GiG Software, a leading business-to-business provider of iGaming technology, has posted its report for Q4 and FY 2024. The report highlighted mixed results in the wake of GiG’s historic business split into GiG Software and Gentoo Media.
GiG Software Reports Suboptimal Q4 Results
For the fourth quarter of the year, GiG Software reported underlying revenue growth of 44% year-on-year to EUR 8.6 million ($8.95 million), excluding client exits and enterprise revenue.
In terms of revenue, the company reported EUR 8.8 million ($9.2 million) for the quarter. This figure was significantly stronger compared to Q3 but failed to surpass the EUR 9.1 million reported in Q4 2023.
Adjusted EBITDA for the quarter, on the other hand, declined to EUR 0.1 million ($0.1 million), down from EUR 1.1 million in the prior-year period.
Operating loss stood at EUR 6.1 million ($6.35 million), compared to a loss of EUR 3.8 million in Q4 2024.
The FY 2024 Results Were Also Mixed
As for GIG Software’s full-year results, the company posted revenue of EUR 31.8 million ($33.1 million), down from EUR 37.8 million in 2023.
The company also reported an Adjusted EBITDA loss of EUR 3 million ($3.1 million), compared to a profit of EUR 11.1 million in Q4 2023. EBITDA margin for the final quarter of 2024 stood at -9%.
Operating loss stood at EUR 28 million ($29.1 million), compared to a profit of EUR 4.8 million in 2023.
In addition to that, GIG Software reported annualized contractually secured revenue from customers of EUR 33.4 million ($34.8 million), up 34% year-on-year.
The company concluded 2024 with EUR 6.3 million ($6.6 million) in cash and cash equivalents.
GiG Reported Noteworthy Launches with Valuable Partners
In the fourth quarter of the year, GiG Software delivered key customer launches with noteworthy partners, such as The Pools in the UK. The company reported seven commercial agreements, which included six new deals and a new signing with Betsson.
GIG Software continued to bolster its pipeline, reaching a total annual contract value size of EUR 75 million ($78.05 million) as of December 31. Of this, EUR 16 million ($16.7 million) was already signed on long-term contracts.
Shortly after the end of Q4, GIG Software also delivered launches with Betzone and Primero.
CEO Carter Optimistic Despite the Setbacks
Richard Carter, GiG Software’s chief executive officer, commented on the matter, calling Q4 2024 a transformational quarter for the company. Despite the mixed results in the aftermath of the company’s split from Gentoo Media, he remained optimistic about GIG Software’s long-term success.
Q4 2024 marked a transformational quarter both in the growth delivered and the foundations laid for 2025, and I am confident as I look to 2025 and beyond of GiG’s ability to deliver the desired results and growth accordingly.
Richard Carter, CEO, GiG Software
Gentoo Media Also Posted Its Report
Several days ago, Gentoo Media, formerly GiG Media, likewise published its Q4 financials. Unlike GiG Software, Gentoo Media ended 2024 on a positive note. According to its report, revenues grew for the 16th quarter in a row.
According to Gentoo’s leadership, the results demonstrated the strength of the company’s strategy and its commitment to delivering long-term value to our shareholders.