GiG Software Plc reports 2025 revenue growth and positive EBITDA

GiG Software Plc has reported robust financial results for the fourth quarter and full year ended 31 December 2025, marking a significant milestone in its development as an independent listed B2B iGaming technology provider. The company delivered revenue growth, improved profitability metrics and strengthened cash reserves while continuing to expand its commercial footprint across regulated markets.

The 2025 financial year represents GiG’s first full year operating as a standalone publicly listed entity. Management characterised the period as one of strategic consolidation and operational progress, underpinned by disciplined cost control and sustained investment in proprietary technology.

Financial performance in the fourth quarter

In the fourth quarter of 2025, GiG Software generated revenue of €9.5 million. This reflects an 8 percent increase compared to €8.8 million in the corresponding period of 2024. The improvement was driven primarily by continued platform launches, increased client activity and recurring revenue streams from existing partnerships.

Adjusted EBITDA for the quarter rose to €1.5 million, compared to €0.1 million in Q4 2024. The adjusted EBITDA margin improved to 15 percent, demonstrating operational leverage as revenue scaled without a proportional increase in the cost base.

The company also reported a positive net cash inflow of €5.2 million in Q4 2025, a substantial turnaround from the €3.6 million net cash outflow recorded in the same quarter of the previous year. This shift indicates improved working capital management and stronger underlying cash generation.

Full year 2025 results show structural improvement

For the full year ended 31 December 2025, revenue reached €37.6 million, representing an 18 percent increase compared to €31.8 million in 2024. This double digit growth reflects both organic expansion and the onboarding of new commercial agreements.

Adjusted EBITDA for the year amounted to €4.3 million. This marks a decisive improvement from a €3.0 million adjusted EBITDA loss in 2024 and constitutes the company’s first full year of positive adjusted EBITDA as a standalone listed entity.

Operating loss was reduced to €15.2 million compared to €28.2 million in the previous year. While the company remains in an accounting loss position at operating level, the narrowing of losses signals enhanced cost discipline and improved scalability.

Cash and cash equivalents stood at €9.9 million at the end of 2025, up from €6.4 million at the end of 2024. The strengthened liquidity position provides additional financial flexibility to support growth initiatives and product development.

Richard Carter, Chief Executive Officer of GiG Software Plc, commented:

“2025 marked GiG’s first full year as an independent, listed company in which we delivered strong growth and ongoing strategic progress.

Revenue increased by 18% to €37.6 million, with adjusted EBITDA improving by €7.3 million to deliver our first year of positive adjusted EBITDA of €4.3 million.”

He added:

“We enter 2026 with strong momentum and expect to deliver sustained revenue and adjusted EBITDA growth through accelerated customer additions and continued operational discipline.”

Commercial expansion and platform launches

Commercial execution remained a central focus throughout 2025. GiG completed six platform launches in the fourth quarter alone, bringing the total number of launches for the year to 16. These launches are central to the company’s B2B strategy, which relies on long term recurring revenues generated through its platform and sportsbook solutions.

During Q4 2025, the company signed five new commercial agreements. This activity supports a growing pipeline of future launches and reinforces the recurring nature of its business model.

Among the notable developments was the launch of ITV Win in partnership with ITV Studios and Richmond Atlantic. The collaboration represents a significant entry into the United Kingdom market, one of Europe’s most established and competitive regulated iGaming jurisdictions.

In February 2026, GiG also announced a platform and sportsbook migration agreement with Jupiter Gaming. The agreement further strengthens GiG’s presence in regulated European markets and reflects confidence in its proprietary technology stack.

These agreements form part of a broader commercial strategy focused on regulated markets, long term partnerships and scalable platform architecture.

Investment in product innovation and AI

Alongside commercial expansion, GiG continued to invest in product innovation, particularly in artificial intelligence and automation technologies designed to enhance both revenue generation and internal efficiency.

Carter stated:

“To support this, we are leveraging AI across the business, both as a revenue driver and also as an enabler of delivering ongoing efficiency gains.

On the revenue side, our continued focus on innovation, including our AI Assistant, a new front-end builder Xsite and our advanced migration middleware layer, continues to expand our product capabilities, opening new opportunities for client growth and engagement, as showcased at ICE in January.”

The reference to ICE relates to the industry exhibition event held annually in London, widely recognised as a major gathering for global gaming technology stakeholders.

Carter continued:

“These technologies are transforming our internal operations, enabling greater automation, optimised delivery workflows and enhanced developer productivity through AI-assisted coding and deployment, in addition to materially reducing our operational cost base.”

The company’s strategic emphasis on AI reflects broader industry trends, where automation and data analytics are increasingly integrated into platform management, customer engagement and compliance functions.

