Financial analysis for Q2 unveiled by Neogames
Neogames, a leading iGaming provider, has published its financial report for the second quarter of the year. The report does not provide new information about the temporary drop in some metrics for Neogames following the acquisition of Aspire Global, but it does offer insights into the financial impact of the merger.
The acquisition of Aspire Global, which cost Neogames nearly 430 million dollars (4.3 billion Swedish Kronas), has had a significant impact on Neogames' financial standing. The firm's total assets have increased to over half a billion dollars, up from 115 million dollars on the 31st of December, 2021. Cash and cash equivalents have gone up to nearly 130 million dollars, a considerable increase from the 66 million dollars at the end of last year.
Despite a temporary drop in some metrics, the acquisition has proven to be a successful move for Neogames. The revenue of Neogames for the second quarter of the year increased by approximately 70%, from 12.9 million dollars last year to over 21 million dollars this year. However, this growth was not enough to offset other costs, resulting in a loss of nearly 14.5 million dollars in the second quarter of the year, a stark contrast to last year's profit of 1.7 million. The EBITDA for Neogames went into the negatives in the second quarter of the year, with a loss of almost 5 million dollars, compared to a figure slightly short of 8 million dollars last year. Despite this, adjusted EBITDA for Neogames went up by 2 million dollars, to over 10.3 million dollars in the second quarter of the year.
Aspire Global, on the other hand, saw an increase in revenue by 17%, making approximately 8.3 million dollars following the completion of the acquisition.
The report mentions that there's more to come following the integration process and strategic goal implementation. Neogames is excited about the results of the year so far, naming the acquisition of Aspire Global as one of their most important and successful. The firm plans to finalize the integration process and start working towards their strategic goals.
The new CEO of Neogames since the acquisition of Aspire Global is not publicly disclosed.
The report does not provide new information about Neogames' revenue, net income, EBITDA, or adjusted EBITDA for the second quarter of the year.
As Neogames continues to integrate Aspire Global and move forward with their strategic goals, investors and industry experts will be watching closely to see how the company fares in the coming quarters.
Read also:
- Federal petition from CEI seeking federal intervention against state climate disclosure laws, alleging these laws negatively impact interstate commerce and surpass constitutional boundaries.
- Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
- Steak 'n Shake CEO's supposed poor leadership criticism sparks retaliation from Cracker Barrel, accusing him of self-interest
- President von der Leyen's address at the Fourth Renewable Hydrogen Summit, delivered remotely
