GiG Software Q3 2026 Results: Loss Widens to €4.5 Million as 888AFRICA Deal Closes

GiG Software, the Malta-based iGaming platform supplier listed in Stockholm, said on 28 October 2026 that its Q3 2026 results showed a 12% fall in revenue and a wider €4.5 million loss, in the same quarter it closed the purchase of an 80% stake in African operator 888AFRICA. The company kept its 2026 guidance and set 2027 targets that roughly double its revenue, almost all of it from the new business.

GiG Software trades as GIG SDB on Nasdaq First North Premier Growth Market. Chief executive Richard Carter called the deal "transformational" in the results release, and, according to GamblingNews, said it "marks a defining moment in the evolution of our business."

Q3 2026 results in figures

Revenue, earnings and the bottom line all weakened against Q3 2025. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding items such as employee termination fees) fell by a third.

Source: GiG Software Q3 2026 release, 28 October 2026.

The release itself gives no reason for the revenue drop. According to NEXT.io and Gambling.com, GiG cited client exits, among them the insolvency of operator Richmond Atlantic, and about €0.3 million less in set-up fees. Both outlets report recurring revenue edging up to €7.1 million from €7.0 million.

Cost cuts did not stop the loss widening

Lower costs held up EBITDA but could not offset the lost revenue. Gambling.com reports operating expenses, before exceptional items and share-based payments, of €7.0 million against €8.0 million a year earlier, with personnel costs down to €4.6 million from €5.6 million. NEXT.io links the savings to job cuts in its tech team earlier in 2026.

GamblingNews reports that Carter also expects the planned closure of a Spanish unit, Alira Spain, to bring further savings. The quarterly release does not mention it.

The weak quarter follows a difficult Q2, when GiG booked about €3 million in one-off bad debt provisions and reported an operating loss of €6.9 million. Like Caesars Entertainment's Q3 2026 results a day earlier, the numbers show a group whose headline profit fell even as parts of the business held up.

888AFRICA deal terms and status

The acquisition is complete. GiG first announced agreed terms on 26 August 2026, signed a share purchase agreement on 28 September and completed the deal on 30 September, announcing it on 1 October.

888AFRICA holds a leading position in Mozambique and licensed operations in Angola and Tanzania, GiG says, with an annualized net gaming revenue run rate of about $50 million. Its 888bet brand has added content partners such as SIS, which brought live numbers draws to 888Africa in several African markets in 2024.

On 23 October GiG delivered 16,038,841 new Swedish Depository Receipts to subscribers in the share issue, including Carter and two family foundations. Because 888AFRICA's balance sheet is now consolidated, group cash jumped to €8.0 million from €3.5 million at the end of June.

Guidance for 2026 and 2027

GiG described its 2026 guidance as reiterated: combined revenue of €45–48 million and adjusted EBITDA of €5.5–7.0 million. The August release had given ranges of €44–48 million and €5–7 million, on the assumption of a full Q4 contribution from 888AFRICA.

For 2027, the first full year with the African operator, GiG targets combined revenue of €85–90 million and adjusted EBITDA of €17–19 million. That compares with 2025 revenue of €37.6 million and adjusted EBITDA of €4.3 million.

Why the deal matters for a B2B supplier

The purchase moves GiG from a pure platform supplier into running its own consumer brands. Its B2B side still signs deals: in the quarter it added one partner, extended one agreement and launched three brands in Alberta, Canada, all with existing partners, as with its earlier Betsson partnership for the Zecure brand.

GiG has bought businesses before, such as SEO and content provider Titan in 2024, but 888AFRICA is far bigger relative to its own revenue. The 2027 targets depend on integrating the operator and keeping its growth going in African markets that are still developing their regulation.

According to NEXT.io, GiG shares were up more than 22% on 28 October after the report.

Status reviewed on 29 October 2026. Figures are from GiG Software's Q3 release and 888AFRICA completion announcement; cost details, reasons for the revenue fall and the "defining moment" quote are as reported by trade outlets. More business news and EMEA coverage.