B2B iGaming Technology Firm Streamlines Cost Base, Exits Select Markets, and Targets Combined FY 2026 Revenue of €44–€48 Million
GiG Software Plc has released its financial and operational results for Q2 and first half of 2026, highlighting significant corporate restructuring, ongoing cost reduction initiatives, and the final stages of a major acquisition aimed at reshaping the business.
Financial Performance and Cost Restructuring
For Q2 2026, GiG reported revenue of €8.8 million, representing a 5% year-on-year decrease compared to €9.3 million in Q2 2025, primarily impacted by the insolvency of Richmond Atlantic and lower non-recurring revenue. Adjusted EBITDA for the quarter stood at €0.8 million at a 9% margin, while the operating loss widened to €6.9 million, heavily influenced by one-off bad debt provisions totaling €3 million. For the first half of the year, total revenue reached €17.8 million alongside an adjusted EBITDA of €1.0 million. Cash and cash equivalents stood at €3.5 million as of June 30, 2026.
To counter margin pressures and right-size operations, GiG successfully delivered its previously announced €4.5 million annualised cost savings programme in full. Furthermore, the company initiated an additional €6.0 million in annualised savings in June, driven by the closure of its white-label business and strategic exits from the US and Philippines markets.
Transformational Acquisition of 888AFRICA
In a landmark strategic move, GiG is in the final stages of acquiring an 80% majority stake in 888AFRICA from Evoke for a proposed consideration of €16.4 million. The acquisition will be funded through a mix of equity and convertible debt with existing shareholders, pending final approvals and contract signature.
888AFRICA operates as a cash-generative, profitable, and fast-growing B2B/B2C player holding a market-leading position in Mozambique, alongside active operations in Angola and Tanzania. Pending completion, GiG anticipates a combined FY 2026 revenue of €44–€48 million and an adjusted EBITDA of €5–7 million, assuming a full contribution from 888AFRICA for the fourth quarter. The combined group is expected to become cash-flow positive on a quarterly basis post-integration.
Operational Milestones and Market Expansion
During the second quarter, GiG achieved nine new brand launches across key international territories, including a prominent day-one launch in the newly regulated Alberta market supported by three new operator signings. The company also secured four contract renewals during the period.
Commenting on the results and strategic direction, GiG CEO Richard Carter stated:
“I am pleased to update shareholders on the decisive action we have taken this year to reshape GiG into a leaner, more focused business, alongside our proposed transformational acquisition. We have now delivered the €4.5 million annualised cost savings programme announced in January in full, and in June initiated a further €6.0 million of annualised savings primarily through the closure of our white label business and our exiting the US and Philippines markets. Together, these actions substantially right-size the Group’s cost base and keep us on track to be cash generative by the end of the financial year. I am confident that the actions we have taken this year leave GiG structurally stronger, more focused and better positioned to deliver long-term value.”
