WOOD Flash – Gentoo Media: 1Q25 financial results review – miss on revenue and EBITDA; new guidance implies significant downside for our 2025E estimates
Gentoo Media reported its 1Q25 financial results this morning (14 May), which were significantly below our estimates. According to the company, the 1Q25 results were affected by market headwinds in Brazil and a shift away from lower-value activities. The company expects growth to resume in 2H25E, with the 2025E revenue to be broadly in line with the 2024 levels and an EBITDA margin of 40-45%. During the 2024 conference call, the company was expecting double-digit revenue growth; while we expect 13% yoy revenue growth, with a 47% EBITDA margin in 2025E. The company believes that this creates a strategic foundation for growth in 2026E and 2027E. Following the 1Q25 financial results, we see significant downside for our 2025E estimates.Gaming Innovation Group Inc. (GIG) is a holding company. The Company provides gambling solutions and entertainment. The Company's principal activity is to provide a platform for and facilitate Internet gambling, gaming and sports betting. The Company operates two segments, the Business to Consumer (B2C) segment which includes the gaming operations directed towards end users, and the Business to Business (B2B) segment which includes its iGC platform offering, sports trading, games and affiliate marketing. The Company's GiG Core is a cloud-based solution licensed in Malta, United Kingdom, New Jersey, Germany, Sweden, Iowa, Latvia and Romania. The Company's sportsbook can deliver end users a betting experience on offline or online channels. The Company's GiG Data is a data platform, which can be integrated with GiG Core or with third-party solutions for data system. The Company operates in Nordic countries, Europe excluding Nordic countries and Rest of world.
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