Image credit: Illustration by the editorial desk. Figures from GiG Software plc, Q3 2026 financial results, 28 October 2026.
GiG Software reported third-quarter 2026 revenue of €8.5m on 28 October, down 12% from €9.7m a year earlier, as adjusted EBITDA fell by a third to €0.8m.
The release gives these figures:
- Revenue: €8.5m, against €9.7m in Q3 2025
- Adjusted EBITDA: €0.8m, against €1.2m, a 9% margin down from 12%
- Operating loss: €4.3m, against €3.5m a year earlier
- Cash: €8.0m at 30 September, up from €3.5m at 30 June
The release does not explain the revenue decline. It lists one new partner signed, an extension to an existing commercial agreement and three brand launches in Alberta, but it does not link any of them to the fall in revenue.
The acquisition completed on the last day of the quarter
GiG completed its acquisition of an 80% stake in 888AFRICA on 30 September, the date the company gives in its release boilerplate. On that timing, the Q3 income statement describes GiG without the acquired business. The acquisition will first show up in the trading figures for the fourth quarter, when the company holds it for a full period. Our reading is that the Q3 numbers therefore tell investors little about 888AFRICA's earnings.
For the wider African picture, see our piece on mobile-money betting in Africa.
The 2027 plan is stated on a combined basis
The company reiterated its 2026 guidance of combined revenue of €45m to €48m and adjusted EBITDA of €5.5m to €7.0m. For 2027, the first full year that includes 888AFRICA, it expects combined revenue of €85m to €90m and adjusted EBITDA of €17m to €19m.
On our arithmetic, the 2027 revenue range is 1.8 to 2 times the 2026 range, and the EBITDA range is about 2.4 to 3.5 times as large. Because the guidance is combined, it cannot be read as organic growth from GiG alone. Other operators reporting this season show how quickly a quarter's numbers can move, as in Rush Street's Q3 results.
The release carries no quote from management. Chief Executive Richard Carter and Chief Financial Officer Phil Richards are listed as the presenters for the investor presentation and question session.
Whether 888AFRICA can carry the 2027 plan
The first full-year test is 2027. Until then, investors are judging a plan that roughly doubles revenue on a business that has not yet reported a full quarter with the acquisition inside it. The Q3 figures show a smaller revenue base than a year earlier and a plan that depends on the deal closing into the numbers.