GiG Software Plc revenue falls, but the company expects turnaround in 2025
The software business has published its first accounts as a separately listed entity.
Sweden.- GiG Software has published its first annual results following its split from Gaming Innovation Group (GiG) in October and listing as a separate entity on the Nasdaq First North in Stockholm. Q4 revenue was down 3 per cent year-on-year at €8.8m, and full-year revenue fell 15 per cent to €37.8m.
However, the company noted that comparable 2023 figures include income from contracts with excluded clients and the former Enterprise unit. “Stripping out these impacts, underlying revenue for the year to December 2024 amounted to €29.2m, representing a 20 per cent year-on-year increase,” it said.
Operating expenses totalled €33m, up from €25m due to the additional investment in software development, marketing and workforce. Full-year adjusted EBITDA was negative €3m, compared to a €11m profit in 2023 due to increased investment and operational costs as well as client exits. An EBIT loss of €28m was mainly attributed to €50m in goodwill and intangible impairment charges related to the write-down of former acquisitions, assets and contracts.
The company highlighted seven new commercial agreements in Q4 2024 totalling €16m in contract value, including the renewal of Betsson AB. It said this would generate a 34 per cent increase in annual recurring revenue (ARR) in full-year 2025.
For 2025, GiG Software has allocated €14m to software development after gaining €10m in compensation from Gentoo Media through its spin-off. It plans to prioritise the expansion of its product suite, including the launch of a social sweepstakes casino platform, SweepX, and enhancements to the CoreX igaming platform, SportX and the LogicX and DataX tools.
As for markets, the company is eyeing the expected opening of Finland’s gambling market by 2027, the newly regulated market in Brazil and the possible launch of regulated online casino gambling in France. The company continues to forecast €44m in revenue for full-year 2025, with adjusted EBITDA of €10m.
CEO Richard Carter commented: “Q4 2024 marked the successful execution of GiG Software’s first quarter as a standalone business, trading on the Nasdaq Swedish First North Premier Growth Market under the ticker ‘GIG SDB’.
“I am delighted with the progress made across the business, including product development, contract renewals, and additional customer deployments. The renewal of our partnership with Betsson, one of our most significant customers, is a testament to the strength of our product offering. I am also pleased that we were able to launch the iconic Pools brand in the UK, leveraging both our market-leading platform and first-class sportsbook.”
Carter added: “Throughout 2025, this will remain a key focus for GiG—alongside cash generation and delivering top-line growth—as we realise our true potential, not only in powering our customers and enabling their success, but also in generating returns for our investors. Q4 2024 was a transformational quarter, both in the growth achieved and the foundations laid for 2025. As I look ahead, I am confident in GiG’s ability to deliver the results and growth we expect.”
