Sunday, October 2, 2022

NeoGames reports 21 1m in Q2 revenue

NeoGames has published its second quarter financial results. For Q2, the iGaming supplier generated $21.1m, a 64% increase when compared to last year’s $12.9m.

However, the supplier’s top-line growth was offset by costs associated with its acquisition of Aspire Global.

The transaction negatively impacted the supplier’s profitability to the tune of $14.2m during Q2, resulting in a comprehensive loss of $12.9m, down year-on-year from a comprehensive income of $2.8m.

However, due to the one-time nature of this transaction, the supplier’s Q2 loss is not necessarily reflective of its broader financial performance.

Adjusted EBITDA was $10.3m, an increase of 24% when compared to the prior-year quarter’s $8.3m. This figure includes approximately $1.3m of adjusted EBITDA from Aspire Group.

NeoGames also offered pro forma results for H1. Combined, Aspire and NeoGames generated $129.4m in revenue for the six months ended 30 June.

They also produced a combined comprehensive loss of $18.6m, which includes $16.3m of non-recurring transaction-related expenses. Combined, adjusted EBITDA was $34.9m.

“During the quarter, we were excited to complete our tender offer for the shares of Aspire Global, a truly transformative transaction that positions us as a leading global provider in technology and content across iLottery, online sports betting and iGaming,” said Moti Malul, NeoGames CEO.

Regarding the supplier’s combination with Aspire, Malul added: “We are thrilled to work toward achieving our full potential as we continue to fully integrate our two platforms and execute our strategic goals.”

The company expects its revenue and “Share of NPI Revenues Interest” to be in the range of $194m and $208m for 2022 as a whole.

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