Cost optimisation programme supports margin expansion

A structured cost optimisation programme played a material role in improving GiG’s profitability profile. Management expects approximately €4.5 million in annualised cost savings from ongoing efficiency initiatives.

Carter explained:

“Building on the cost optimisation programme we outlined previously, we are already seeing those actions flow through clearly in our numbers, with this leaner operating model supporting growth without a corresponding increase in our cost base.”

He added:

“Our disciplined approach to managing the cost base, including resourcing, technology and third-party costs, underpins the improvement in adjusted EBITDA and provides a strong foundation for further margin expansion as revenues scale across the medium term.”

The programme focuses on streamlining operational processes, optimising vendor contracts and aligning staffing levels with commercial priorities. Management has indicated that cost control will remain a core principle as revenue continues to scale.

Outlook for 2026 and forward guidance

GiG reaffirmed its financial guidance for 2026. The company expects revenue to range between €44 million and €48 million. Adjusted EBITDA is projected to fall between €10 million and €13 million.

If achieved, this would imply an EBITDA margin of at least 20 percent. Such an outcome would represent a further step change in profitability and demonstrate enhanced scalability of the underlying platform model.

Carter stated:

“As a result of these actions, GiG remains on track to be underlying cash flow positive by the end of H1 2026, with the associated changes expected to deliver annualised cash savings of approximately €4.5 million.”

He also emphasised the company’s commercial pipeline:

“We closed the year on a high note as we completed six new launches in Q4 2025, bringing the total for 2025 to 16.

The business also delivered 8% quarter-on-quarter revenue growth and an EBITDA margin of 15%, underscoring strong cost management without compromising profitability.”

Management expects that continued product innovation, client acquisitions and strategic partnerships will drive further growth in 2026 and beyond.

Strategic positioning in a regulated market environment

GiG operates within a highly regulated and competitive industry environment. The company’s focus on compliance ready technology, modular platform architecture and regulated market entry positions it to address evolving regulatory requirements across Europe and other jurisdictions.

By prioritising recurring revenue contracts and long term partnerships, GiG seeks to mitigate volatility and enhance earnings visibility. The emphasis on cost discipline and technology enabled efficiency aligns with investor expectations for sustainable margin expansion.

While forward looking statements remain subject to market conditions and regulatory developments, the company’s 2025 results demonstrate tangible progress toward operational stability and scalable profitability.

Conclusion

GiG Software Plc’s 2025 financial performance marks a notable inflection point in its evolution as an independent listed B2B iGaming technology provider. The company delivered double digit revenue growth, achieved its first full year of positive adjusted EBITDA and materially strengthened its cash position.

Equally significant is the structural improvement underlying these results. Through disciplined cost management, targeted commercial expansion and sustained investment in AI driven innovation, GiG has established a more resilient and scalable operating model. The successful completion of 16 platform launches in 2025 and the signing of new commercial agreements underscore the depth of its pipeline and the growing demand for its technology solutions.

Looking ahead, management’s guidance for 2026 indicates confidence in continued revenue growth, margin expansion and the transition to positive cash flow generation. While the broader iGaming sector remains dynamic and competitive, GiG’s strategic focus on regulated markets, operational efficiency and product innovation provides a structured foundation for sustainable long term growth.

If the company delivers on its stated objectives, 2026 may represent the next stage in its progression from recovery to sustained profitability and enhanced shareholder value.

FAQs

What were GiG Software Plc’s total revenues in 2025?
GiG Software Plc reported total revenue of €37.6 million for the full year ended 31 December 2025.

Did GiG achieve positive adjusted EBITDA in 2025?
Yes, 2025 marked the company’s first full year of positive adjusted EBITDA, which reached €4.3 million.

How did GiG perform in the fourth quarter of 2025?
In Q4 2025, GiG generated €9.5 million in revenue and €1.5 million in adjusted EBITDA with a 15 percent margin.

How many platform launches did GiG complete in 2025?
The company completed 16 platform launches during the year including six in the fourth quarter.

What is GiG’s revenue guidance for 2026?
GiG expects revenue between €44 million and €48 million in 2026.

What adjusted EBITDA does GiG forecast for 2026?
The company projects adjusted EBITDA in the range of €10 million to €13 million.

How much cash did GiG hold at the end of 2025?
Cash and cash equivalents stood at €9.9 million as of 31 December 2025.

What role does AI play in GiG’s strategy?
AI is used to enhance product capabilities improve operational efficiency and support revenue growth initiatives.

Has GiG implemented cost saving measures?
Yes, the company expects approximately €4.5 million in annualised savings from its cost optimisation programme.

When does GiG expect to become cash flow positive?
Management has stated that GiG remains on track to become underlying cash flow positive by the end of the first half of 2026.