GiG Software reported a loss after tax of €7.2m in Q2 2026, a significant widening compared to the €4.1m loss recorded in the same period a year earlier.
Revenue fell 5.4% year-on-year, dropping from €9.3m in Q2 2025 to €8.8m, also coming in below the €9m posted in Q1 2026.
Adjusted EBITDA for the quarter declined 20% year-on-year to €0.8m, with the margin compressing from 11% to 9% over the same period.
Operating loss also deteriorated sharply, widening from €3.7m to €6.9m during the quarter, adding further pressure to the business.
Looking across the full first half of 2026, revenue slipped 3.3% to €17.8m, while adjusted EBITDA fell 28.6% to €1m.
Loss after tax for the first half widened considerably from €8.6m to €12.4m, underscoring the scale of the challenges facing the supplier.
GiG Software has seemingly pinned a portion of its recovery hopes on its proposed acquisition of an 80% stake in 888Africa from a subsidiary of evoke plc.
The company signed four contract renewals during Q2, along with three new operators set for market launch in Alberta, Canada.
GiG was live in Alberta on the first day of the market’s opening, 13 July, and achieved nine brand launches across its key markets of the UK and Canada during the quarter.
CEO Richard Carter said he was “pleased to update shareholders on the decisive action we have taken this year to reshape GiG into a leaner, more focused business, alongside a proposed transformational acquisition.”
The business is targeting €6m in annualised savings through the closure of loss-making partners and markets to offset underperformance from new client launches in 2025.
Combined with an additional €4.5m in annualised savings delivered under a programme announced in January, the company believes its cost base is now better aligned with revenue.
Carter stated this positions GiG to enter the second half of 2026 “with cost base aligned with our revenue and keeping us on track to be cash generative by the end of the financial year.”
He concluded: “I am confident that the actions we have taken this year, both to reset our cost base and to complete this transformational acquisition, leave GiG structurally stronger, more focused and better positioned to deliver long-term value for our shareholders, our customers and our people.”
Pending completion of the 888Africa deal, GiG expects full-year 2026 revenue of between €44m and €48m, with adjusted EBITDA of between €5m and €7m.
