Tuesday August 30,2016: CONTAGIOUS GAMING PLEASED WITH Q1 2017 RESULTS
Achieves first positive EBITDA.
Vancouver-based software developer Contagious Gaming reported on its first quarter 2017 results for the period ending June 30, 2016 saying it had achieved its first quarter of positive EBITDA.
First Quarter 2016 Highlights include:
– Revenue of $1,091,152, an increase of 420 percent year-on-year (Q1/2016: $209,938).
– Adjusted EBITDA of $190,528 compared to Adjusted EBITDA Loss of ($546,722) in Q1/2016.
– Adjusted Net Loss of ($439,254) compared to ($1,020,372) in Q1/2016
– Cash balance of $1,668,881 compared to $1,838,882 at March 31, 2016.
“Our results for the first quarter of 2017 continue to improve quarter over quarter. Most notably in the first quarter of 2017, we achieved our first quarter of positive EBITDA and Adjusted EBITDA,” Peter Glancy, chief executive officer and director of Contagious Gaming said.
The company anticipates the launch of its expanded online gaming offer with the addition of fixed odds sports betting, visual sports betting and casino games integrated within its Goal Time product. Following the launch of its expanded online gaming offer, Contagious Gaming expects to offer a B2C and white label business initially in the UK.