GiG Software Reports Mixed Q4 2024 Results, Eyes Expansion in North America
While revenue saw quarter-over-quarter growth, GiG reported a decline in year-over-year earnings and a net operating loss. However, the company remains optimistic about expansion in North America and the launch of new products to drive future revenue.
Q4 2024 Financial Performance
GiG reported €8.8 million in revenue for Q4 2024, an increase from €7.4 million in Q3 2024, reflecting a 19% quarterly growth rate. However, this figure was still lower than the €9.1 million recorded in Q4 2023. The company’s adjusted EBITDA came in at €0.1 million, a sharp drop from €1.1 million in the same quarter of the previous year.
Despite these setbacks, annual recurring revenue (ARR) grew 34% year-over-year, reaching €33.4 million as of January 1, 2025. Additionally, core revenue (excluding customer exits and enterprise deals) increased 44% year-over-year, signaling stronger performance in GiG’s core business operations.
The company reported an operating loss of €6.1 million, widening from a €3.8 million loss in Q4 2023. While losses have increased, GiG remains focused on long-term growth and new market entries.
Key Business Developments in Q4 2024
GiG signed seven new commercial agreements during the quarter, including a renewed contract with Betsson and six additional clients. The company also launched The Pools in the UK, a well-established sports betting brand that now operates on GiG’s platform and sportsbook technology.
The total contract pipeline reached €75 million by the end of 2024, with €16 million already locked in through long-term agreements. This pipeline reflects strong demand for GiG’s gaming solutions heading into 2025.
Growth Strategy for 2025 and Beyond
GiG expects significant growth opportunities in North America, where the company estimates the iGaming market to be worth €31 billion. To capitalize on this, GiG has expanded its U.S. presence, operating an office in Woodbury, New York.
One of the company’s most strategic moves was the launch of Primero, its entry into the social casino and sweepstakes gaming sector. This fast-growing industry, particularly in the U.S., presents a major revenue opportunity for GiG as regulatory uncertainty continues to slow down real-money online casino expansion in several states.
Additionally, GiG is preparing to roll out next-generation products under the X Suite brand, which aims to enhance player experience and operator efficiency.
2025 Financial Outlook
GiG has set a 2025 revenue target of at least €44 million, with adjusted EBITDA expected to reach at least €10 million. For Q1 2025, the company anticipates revenue in the range of €8.8 million to €9.2 million, with adjusted EBITDA between €0.1 million and €0.5 million.
GiG expects reduced revenue losses from customer exits and plans to focus on expanding into new markets and increasing cross-selling opportunities.
Reflecting on the company’s performance and strategy, GiG CEO Richard Carter stated: “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.”
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