GiG Software Plc (First North: GiG SDB) has released its financial results for the fourth quarter and full year of 2024, highlighting significant revenue growth despite recording net losses. The company saw underlying revenue rise by 44% year-over-year in Q4 2024, driven by key customer launches and new commercial agreements.
Revenue Growth and Key Developments
GiG generated €8.8 million in revenue for Q4 2024, reflecting a 19% increase from the previous quarter. However, compared to Q4 2023, revenue slightly declined from €9.1 million. The company signed seven new commercial agreements, including a renewed partnership with Betsson, and expanded its market presence with new launches, including The Pools in the UK.
CEO Richard Carter expressed optimism about GiG’s growth trajectory, stating, “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.”
The company’s pipeline continues to expand, reaching an annual contract value of €75 million as of December 31, 2024. Of this, €16 million has already been secured through long-term contracts. Looking ahead, GiG is gearing up for further expansion, with launches of Betzone and Primero in January 2025.
Despite revenue growth, GiG reported a net loss of €6 million for Q4 2024, an increase from the €3.9 million loss in Q4 2023. Adjusted EBITDA fell to €0.1 million from €1.1 million in the same period last year. The company ended 2024 with a cash balance of €6.3 million.
Below is a breakdown of GiG’s financial performance for Q4 2024 and the full year:
Q4 2024 Financial Breakdown
| Metric | Q4 2024 (€m) | Q4 2023 (€m) | FY 2024 (€m) | FY 2023 (€m) |
|---|---|---|---|---|
| Revenue | 8.8 | 9.1 | 31.8 | 37.8* |
| Adjusted EBITDA | 0.1 | 1.1 | (3.0) | 11.1 |
| EBITDA | (0.4) | 0.7 | (7.2) | 20.0*** |
| Adjusted EBITDA Margin | 1% | 12% | -9% | 29% |
| EBIT (Operating Loss) | (6.1) | (3.8) | (28.0) | 4.8*** |
| (Loss)/Profit After Tax | (6.0) | (3.9) | (80.2) | 4.6 |
| Cash & Cash Equivalents | 6.3 | 10.6 | 6.3 | 10.6 |
* 2023 revenue includes a €7.8m one-off from the GiG Enterprise Solution sale (2024: €1.3m).
** Adjusted for share-based payments, spin-off costs, and one-time asset impairments.
*** 2023 EBITDA/EBIT includes a €10.4m reversal of contingent consideration from the 2022 SportnCo acquisition.
While financial losses remain a challenge, GiG’s strategic initiatives and strong revenue growth position the company for a promising 2025. With new launches and expanded partnerships, GiG aims to enhance its market footprint and drive further revenue gains in the coming year.
The post GiG Software Reports Strong Revenue Growth Despite Operating Losses in 2024 appeared first on iGaming.org.