Interview with GiG Softwares CFO Phil Richards

For those unfamiliar with GiG Software, could you briefly describe the company and your role in the global iGaming platform market?

GiG Software is a B2B platform and sportsbook provider, listed on Nasdaq First North Premier Growth Market in Stockholm under the ticker GIG SDB and headquartered in Malta. In layman’s terms, we handle player account management for global gaming operators, that is to say the back-engine, KYC and compliance work, and we also offer a sportsbook with odds setting, risk management and related services.

We are licensed or have equivalent permissions in more than 30 jurisdictions and operate globally, with a strong presence in LatAm, Canada and Europe. Our customers range from tier-one operators such as Betsson to well-known local heroes like Gran Madrid Casino Online and Casino Barcelona, as well as a wide spread of operators in between.

Put simply, we are the engine that drives operators and the technology that sits behind their go-to-market strategy.

What strategic steps do you see as most important going into the rest of 2026, and where do you see GiG strongest right now?

We have a strong pipeline of customers to launch, including the European lottery customer we announced last year which we are very excited about, alongside several other signed but not yet launched names. That pipeline is our key top-line growth story going forward.

On the bottom line, we made a significant reduction to our cost base starting in January, and there is probably a little bit more to do over the coming months. Our focus boils down to one KPI, cash generation, and that is the gold standard for this year. 2026 is very much about right-sizing the cost base, sustainably growing the revenue and ensuring that we deliver value to shareholders.

On a slightly longer horizon we will build on that and continue to execute on operational leverage, synergies and efficiency, including the use of AI to further trim the cost base and the planned closure of one of our legacy platforms, Alira, with customers migrating to a single platform. That will unlock scalability and cash flow drop-through. There is a lot of work still to be done in the second half, but I see this as a definite inflection point for GiG Software.

You have signed several new partnerships this year, including Jupiter Gaming in the UK, VAIX for AI personalisation and LuckyDays in Alberta, could you describe these and how they support growth?

They are all quite different in nature. Jupiter Gaming is exciting because they own a significant number of brands in the UK, and we have already launched some of them with more in the pipeline, plus the planned addition of our sportsbook. Despite recent tax increases, the UK remains a significant market with strong potential, and Jupiter is a well-established partner with several strong brands.

LuckyDays in Alberta is equally exciting. Alberta only comes online in July, and it is a really interesting market that complements the strong presence we already have in Ontario. It is encouraging that our existing partners want to expand into new jurisdictions together with us, and beyond LuckyDays we already have at least three other operators that want to follow into Alberta. The constant flow of new regulated markets is one of the things that makes our space so attractive.

VAIX is a technology partnership rather than a customer relationship. It lets us offer our operators enhanced personalisation and a better player experience, which lifts top-line and player lifetime value for them, and through our revenue-share model that flows back to us as well. Integrating partners like VAIX therefore strengthens our product while also driving revenue uplift for GiG.

The iGaming and sportsbook market continues to evolve rapidly with new regulated markets opening, how do you position yourselves in that development?

This is an industry that never stands still. Looking at the macro environment, you have prediction markets shaking things up in the US, which brings both opportunity and uncertainty. Closer to home you have regulatory developments left, right and centre, with new markets such as Finland, New Zealand and Alberta opening up.

Our positioning rests on a very global platform that is well-adapted to moving with new market developments, given how many jurisdictions we are already licensed in. That gives us a strong vantage point as the market evolves and we have existing customers who themselves want to grow into new geographies. It is a growing market with a lot of opportunity still untapped, and staying constantly on top of regulatory and technological developments is core to how we operate.

You have reiterated your FY 2026 guidance supported by cost savings and a clear AI strategy, could you describe the key levers for delivering on these targets?

Right-sizing the cost base is a real focus and ensures that the business remains cash generative regardless of top-line growth. Any top-line growth should then largely trickle down to incremental cash, which is the structural shift we are working towards.

There are a few key variables. The most important is how quickly we launch new customers and how fast they ramp, where there will always be some inherent assumption risk. We are also operating in a slightly more difficult sweepstakes market environment, which is a headwind. That is exactly why we continuously look at the cost base, to make sure that we can mitigate whatever headwinds may come.

Ultimately the real KPI for me this year is generating cash, that is the be-all and end-all of what we are aiming for in 2026.

Where do you see GiG Software one year from now?

A lot is changing very quickly, which is part of what makes this exciting. A year from now I would expect us to be generating a decent cash flow, which is critical because that gives us the ability and flexibility to pursue higher-growth strategies.

We will also have launched several key customers that should be delivering meaningful top-line value, and given that M&A is one of our strategic growth pillars there is a fair chance that we will have done something in that area as well. We will also have closed down our legacy Alira platform, meaning we will run on a single more efficient platform rather than two concurrently.

There is going to be a lot of change in twelve months, and I think it will be exciting to revisit and talk about. GiG Software will be a rapidly transforming company over that period.

Could you give three reasons why GiG Software is an interesting investment today?

• First, our proposition is fairly unique. Few players in our space are a full turnkey solution covering both platform and sportsbook across as many markets as we are licensed in. That creates a high regulatory moat and broad cross-sell potential.

• Second, like the rest of the sector our share has taken a hammering, with a lot of macro-driven volatility weighing on the price. Given our growth potential and scalability that makes the valuation an attractive entry point in my view.

• Third, we have strong ARR growth underpinning the revenue base, and we have already taken decisive measures on the cost side. As the new customers in our pipeline ramp up, the incremental revenue should drop through to the bottom line and drive a clear growth story. We obviously need to deliver on that, and the proof will be in the numbers we put out, but that is the investment case I see today.