NEW YORK–(BUSINESS WIRE)–Headline of launch ought to learn: Elys Recreation Know-how Achieves 39% Income Development and Reviews Document Income of $14.2 Million for the First Quarter of 2021 (as an alternative of Elys Recreation Know-how Achieves 39% Income Development and Reviews Document Income of $14.2 Million for the First Quarter of 2020).
The up to date launch reads:
ELYS GAME TECHNOLOGY ACHIEVES 39% REVENUE GROWTH AND REPORTS RECORD REVENUE OF $14.2 MILLION FOR THE FIRST QUARTER OF 2021
Internet-based gaming turnover will increase 150% versus the identical interval final yr
Reviews money and money equivalents of $21.5 million and no long-term debt as of March 31, 2021
Elys Recreation Know-how, Corp. (“Elys” or the “Firm”) (Nasdaq:ELYS), an interactive gaming and sports activities betting know-how firm, at the moment supplied a enterprise replace and reported monetary outcomes for the primary quarter ended March 31, 2021. The whole monetary outcomes can be found within the Firm’s Kind 10-Q, as filed with the Securities and Change Fee on Could 13, 2021, which is obtainable at www.sec.gov.
Matteo Monteverdi, CEO of Elys Recreation Know-how, Corp., commented “As illustrated by report income of $14.2 million for the primary quarter of 2021, a 39% enhance in income over the identical interval final yr and on a mixed report quarterly wager turnover of roughly $243 million in Q1 2021, the disciplined progress technique we beforehand set out has been executed extraordinarily effectively. Our web-based gaming turnover elevated by a powerful 150% over the identical interval final yr and we proceed to generate robust money move from operations. Our administration group is working to additional capitalize on the success of our operations in Italy by focusing product distribution below our robust Multigioco model.”
Mark Korb, CFO of Elys Recreation Know-how, Corp. commented, “We now have made vital investments to help our U.S. enlargement. These investments have resulted in short-term, non-recurring bills as we deal with key regulatory and coverage necessities which have impacted our backside line leading to a internet lack of $0.6 million for the primary quarter of 2021, in comparison with a internet earnings of $0.2 million for similar prior yr interval. Web loss within the first quarter of 2021 additionally included roughly $0.4 million of stock-based compensation and $0.25 million of bills associated to our enlargement into US markets. We proceed to keep up a disciplined spending strategy by allocating discretionary money in direction of future enterprise alternatives. Nonetheless, we consider that we’re constructing a extremely scalable enterprise mannequin, with the potential to generate very vital incremental margins, money move and profitability. We additionally generated over $3.9 million of proceeds from the train of warrants throughout the first quarter of 2021. Because of this, we each streamlined our capital construction and now have over $21.5 million of money and money equivalents as of March 31, 2021 with no long-term debt.”
Michele (Mike) Ciavarella, Govt Chairman of Elys Recreation Know-how, Corp., added, “We’re extra inspired than ever by the outlook for the enterprise each in Europe and as we plan our enlargement into North America, particularly as and when the pandemic begins to wane and land-based operations resume. Given the profitable monitor report in Italy, we consider that we’re ideally positioned to develop into a aggressive participant as laws evolve, opening up new markets throughout North America and Europe.
Our steadiness sheet is now stronger than at any time in our historical past and we consider we intend to proceed to execute on our progress technique and imaginative and prescient of constructing a premier, end-to-end sports activities betting resolution.”
About Elys Recreation Know-how, Corp.
Elys Recreation Know-how, Corp., is a B2B international gaming know-how firm working in a number of nations worldwide, with B2C on-line and land-based gaming operations in Italy. In Italy, Elys gives its shoppers a full suite of leisure gaming services and products, resembling sports activities betting, e-sports, digital sports activities, on-line on line casino, poker, bingo, interactive video games and slots.
The Firm’s modern wagering resolution providers on-line operators, casinos, retail betting institutions and franchise distribution networks. Further data is obtainable on our company web site at www.elysgame.com.
Traders may additionally discover us on Twitter @ELYS_gaming.
This press launch comprises sure forward-looking statements throughout the which means of the protected harbor provisions of the Non-public Securities Litigation Reform Act of 1995. These statements are recognized by way of the phrases “might,” “consider,” “anticipate,” “intend,” “estimate,” “count on,” “might,” “proceed,” “predict,” “potential,” “mission” and related expressions which might be supposed to determine forward-looking statements and embrace statements relating to constructing a extremely scalable enterprise mannequin, with the potential to generate very vital incremental margins, money move and profitability, increasing into North America, changing into a aggressive participant as laws evolve opening up new markets throughout North America and Europe and persevering with to execute on the Firm’s progress technique and imaginative and prescient of constructing a premier, end-to-end sports activities betting resolution. These forward-looking statements are based mostly on administration’s expectations and assumptions as of the date of this press launch and are topic to a variety of dangers and uncertainties, lots of that are tough to foretell that would trigger precise outcomes to vary materially from present expectations and assumptions from these set forth or implied by any forward-looking statements. Necessary components that would trigger precise outcomes to vary materially from present expectations embrace, amongst others, the Firm’s capability to generate very vital incremental margins, money move and profitability, the Firm’s capability to open up new markets and increase into North America and Europe as laws evolve, the Firm’s capability to execute on its Firm’s progress technique and imaginative and prescient, the period and scope of the COVID-19 outbreak worldwide, together with the influence to state and native economies, and the danger components described within the Firm’s Annual Report on Kind 10-Okay for the yr ended December 31, 2020 and its subsequent filings with the U.S. Securities and Change Fee, together with subsequent periodic reviews on Kind 10-Q and present reviews on Kind 8-Okay. The data on this launch is supplied solely as of the date of this launch, and the Firm undertakes no obligation to replace or revise publicly any forward-looking statements, whether or not because of new data, future occasions or in any other case, after the date on which the statements are made or to replicate the prevalence of unanticipated occasions, besides as required by legislation.