Gaming Corps (GCOR) Q4 2025 earnings summary

Executive summary

• Net sales grew by over 55% year-over-year, reaching 15.1 MSEK for the period, marking the strongest year to date.

• Operating profit improved by 1 MSEK (11%) to -8.7 MSEK, but profitability was not achieved due to increased costs and delayed revenue share from new agreements.

• Workforce expanded by more than 55% to support new agreements and product development, ending the year with 81 employees.

• Entered a significant agreement with Denwena/DEGEN Studios and expanded RGS agreements, positioning for long-term growth.

• Launched in Ontario, Canada, with BetMGM and rolled out games in several new markets.

Financial highlights

• Total revenue for Q4 2025 was 20.2 MSEK, up from 10.4 MSEK in Q4 2024; full-year revenue reached 60.2 MSEK, up from 36.2 MSEK.

• Net sales for Q4 2025 were 15.1 MSEK, compared to 9.7 MSEK in Q4 2024; full-year net sales were 48.7 MSEK, up from 35.4 MSEK.

• EBITDA for Q4 2025 was -5.6 MSEK, an improvement from -9.3 MSEK in Q4 2024; full-year EBITDA was -25.5 MSEK, compared to -23.3 MSEK in 2024.

• Net loss for Q4 2025 was -12.6 MSEK, compared to -8.6 MSEK in Q4 2024; full-year net loss was -40.6 MSEK, compared to -23.7 MSEK in 2024.

• Earnings per share before dilution for the year was -0.29 SEK, compared to -0.32 SEK in 2024.

Outlook and guidance

• Investments in workforce and product development are expected to drive sustainable long-term growth.

• Revenue share from new agreements is anticipated to become a more significant contributor to profitability as collaborations mature.

• Strong expectations for growth in the Ontario market and further international expansion.