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NeoGames reports comprehensive loss of 3 6m for Q4 2021

News Financial 10 Mar 2022

NeoGames reports comprehensive loss of $3.6m for Q4 2021

By Gambling Insider

NeoGames, a global iLottery provider, has published its fourth quarter and full year 2021 financial results.

For Q4, the company, incorporated in Luxembourg, reported $12.3m in revenue, down 12% compared to fourth quarter 2020, when it generated $14m.

However, on a whole year basis, NeoGames saw modest growth. Full year revenue rose from $49.2m to $50.5m, representing an approximately 2.6% increase.

A similar trend applied to NeoGames’ profitability. For Q4, it reported a comprehensive loss of $3.6m, or $0.14 per share, compared to comprehensive income of $2.5m, or $0.11 per share, for fourth quarter 2020.

This was impacted, said NeoGames by several “non-recurring items”, including expenses of $3.8m related to its Aspire Global prospective acquisition.

But again, on a whole year basis, the company reported comprehensive income of $4.7m, though even this was down by more than 25% from 2020.

Adjusted EBITDA reached $7.9m for fourth quarter 2021, a decrease of 13.8% from $9.2m in Q4 2020. However, for full year 2021, NeoGames reported an increase of 16.5% in adjusted EBITDA from $28.7m in 2020 to $33.4m.

Network net gaming revenue (NGR), meanwhile, was up 67%, amounting to $750m, a significant increase over 2020’s $448m.

“Sound commercial execution and unrivaled innovation in iLottery are continuing to drive growth for our customers. During the fourth quarter we saw growth in all of our key accounts with particular strength in our US accounts,” said Moti Malul, NeoGames CEO.

Looking forward, he added: “We carried our momentum into 2022 with our offer to acquire Aspire Global, which continues to be on track for closing in the first half of 2022.”

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