GiG Software Targets €44M Revenue in 2025 Following Transformational Year
GiG Software Plc has outlined ambitious growth targets for 2025, building on a commercial pipeline valued at €75 million in annualized revenue. The company, now operating as an independent entity after the split of Gaming Innovation Group (GiG) in October 2024, presented its first full-year financial results, highlighting key developments and future plans.
Financial Performance and Market Adjustments
Reporting as a Nasdaq Swedish First North-listed company, GiG Software posted Q4 2024 revenues of €8.8 million, reflecting a 3% decline compared to the same period in 2023. Full-year revenues stood at €31.8 million, down 15% from the previous year. However, when adjusted for contracts with excluded clients and the former Enterprise unit, GiG Software’s underlying revenue for 2024 amounted to €29.2 million, marking a 20% increase year-on-year.
The company’s transition to an independent business resulted in increased investment in software development, marketing, and workforce expansion, pushing operating expenses to €33 million—up from €25 million in 2023.
Contract Renewals and Business Expansion
GiG Software secured €16 million in contract value during Q4 2024 through seven new agreements, including the renewal of a major contract with Betsson AB. This success contributed to a 34% rise in Annual Recurring Revenue (ARR) to €33 million.
“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”, stated CEO Richard Carter.
Additionally, GiG Software launched the Pools brand in the UK, leveraging its proprietary iGaming platform and sportsbook technology.
Strategic Investments and Product Development
Looking ahead, GiG Software has allocated €14 million for software development in 2025, supported by a €10 million capital injection from Gentoo Media. The company plans to expand its product suite with the launch of SweepX, a social sweepstakes casino platform, while enhancing its existing solutions:
- CoreX – GiG’s iGaming platform
- SportX – Sportsbook solution
- LogicX & DataX – AI-powered analytics tools
These innovations aim to strengthen GiG Software’s position in key markets, particularly Finland, Brazil, and France—three regions poised for regulatory shifts that could open significant opportunities in online gambling.
Profitability Outlook for 2025
Despite posting a €3 million adjusted EBITDA loss in 2024, GiG Software expects to turn its financial trajectory around in 2025. The company projects full-year revenues of €44 million and a minimum adjusted EBITDA of €10 million.
For Q1 2025, guidance is set between €8.8 million and €9.2 million in revenue, with adjusted EBITDA ranging from €0.1 million to €0.5 million—reflecting a path toward profitability.
Carter reaffirmed the company’s strategic focus:
“Throughout 2025, this will remain a key focus for GiG—alongside cash generation and delivering top-line growth—as we realize our true potential, not only in powering our customers and enabling their success but also in generating returns for our investors.”