GiG Software reported a 12% drop in year-over-year revenue for the third quarter, totaling €8.5 million. The company's net loss expanded by 50%, despite a reduction in operating costs. Revenue declined from €9.7 million in the same quarter last year, with adjusted EBITDA falling by 33% to €0.8 million, and EBITDA down 64% to €0.4 million.
The revenue decline was largely attributed to client exits, notably due to the insolvency of Richmond Atlantic, alongside reduced setup fees. Earlier in 2026, GiG Software reduced its workforce, cutting operating expenses by €1 million compared to the previous year; however, these savings were not enough to counterbalance the weaker revenue. Earnings before interest and tax showed a loss of €4.3 million, an increase from the €3.5 million loss recorded in Q3 of 2025, leading to a net loss rise to €4.5 million from €3 million.
For the nine months ending September 2026, GiG's revenue fell by 6% to €26.3 million in comparison to the same period the previous year, while adjusted EBITDA decreased by 31%. The net loss for this period increased to €16.9 million from €11.6 million last year.
Looking ahead to 2027, GiG Software projects revenue between €85 million and €90 million, with an adjusted EBITDA estimated at €17 million to €19 million, signifying a substantial improvement if these forecasts are met.
CEO Richard Carter expressed confidence in the company's strategies, emphasizing that the efforts made this year to restructure costs and complete a key acquisition would position GiG for long-term growth. This includes the recent purchase of an 80% stake in 888Africa for €16.4 million, finalized in August, which is expected to contribute to a more robust performance going forward.
