GiG has performed exceptionally well in Q4 2020 and ended the year with a strong increase in both revenue and EBITDA.
GiG Experiences Strong Q4 Revenue Growth
Full-service iGaming software services provider Gaming Innovation Group (GiG) has ended Q4 2020 with a substantial revenue increase across its operations. The company’s normalized Q4 revenue has increased by 38% year-on-year to €14.2 million ($ 17.25 million).
GiG, which is listed on the Oslo Stock Exchange and on Nasdaq Stockholm, has also reported a dramatic 4,431% leap in EBITDA to €4.1m in the final quarter of the year. For comparison, the company’s EBITDA amounted to €0.1m in Q4 2019.
For the full year, the GiGs normalized revenue was €52.2m, or a 19% increase year-on-year. The company’s annual EBITDA rose by 212% to €10.7m. This strong result is made more surprising by the fact that GiG experienced weakening performance throughout the year before picking up again in the final quarter.
GiG’s Achieves Growth Throughout Business Segments
The operator’s individual divisions have also performed well this past financial quarter. GiG’s media services branch generated €9m annually – a 20% increase year-on-year. The company’s core platform services performed similarly well and ended the year with €4.9m – a 19% increase. The sports betting arm remained stable at €0.2m in revenue.
GiG’s media division, which incorporates the company’s affiliate business, saw by far the strongest annual revenue growth. The division’s revenue hit an all-time high in December, which pushed its annual EBITDA to €4.3m. Around 29% of the total Q4 media division revenue was generated by paid media.
In addition to this, GiG made further progress with its platform services. In Q4, the company signed four additional service deals, including a deal with an undisclosed European media group. Overall, Platform EBITDA rose by 111% to €0.2m. Furthermore, the platform is now certified in a total of 10 regulated markets. An additional seven will be added in the near future.
GiG CEO Richard Brown said he was excited to see that the work put in by the company’s teams has yielded such strong results. According to him, the revenue and EBITDA growth was a testament to what GiG has built up through the year.
Brown said he was looking toward the continued improving results in growth through the second half of the year and beyond. GiG’s share price on the Oslo Stock Exchange is currently down 9.59% to SEK20.75.