(PRESS RELEASE) -- Gaming Innovation Group Inc. (GiG) reports €39.9 million in revenues in Q4 2018 and an EBITDA of €5.0 million.
One-off items adversely impacted EBITDA by €1.8 million in Q4 2018. Excluding one-off costs, EBITDA was €6.9 million in Q4 and €18.9 million for the full year 2018.
“In Q4, we matched our previous all-time-high in revenues and for the full year 2018, we grew revenues and EBITDA with nearly 30% over 2017. After investing around €16 million into tech and product development in 2018, we have now closed the circle and are offering products and services across all major verticals in the iGaming value chain. We have started our expansion into regulated markets with big brand partners, and we have launched our online and retail sports betting platform in the USA. I am really proud of what we have achieved and are looking forward to 2019," says Robin Reed, CEO of GiG.
Operating revenues for Q4 2018 were €39.9 million (39.9) in line with Q4 2017 and a 7% Q-on-Q increase. Full year 2018 revenues were €151.4 million (120.4), an increase of 26% over 2017.
EBITDA in Q4 2018 was €5.0 million (7.9), a decrease of 36% from Q4 2017. Full year 2018 EBITDA was €16.1 million , an increase of 28% over 2017.
EBITDA in Q4 2018, excluding one-off costs, was €6.9 million and €18.9 million for the full year 2018.
B2B revenues in Q4 2018 were €16.4 million (18.0), a decrease of 9% from Q4 2017.
Revenues for the Media vertical reached an all-time-high in Q4 2018 of €8.7 million (8.5).
B2C revenues in Q4 2018 reached an all-time-high of €25.8 million (25.4), +2% from Q4 2017 with an EBITDA of €0.7 million (-2.1), €1.7 million adjusted for one-off costs.
Restructuring in the B2C segment impacted EBIT in Q4 2018 with a non-cash impairment of €13.7 million.
A further decrease in the number of employees in Q4 2018 resulted in an 8% decrease in other operating expenses quarter-on-quarter (adjusted for one-offs)
Omni-channel Sportsbook solution agreement with Hard Rock Intl., live in January 2019
Two in-house developed games launched during Q4 2018
Two new brands were signed to platform services in Q4 2018 and one new brand signed GiG Comply after the quarter
Awarded two licenses in the newly regulated Swedish market and Spanish license pending
New Board of Directors elected and a reversed stock split of 10:1 effective from 21 December 2018
Applied for listing at NASDAQ Stockholm (main list) - planned for March 2019.