Tuesday, December 6, 2022

NeoGames reports Q1 revenue and offers latest on Aspire Global deal

Lottery solutions provider NeoGames has published its financial results for the first quarter of 2022. 

Revenue was $13.2m during the first quarter of 2022, which represents a 0.7% decrease from the equivalent term of 2021. More positively, the company’s share in NPI revenues rose by 11.2% year-over-year to $9.2m in comparison to $8.2m in Q1 2021. 

Comprehensive loss was $(0.9)m or $(0.03) per share for the start of this year; whereas last year, comprehensive income reached $4m or $0.16 per share.

NeoGames believes this change to be the result of several reasons, including situations related to Aspire transactions, stock-based compensation expenses and additional G&A related to further build-out of operations.

For Q1 of 2022, adjusted EBITDA was $8.5m as opposed to $9.7m raised in 2021. This represents a decrease of 12%. 

Finally, network net gaming revenue increased by 2% from last year to stand at $199.7m for Q1 2022. 

NeoGames CEO Moti Malul said: “Our business continues to trend positively in 2022, as our existing accounts continue to perform well in terms of both sequential, as well as annual growth rates. We are delighted to see particularly strong growth from our Virginia and Alberta accounts, which have become leading contributors to our revenues.

“During the quarter we announced an offer to acquire Aspire Global in an effort to enhance our offering and expand our geographies. We have been keenly focused on completing this transaction and have recently launched our tender offer. We are confident with the progress and expect to close during the second quarter.”

Operationally, Q1 2022 saw NeoGames publishing the prospectus, offer documents and acceptance form related to the potential Aspire Global acquisition. This acceptance period runs from 27 April until 25 May with an expected settlement date of 14 June. The acquisition is expected to close during Q2 2022. 

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