After the acquisition of Aspire Global things are looking up for Neogames, as evidenced by their financial report of the second quarter of the year.
The iGaming provider Neogames has recently published its financial analysis for the second quarter of the year. The company mentioned a staggering almost 70% revenue hike from 12.9 million dollars the same period last year, to over 21 million this year. In addition, the corporation has recently completed the massive acquisition of Aspire Global, which cost them almost 430 million dollars (4.3 billion Swedish Kronas), because of that, however, some metrics have taken a temporary hit.
The company experienced a loss of nearly 14.5 million dollars, a stark contrast to last year’s profit of 1.7 million. Net income per share also went down, from 11 cents to negative 49 cents. Furthermore, EBITDA went down into the negatives as well, from last year’s figure that was a touch short of 8 million dollars, to this year’s loss of almost 5 million. Despite that, adjusted EBITDA went up by 2 million dollars, to over 10.3 million dollars.
Moreover, Aspire Global noticed an upwards trend after the announcement and then the subsequent completion of the deal, as its revenue went up by 17%, making approximately 8.3 million dollars. The acquisition also counted towards the purchaser’s assets going up, with total assets now sitting at over half a billion dollars, compared to 115 million on the 31st of December, 2021. Additionally, cash and cash equivalents, the most liquid assets, went up to just about 130 million dollars, up from 66 million dollars recorded at the end of last year.
Lastly, the firm mentioned in the report about being thrilled with the results of the year so far. They named the purchase of Aspire as one of their most important and successful ones in their history, and stated that there’s more to come when they finalize the integration process and start working towards their strategic goals.