GiG Software (GIG) Q3 2024 earnings summary

Executive summary

• Achieved first quarterly results as a standalone listed business on Nasdaq First North Premier Growth Market in Stockholm, enhancing global reach and autonomy.

• Underlying revenue grew 26% year-over-year to €7.3m in Q3 2024, excluding one-off items and client exits.

• Launched new products, including SweepX targeting the US sweepstakes market, and signed multiple new contracts, such as with Betsson, Primero, and Bloomberry Resorts.

• Significant pipeline of over €60 million in commercial opportunities, with more than half at advanced or signed stage.

• Strategic priorities include technology enhancement, operational efficiency, market expansion, and new business growth.

Financial highlights

• Q3 2024 revenue was €7.4m, down 21% year-over-year due to one-off 2023 items; underlying revenue up from €5.7m to €7.3m.

• Adjusted EBITDA loss of €1.1m in Q3 2024 (Q3 2023: €3.1m profit), margin -14.8%.

• EBIT loss of €60.5m in Q3 2024, including a €50.8m impairment charge on intangible assets.

• Cash and cash equivalents at €10m as of 30 September 2024; received €10m capital contribution in September.

• All but one bank loan repaid during the quarter; remaining loan at €0.5m.

Outlook and guidance

• Reiterated 2025 guidance: at least €44m revenue and at least €10m EBITDA; 2024 revenue expected at €30–33m with adjusted EBITDA loss of €2.5–3.5m.

• Over 80% of 2025 revenue already contracted, supporting strong visibility.

• Company expects to be cash-generative by Q2/Q3 2025.

• Focus on expanding into regulated and emerging markets, leveraging new product launches and enhanced technology.