GiG Software Q3 Revenue Falls 12% As 888AFRICA Deal Completes
GiG Software posted third-quarter revenue of €8.5 million, down 12% from the year earlier, as client exits outweighed a 12% fall in operating costs and the company completed its purchase of a majority stake in 888AFRICA.
The B2B iGaming platform provider published its Q3 2026 results on October 28, 2026. Adjusted EBITDA was €0.8 million against €1.2 million in Q3 2025, a margin of 9% compared with 12%.
The company reported an operating loss of €4.3 million, wider than the €3.5 million loss a year earlier.
GiG supplies sportsbook, online casino and player-account technology to operators.
We covered the acquisition when it was announced in our 888Africa deal report.
Revenue And Costs
GiG attributed the revenue decline mainly to client exits, including the insolvency of Richmond Atlantic, and to lower set-up fees, which had an impact of €0.3 million.
Recurring revenue held steady at €7.1 million against €7.0 million.
Operating expenses excluding exceptional items and share-based payments fell to €7.0 million from €8.0 million.
Personnel costs dropped to €4.6 million from €5.6 million as cost-reduction programmes took effect.
Even so, the cuts were not enough to lift earnings. Loss after tax was €4.5 million, compared with €3.0 million in Q3 2025, and EBITDA before adjustments fell to €0.4 million from €1.1 million.
Nine-Month Position
Over the first nine months of 2026, revenue was €26.3 million against €28.0 million in the same period of 2025.
The operating loss for the nine months was €16.2 million, up from €11.6 million.
Cash and cash equivalents stood at €8.0 million on September 30, 2026, up from €3.5 million at the end of June.
GiG said the increase reflects the consolidation of 888AFRICA following completion of the acquisition.
888AFRICA And The Outlook
GiG completed the acquisition of an 80% stake in 888AFRICA during the quarter. It described the target as a cash-generative, fast-growing African B2C operator and expects it to act as a second growth engine for the group.
The company reiterated its 2026 guidance of combined revenue between €45 million and €48 million and adjusted EBITDA of €5.5 million to €7.0 million.
For 2027, the first full year including 888AFRICA, it expects combined revenue of €85 million to €90 million and adjusted EBITDA of €17 million to €19 million.
Chief executive Richard Carter said in the release that the acquisition strengthened the group's financial position and that GiG was also building momentum in its core business.
Management expects a material increase in combined EBITDA and cash generation as it moves into 2027.
Commercial Activity
GiG signed one new partner and agreed to extend an existing commercial agreement during the quarter. It also delivered three brand launches, all in Alberta and all with existing partners.
Near-term priorities are to keep costs under control, integrate 888AFRICA and deliver the committed launch schedule.
Management presented the results to investors on October 28 through the Investor Meet Company platform.
GiG is listed on First North under the ticker GiG SDB and trades in the US over-the-counter as GIGXF.
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