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A standalone GiG Software Plc aims to drive growth from a commercial pipeline of €75m in annualised value as of the beginning of 2025.
The statement marks GiG Software’s publication of its Q4 and FY2024 accounts, concluding a transformative year for the business following the split of Gaming Innovation Group (GiG) media and tech businesses as of October 2024.
Posting its first accounts as a Nasdaq Swedish First North venture, GiG Software reported Q4 revenues of €8.8m, down 3% from €9.1m in Q4 2023. Headline revenues for the full year totalled €31.8m, reflecting a 15% decline compared to the FY2023 result of €37.8m.
Revenue comparisons are matched against 2023 metrics, which include income generated from contracts with ‘excluded clients’ and the former Enterprise unit. As cited: “Stripping out these impacts, underlying revenue for the year to December 2024 amounted to €29.2m (31 December 2023: €23m), representing a 20% year-on-year increase.”
In line with the transition to GiG Software, the group’s accounts recorded operating expenses of €33m(FY2023: €25m), reflecting additional investment in software development, marketing, and an expanding headcount.
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’.”
As a stand-alone enterprise, GiG Software secured €16m in contract value from seven new commercial agreements in Q4 2024, including the key renewal of Betsson AB and six new customers, benefiting its business in FY2025 with a 34% increase in Annual Recurring Revenue (ARR) to €33..m.
“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.”
Q4 Adjusted EBITDA stood at €100,000, reflecting one-off costs related to the spin-off and share-based compensation rewards. For the full year, Adjusted EBITDA was reported as a €3m loss, compared to a €11m profit in 2023, reflecting increased investment, operational costs, and client exits.
Closing its FY2024 accounts, GiG Software reported an EBIT (operating loss) of €28m, primarily attributed to €50m in goodwill and intangible impairment charges, which related to the write-down of former acquisitions, assets, and contracts.
Looking ahead to 2025, GiG Software has allocated €14m for software development, securing a €10m capital in compensation from Gentoo Media as part of the spin-off.
Software development efforts will prioritise the expansion of GiG’s product suite, including the launch of SweepX, a social sweepstakes casino platform, alongside enhancements to CoreX (iGaming platform), SportX (sportsbook), and AI-driven suite of LogicX and DataX tools.
Upgrades will help GiG Software’s new leadership target growth opportunities in three key markets: Finland, which sees a potential shift to a multi-licensing system by 2027. Brazil, and its transition from to a regulated online gambling market in 2025 and France, where forthcoming legislative changes may pave the way for a regulated online casino market.
As stands GiG Software maintains its full-year 2025 guidance, projecting €44m in revenue and an adjusted EBITDA of at least €10m. For Q1 2025, GiG expects revenue between €8.8m to €9.2m. Adjusted EBITDA set at a range of €0.1m-to-€0.5m, reflecting steady growth and financial stability.
CEO Carter concluded: “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.”
