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GiG Reports 18% Revenue Growth to €37.6 Million in 2025

On February 25, GiG published its Q4 & FY 2025 report, recording positive adjusted EBITDA for the first time amid an 18% increase in revenue and cost optimization. The iGN editorial team highlights the following key figures.

GiG Financial Results for FY 2025

  • €37.6 million — revenue (+18% YoY)
  • €4.3 million — adjusted EBITDA (vs. -€3.0 million YoY)
  • 11% — adjusted EBITDA margin (vs. -9% YoY)
  • €3.4 million — EBITDA (vs. -€7.2 million YoY)
  • €15.2 million — operating loss (vs. €28.2 million YoY)
  • €15.1 million — net loss (vs. €79.4 million YoY, including one-off impairments of €50.9 million)
  • 95% — gross margin
  • €9.9 million — cash at the end of the period (+55% YoY), with growth mainly driven by a €16.1 million share issuance
  • €1.6 million — operating cash flow for the year
  • 399 employees (-11% YoY)

GiG Q4 2025 Performance

  • €9.5 million — revenue (+8% YoY)
  • €1.5 million — adjusted EBITDA (vs. €0.1 million YoY)
  • 15% — adjusted EBITDA margin (vs. 1% YoY)
  • €3.6 million — operating loss (vs. €6.1 million YoY)
  • 6 new brands launched in Q4, bringing the total to 16 for 2025
  • 5 new commercial agreements signed in Q4, including a partnership with Richmond Atlantic and ITV Studios to launch ITV Win in the UK

Management Outlook and Statements

CEO Richard Carter stated that the company plans to achieve positive cash flow by the end of H1 2026. Annual cash savings from the optimization program are expected to amount to approximately €4.5 million.

For FY 2026, GiG forecasts revenue of €44–48 million and adjusted EBITDA of €10–13 million with a margin of at least 20%. Around 90% of 2026 revenue is already secured through existing agreements.

Factors Affecting Financial Performance

Despite positive adjusted EBITDA, the company remains loss-making, as depreciation alone totaled €19.2 million for the year.

The depreciation of the Argentine peso also reduced revenue by €0.7 million.

In February 2026, Jupiter Gaming announced its transition to the GiG platform and sportsbook to operate in the UK market.