€17.8M H1 Revenue. $19.2M 888AFRICA Deal. Richard Carter & Phil Richards Are Reshaping GiG Software

GiG Software Plc reported Q2 2026 results, and the headline is a soft one. Revenue for the quarter ended 30 June came in at €8.8m, down 5% year on year. Adjusted EBITDA held at €0.8m. But the number that shapes the quarter isn’t the revenue line. It’s a bad-debt provision of close to €3m, tied to a customer insolvency, that dragged the operating loss to €6.9m. And behind all of it sits a proposed acquisition that would change what GiG is.

Customer insolvency drives €2.9m bad-debt hit, widening Q2 operating loss to €6.9m 

Start with the core. Q2 revenue of €8.8m compares with €9.3m a year earlier. GiG attributes the drop primarily to the insolvency of Richmond Atlantic, a customer, alongside lower setup fees. Adjusted EBITDA slipped to €0.8m from €1.0m, with the margin down to 9% from 11%.

The operating loss is where it gets heavier. €6.9m, against a €3.7m loss in Q2 2025. The single biggest factor is an exceptional bad-debt provision of €2.9m, linked to the Richmond Atlantic insolvency. Cash and equivalents stood at €3.5m at 30 June, down from €4.3m a year earlier.

Half-year figures follow the same shape. H1 revenue of €17.8m, down 3%, with adjusted EBITDA of €1.0m.

GiG banks €4.5m in savings and targets €6.0m more

GiG isn’t standing still on costs. It has delivered a €4.5m annualised savings programme in full, and in June initiated a further €6.0m of annualised savings through the closure of loss-making partners and markets. The company also flagged a planned closure of its Alira Spain platform in 2027.

There was commercial momentum too. Four contract renewals in the quarter, three new operators signed for Alberta, and a day-one launch in the newly regulated Alberta market with partner LuckyDays. Nine brand launches landed across the UK and Canada.

Why GiG is buying 80% of African B2C operator 888AFRICA

Here’s the pivot. After the period closed, GiG confirmed it is in the final stages of buying an 80% stake in 888AFRICA from Evoke, with the incumbent management team keeping 20%. GiG describes 888AFRICA as a cash-generative, profitable, fast-growing African B2C operator with a market-leading position in Mozambique and operations in Angola and Tanzania, running at around $50m in annualised NGR. The consideration is $19.2m.

CEO Richard Carter was direct on the rationale. “Africa’s online gambling sector offers and unparalleled long-term growth opportunity, driven by demographic, mobile and regulatory tailwinds that few other regions can match,” he said.

Read plainly, this is a B2B technology supplier moving to take control of a B2C operator. That’s not a bolt-on. It’s a second engine, and a different risk profile. The deal is to be funded through a mix of equity and convertible debt with existing shareholders.

The unsigned deal and a concentration risk GiG can’t ignore

Two things deserve caution. First, the deal isn’t done. GiG describes it as an initial indicative agreement, subject to final approvals and signature of a share purchase agreement. Carter estimates completion by the end of September, but that’s an estimate, not a close.

Second, the bad-debt hit raises a fair question about customer concentration. If one insolvency can drive a provision of around €3m in a single quarter, how spread is the customer book? For a supplier already managing a shrinking top line, that’s the risk worth watching as closely as the African upside.

What Comes Next for This B2B iGaming Supplier?

The next quarter is about execution and closure, not promises. Pending completion, GiG guides to combined FY 2026 revenue of €44–48m and adjusted EBITDA of €5–7m, assuming a full 888AFRICA contribution in Q4. For operators and partners, the practical takeaway is that GiG is deliberately narrowing its core to a leaner set of partnerships while placing its growth bet on African B2C. Whether that leaves the company structurally stronger, as management argues, depends on the SPA being signed, the integration holding, and the core stabilising rather than sliding further. The direction is now set. The proof is in the delivery.

Source: Gaming Innovation Group