Elys Game Technology Achieves 39% Revenue Growth and Reports Record Revenue of $14.2 Million for the First Quarter of 2020
May 13 2021 - 5:30PM
Business Wire
Web-based gaming turnover increases 150% versus
the same period last year
Reports cash and cash equivalents of $21.5
million and no long-term debt as of March 31, 2021
Elys Game Technology, Corp. (“Elys” or the “Company”)
(Nasdaq:ELYS), an interactive gaming and sports betting
technology company, today provided a business update and reported
financial results for the first quarter ended March 31, 2021. The
complete financial results are available in the Company’s Form
10-Q, as filed with the Securities and Exchange Commission on May
13, 2021, which is available at www.sec.gov.
Matteo Monteverdi, CEO of Elys Game Technology, Corp., commented
“As illustrated by record revenue of $14.2 million for the first
quarter of 2021, a 39% increase in revenue over the same period
last year and on a combined record quarterly wager turnover of
approximately $243 million in Q1 2021, the disciplined growth
strategy we previously set out has been executed extremely well.
Our web-based gaming turnover increased by an impressive 150% over
the same period last year and we continue to generate strong cash
flow from operations. Our management team is working to further
capitalize on the success of our operations in Italy by focusing
product distribution under our strong Multigioco brand.”
Mark Korb, CFO of Elys Game Technology, Corp. commented, “We
have made significant investments to support our U.S. expansion.
These investments have resulted in short-term, non-recurring
expenses as we address key regulatory and policy requirements that
have impacted our bottom line resulting in a net loss of $0.6
million for the first quarter of 2021, compared to a net income of
$0.2 million for same prior year period. Net loss in the first
quarter of 2021 also included approximately $0.4 million of
stock-based compensation and $0.25 million of expenses related to
our expansion into US markets. We continue to maintain a
disciplined spending approach by allocating discretionary cash
towards future business opportunities. However, we believe that we
are building a highly scalable business model, with the potential
to generate very significant incremental margins, cash flow and
profitability. We also generated over $3.9 million of proceeds from
the exercise of warrants during the first quarter of 2021. As a
result, we both streamlined our capital structure and now have over
$21.5 million of cash and cash equivalents as of March 31, 2021
with no long-term debt.”
Michele (Mike) Ciavarella, Executive Chairman of Elys Game
Technology, Corp., added, “We are more encouraged than ever by the
outlook for the business both in Europe and as we plan our
expansion into North America, especially as and when the pandemic
begins to wane and land-based operations resume. Given the
successful track record in Italy, we believe that we are ideally
positioned to become a competitive player as regulations evolve,
opening up new markets across North America and Europe.
Our balance sheet is now stronger than at any time in our
history and we believe we intend to continue to execute on our
growth strategy and vision of building a premier, end-to-end sports
betting solution.”
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global gaming technology
company operating in multiple countries worldwide, with B2C online
and land-based gaming operations in Italy. In Italy, Elys offers
its clients a full suite of leisure gaming products and services,
such as sports betting, e-sports, virtual sports, online casino,
poker, bingo, interactive games and slots.
The Company’s innovative wagering solution services online
operators, casinos, retail betting establishments and franchise
distribution networks. Additional information is available on our
corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS_gaming.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,”
“predict,” “potential,” “project” and similar expressions that are
intended to identify forward-looking statements and include
statements regarding building a highly scalable business model,
with the potential to generate very significant incremental
margins, cash flow and profitability, expanding into North America,
becoming a competitive player as regulations evolve opening up new
markets across North America and Europe and continuing to execute
on the Company’s growth strategy and vision of building a premier,
end-to-end sports betting solution. These forward-looking
statements are based on management’s expectations and assumptions
as of the date of this press release and are subject to a number of
risks and uncertainties, many of which are difficult to predict
that could cause actual results to differ materially from current
expectations and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the Company’s ability to generate very
significant incremental margins, cash flow and profitability, the
Company’s ability to open up new markets and expand into North
America and Europe as regulations evolve, the Company’s ability to
execute on its Company’s growth strategy and vision, the duration
and scope of the COVID-19 outbreak worldwide, including the impact
to state and local economies, and the risk factors described in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and its subsequent filings with the U.S. Securities and
Exchange Commission, including subsequent periodic reports on Form
10-Q and current reports on Form 8-K. The information in this
release is provided only as of the date of this release, and the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210513006059/en/
Crescendo Communications, LLC David Waldman Tel: (212) 671-1020
Email: elys@crescendo-ir.com
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