Developer and supplier of online gaming solutions NYX Gaming Group announced today its financial results for the three months ended March 31, 2015. The company generated revenue of C$18.8 million, up 88.7% year-on-year.
Excluding acquisitions, organic revenue totaled C$13.1 million and was up 31.8% year-on-year as compared to the figure posted for the same period of the previous year. Royalty and licensing revenue totaled C$16.5 million and was the main contributor to the overall revenue growth.
Gross profit amounted to C$16.3 million, up from the C$8.8 million reported for the first quarter of 2015. The increase in gross profit was attributed to the reported revenue growth in the company’s core casino business and the positive effects from its recent acquisitions. Gross margin stood at 86.6% during the three months ended March 31, 2016.
NYX Gaming generated adjusted EBITDA of C$4.8 million, reflecting a growth of 102.3% year-on-year. Revenue growth in casino business and the reduced losses from the acquisition of Chartwell and Cryptologic were the main drivers behind the reported increase in adjusted EBITDA.
During the quarter ended March 31, 2016, NYX Gaming saw a continued interest in its Open Gaming System and Open Platform System. The company penned 12 new OGS agreements and launched OGS content across 4 websites owned by B2B customers. During the period in review, the Canada-listed gaming supplier also received one letter of intent for its OPS offering. The company released 8 new gaming titles within the three months ended March 31, 2016.
Commenting on NYX Gaming’s performance during the period in question, CEO Matt Davey said that they are very proud with their Q1 results and that they have marked yet another strong quarter. The executive further noted that they are now focused on realizing their full potential in a bid to benefit both clients and shareholders.
Early in April, NYX Gaming announced that it would acquire fellow developer and supplier of gaming and sports betting solutions OpenBet. The deal was finalized on May 20, with the buyer paying the amount of £270 million. Prior to its latest acquisition, NYX Gaming has not offered sports betting products to its B2B customers.
