NeoGames is a lottery solution provider that has just published financial results for its first quarter 2022.
The first quarter 2022 revenue was $13.2m, which is a 0.7% decline from 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.
For the beginning of 2018, comprehensive loss was $(0.9m) or $0.03 per share; last year comprehensive income reached $4m (or $0.16 per share).
NeoGames considers this change due to several factors, such as Aspire transactions and stock-based compensation expense.
The adjusted EBITDA in Q1 2022 was $8.5m compared with $9.7m for 2021. This is an increase of 12%.
Final, net gaming revenues increased by 2.2% over last year and reached $199.7 million for the quarter 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. Our accounts in Virginia and Alberta have been a major contributor to our revenue growth. We are thrilled to be able to enjoy strong growth.
We announced our offer to purchase Aspire Global during the quarter to expand our offerings and increase our geographic reach. Since then, we have focused intensely on closing this deal and recently released our tender offer. We are confident with the progress and expect to close during the second quarter.”
NeoGames released the prospectus, offer papers, and acceptance form for Aspire Global’s potential acquisition in Q1 2022. With an estimated settlement date of 14 juin, this acceptance period will run from 27 April through 25 May. This acquisition should close by Q2 2022.
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