

• Operating loss (EBIT) narrowed to -3.0 MSEK from -4.4 MSEK year-over-year.

• Net loss for the quarter was -3.8 MSEK, compared to -4.6 MSEK in Q3 2023.

• Earnings per share improved to -0.05 SEK from -0.08 SEK year-over-year.

Outlook and guidance

• Anticipates higher costs in coming quarters due to one-time expenses related to capital raising.

• Plans to scale up sales and marketing efforts to drive revenue growth.

• Focus on increasing game release frequency after a strategic pause.

• Confident in financial stability for at least 12 months following recent capital injections.