GiG Software Revenue Falls 12% as 888AFRICA Drives Growth Strategy
Malta.- 29 October 2026 | www.zonadeazar.com GiG Software has reported its financial results for the third quarter of 2026, recording a 12% year-on-year decline in revenue to €8.5 million, compared with €9.7 million in the corresponding period of 2025.
The company also reported a 33% reduction in Adjusted EBITDA and a wider operating loss, although it highlighted progress in its cost-reduction strategy and the acquisition of an 80% stake in 888AFRICA.
Completed at the end of September, the transaction represents a significant transformation of GiG’s business model, combining its B2B technology operations with a consumer-facing betting and online gaming business in Africa.
Third-Quarter Revenue Declines by 12%
For the July-to-September 2026 period, GiG Software reported the following results:
- Revenue: €8.5 million, down 12%.
- Adjusted EBITDA: €0.8 million, down 33%.
- Adjusted EBITDA margin: 9%, compared with 12% in 2025.
- EBITDA: €0.4 million, down 64%.
- Operating loss: €4.3 million, compared with €3.5 million.
- Net loss: €4.5 million, compared with €3 million.
The figures reflect the continuation of commercial challenges affecting the business throughout the year.
However, GiG maintains that restructuring measures introduced during 2026 will improve its financial position.
Recurring Revenue Remains Stable
One positive development was the performance of recurring revenue, primarily generated through technology platforms and sportsbook services supplied to operators.
This category reached €7.1 million, compared with €7 million during the third quarter of 2025.
The modest increase contrasts with the decline in total revenue.
The difference primarily reflects lower implementation fees and the loss of certain commercial partners.
The company believes strengthening its recurring revenue base will be essential to restoring growth.
Richmond Atlantic Insolvency Affects Performance
The insolvency of Richmond Atlantic, one of GiG’s clients, was among the factors influencing the company’s financial performance.
The development affected revenue and required the recognition of bad debt provisions.
During the second quarter of 2026, GiG recorded approximately €3 million in exceptional provisions related to the situation.
The loss of the customer also affected subsequent revenue.
The case illustrates the financial exposure that technology providers may face when commercial partners encounter financial difficulties.
Three Brand Launches Completed in Alberta
During the third quarter, GiG delivered three brand launches in Alberta, Canada, working with existing commercial partners.
These implementations followed the opening of the province’s regulated online gambling market.
The company also confirmed:
- One new commercial partnership.
- An extension to an existing agreement.
- Continued development of its operator portfolio.
- Delivery of previously committed technology projects.
However, launch activity was lower than in the second quarter, when GiG completed nine brand launches.
The reduced number of implementations also affected non-recurring revenue.
GiG Completes 888AFRICA Acquisition
The quarter’s most important strategic development was the acquisition of an 80% stake in 888AFRICA.
The transaction was completed on 30 September 2026, bringing an African online betting and gaming operator into the group.
888AFRICA operates in licensed markets including Angola, Mozambique and Tanzania, with a particularly strong commercial position in Mozambique.
The acquisition represents a significant change for GiG, which previously focused primarily on supplying B2B technology.
The transaction adds a B2C business with an established customer base and the ability to generate revenue directly from consumers.
Cash Position Increases to €8 Million
The consolidation of 888AFRICA also affected the group’s financial position.
As of 30 September 2026, GiG reported €8 million in cash and cash equivalents, compared with €3.5 million at the end of June.
The increase primarily reflects the consolidation of the acquired business.
GiG believes the improved liquidity position provides a stronger foundation for its growth strategy.
However, the increase in cash should not be interpreted exclusively as evidence of improved profitability in the underlying technology business.
Cost-Reduction Programme Continues
Throughout 2026, GiG introduced several measures intended to improve operational efficiency.
Its first restructuring programme delivered €4.5 million in annualised savings.
The company subsequently launched a second phase targeting an additional €6 million in annual cost reductions.
Measures include workforce adjustments, operational simplification and changes to selected commercial activities.
During the third quarter, operating expenses were approximately €1 million lower year-on-year, primarily due to reduced personnel costs.
Nine-Month Net Loss Reaches €16.9 Million
For the first nine months of 2026, GiG Software generated €26.3 million in revenue, compared with €28 million during the corresponding period of 2025.
Adjusted EBITDA declined from €2.6 million to €1.8 million.
The operating loss reached €16.2 million, while the net loss widened to €16.9 million, compared with €11.7 million a year earlier.
The figures demonstrate that cost efficiencies have not yet fully offset lower revenue and other expenses recognised during the year.
GiG Maintains 2026 Guidance
Despite the weaker quarterly results, GiG reiterated its financial expectations for the full year.
The company forecasts:
- Combined revenue: €45 million to €48 million.
- Combined Adjusted EBITDA: €5.5 million to €7 million.
These estimates include the contribution of 888AFRICA during the final quarter.
GiG expects the integration of the acquired business and continued cost discipline to support improved performance over the coming months.
888AFRICA Expected to Drive Growth in 2027
GiG’s projections for 2027 reflect the anticipated impact of including 888AFRICA for a complete financial year.
The group expects:
- Combined revenue: €85 million to €90 million.
- Combined Adjusted EBITDA: €17 million to €19 million.
These forecasts represent substantial growth compared with the company’s expectations for 2026.
However, part of the increase would result from the consolidation of the acquired business rather than exclusively from organic growth.
GiG anticipates that its new structure will support stronger cash generation and greater geographical diversification.
Statements From GiG’s CEO
Richard Carter, Chief Executive Officer of GiG Software, highlighted the importance of the 888AFRICA acquisition for the company’s next stage of development.
He noted that the transaction had strengthened the group’s financial position and established a foundation for future growth.
Carter also highlighted the signing of a new commercial partner, the extension of an existing agreement and the three brand launches completed in Alberta.
The executive confirmed that GiG will remain focused on leveraging opportunities created by 888AFRICA while continuing to develop its partnerships across international markets.
Industry Impact and Next Steps
The third-quarter results demonstrate that GiG Software continues to face challenges in restoring growth across its technology operations.
Declining revenue and wider losses contrast with stable recurring income and progress in reducing operating costs.
The 888AFRICA acquisition represents the company’s principal strategic transformation and will be central to its future financial performance.
GiG expects to close 2026 with combined revenue of up to €48 million and reach as much as €90 million in 2027, supported by the integration of its African business and a more efficient operating structure.
Over the coming quarters, 888AFRICA’s performance and the development of GiG’s technology partnerships will be key factors in determining whether the group can improve profitability.
Edited by: @fonta
