GiG Begins 2025 with Growth, New Markets and Renewed Efficiency Focus
GiG Software has opened 2025 with improved financial performance, new partnerships and a sharpened strategic focus. The company reported a 10% year-over-year revenue increase in Q1 2025 and expects continued progress throughout the year, supported by new market entries and technical streamlining.
Revenue Rises as EBITDA Turns Positive
GiG Software Plc generated €9.1 million in revenue in Q1 2025, up from €8.3 million in the same period last year. Adjusted EBITDA turned positive at €0.3 million, a notable swing from the €0.9 million loss recorded in Q1 2024. This performance resulted in an adjusted EBITDA margin of 4%, compared to a negative margin of 10% a year earlier.
Operating expenses were controlled at €8.4 million, essentially flat year-over-year, while the net loss after tax was reduced to €4.6 million from €6.6 million. The company also reported a cash balance of €4.9 million at the end of March.
Four Brand Launches and Nine New Agreements
Operational highlights for the quarter included the launch of four new brands – Betzone (UK), Primero (Sweepstakes), and Powerplay (Ontario) – as well as nine signed commercial agreements. This included the renewal and expansion of a long-term partnership with Casino Gran Madrid, a key customer in GiG’s portfolio.
The company’s presence at ICE Barcelona also contributed to pipeline growth, with over 1,000 unique visitors, 190 product demonstrations, and more than 100 sales meetings. Two commercial agreements were signed shortly after the event, originating from on-site discussions.
Strategic Focus on Product Evolution and Market Expansion
GiG’s product suite, which includes the CoreX iGaming platform, SportX sportsbook, and AI-powered LogicX and DataX, continues to evolve. The company recently launched SweepX, its social sweepstakes platform, marking its first entry into this rapidly growing vertical. Primero was the first customer to go live on this product.
The migration of clients from the legacy Alira platform to CoreX is also underway, with the goal of reducing system duplication and operational costs. GiG expects these changes to begin generating material cost savings and revenue gains in 2026.
Market Development and Forward Guidance
Looking ahead, GiG is targeting growth in both regulated and emerging markets, including the Philippines and France. In the Philippines, updated PAGCOR regulations are creating new online opportunities, while in France, discussions around expanding online casino licensing could lead to market access for additional operators.
Following a strong start to the year, GiG reaffirmed its full-year 2025 guidance. The company expects to reach €44 million in revenue and achieve an adjusted EBITDA of at least €10 million. For Q2 alone, it forecasts revenue between €9.1 and €9.5 million and adjusted EBITDA in the €0.8 to €1.1 million range.