Gaming Innovation Group (GiG) has underscored its ‘commercial trajectory’ as the Stockholm-listed iGaming technology group returns to being an earnings effective enterprise in 2025.
A trading update informs that Q4 revenues stand at €9.5m (Q42024:€8.8m) and adjusted EBITDA to be in the range of €1.4-1.5m – a marked improvement towards profitability. FY2024 accounts saw GiG book statutory losses of €28m – primarily related to €50m in intangible impairment charges due to the write-down of former acquisitions, assets, and media contracts.
The top-line metrics reflect “solid commercial progress” in 2025 proceedings, in which GiG completed six new platform launches in Q4 and 16 across the full year, finalised by its new partnership with the forthcoming launch of ITV Win.
However, the company confirmed that its first major partner launch in Brazil has been delayed, citing continued regulatory and tax uncertainty in the market. Despite the setback, GiG stated that with “groundwork completed”, the partnership remains on course for future entry into Brazil once conditions stabilise.
Reflecting the delay and wider FX headwinds, GiG has revised its FY2026 guidance to revenue of €44–€48m and adjusted EBITDA of €10–€13m, with an EBITDA margin of at least 20%.
Revisions are made against its former FY2025 guidance of Revenue: €56m–€60m and an Adjusted EBITDA: at least €15m. Despite the recalibration, leadership cites that “90% of projected 2026 revenues are already underpinned by existing commercial agreements”, providing confidence in mid-term outlook.
Standalone credibility
Operationally, GiG has enacted a series of cost-optimisation measures aimed at generating annualised cash savings of €4.5m, with the business expected to turn cash flow positive by the end of H1 2026. These savings are being supported by GiG’s increased use of AI-driven automation, designed both as a growth enabler and a key driver of operational efficiency.
In 2025, GiG re-developed its portfolio of technologies including its AI Assistant, Xsite front-end builder, and advanced migration middleware layer — helping to enhance automation, accelerate delivery, and boost customer engagement.
Richard Carter, CEO of GiG, commented: “During 2025 we achieved strong double-digit year-on-year revenue growth and delivered our first positive adjusted EBITDA — a major step forward for the group.
“We are strategically well positioned for continued growth, supported by a diverse operator mix and a maturing pipeline. Combined with tight cost control, this provides the foundation for sustainable profit growth and underlying cash generation through 2026 and beyond.”
Completing its first-full year as a standalone iGaming technology firm Carter added that 2026 will strengthen prospects guided by GiG’s strong balance sheet and cost controls to allow leadership to continue pursuing strategic investments and M&A opportunities.
GiG will publish its Q4 and FY2025 results on 25 February 2026, providing full-year financials and updated FY2026 guidance.