GiG Software PLC

GIG Software PLC investor presentation. Throughout this recorded meeting, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions at any time and press send. Given the attendance on today's call, the company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions and will publish those responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll, and I'm sure the company would be most grateful for your participation. I'd now like to hand over to CEO Richard Carter. Good morning.

2025 quarter three results presentation. Once again, it's been a period of solid delivery with results in line with our guidance, and we're looking forward to updating you this morning on the positive progress we are making across our business verticals. We've reconfirmed both our 2025 guidance and our mid-term outlook, and we remain focused on sustainable, long-term profitable growth. Like our other previous results presentations, I will begin by running through our key highlights before handing over to Phil Richards, our CFO, who will take you through the financials. I will then come back and update you on our strategic progress and our near-term outlook. So now let's turn to our key highlights. And I'm pleased to report another strong quarter for the company with revenue increasing 31% year on year to 9.7 million and adjusted EBITDA expanding by 2.3 million to reach 1.2 million with a margin of 13%. Q3 has also saw another quarter of positive pipeline conversion with five new commercial agreements signed. These included a major contract targeting Brazil and our first contract with a European lottery. This diversification not only further validates the flexibility of our technology stack, but also gives us potential new avenues of growth over the medium term. We completed three successful launches during the quarter, in line with our revised guidance, bringing the year-to-date number to 10. And following the end of the quarter, I'm delighted that we've launched an additional two more brands, and we remain confident in hitting our target of 15 launches for the full year. I'm also pleased to report that during October, we received the funds from our recent equity raise, giving a cash position of 12.9 million euros as at the end of October. And Phil will expand on this shortly. And given our balance sheet strength, we now have formed an executive committee to consider investment and acquisition opportunities. So with this, I'll now hand over to our CFO, Phil Richards, who will take you through the numbers for the quarter and year to date.

Thanks, Richard. We can see from this slide that as well as strong year-on-year growth with a 31% increase in revenue and a €2.3 million improvement in adjusted EBITDA, sequentially this is also another strong quarter, with revenue and adjusted EBITDA continuing the improving trend of the last few quarters. From a year-on-year perspective, it's very pleasing to highlight that the €2.3 million additional revenue all dropped straight through to adjusted EBITDA. this resulting in us achieving the rule of 40 for the first time. A combination of revenue generation and focus on cost optimization allowing us to realize the scalability of our business model. I now wanted to highlight several factors contributing to our 2.3 million revenue, Euro revenue growth year on year. Specifically, I'm delighted with the contribution from new customer launches since last year, with these contributing to 0.8 million additional revenue in the quarter. This, combined with significant growth from our existing customers, both in turnover, GGR, and underlying revenue for gig, added to our revenue growth in Q3. Within the other revenue bracket, we include one-off items such as setup fees, which make up the remainder of our 31% year-on-year revenue growth. should be noted that this revenue growth was achieved despite a significant decline in the argentinian peso which on a constant currency basis amounted to 0.3 million headwind for the quarter given our significant market share in this market i anticipate this will continue to have an impact going forwards turning now to our cost base Tight cost control remains a key feature of GIG's DNA, as exemplified by a €0.2 million year-on-year reduction in operating expenses, with a small increase in personnel costs offset by lower marketing and other admin costs. On a quarterly basis, total operating expenses of €8 million were broadly unchanged from the previous quarter. We remain laser focused on cost control as we exit 2025 and into 2026 to ensure we can continue to increase our EBITDA margins and deliver the scalable business model that our cost base supports and continue to implement cost saving initiatives accordingly. Now turn into the quarter three EBITDA bridge, which breaks down the key year-on-year drivers from minus 1.1 million euros in Q3 2024 to a positive 1.2 million euros in Q3 this year. The biggest EBITDA impact came from the 2.3 million euro increase in revenue, as discussed on the previous slide, which dropped straight through to adjusted EBITDA, highlighting the very high inherent operational gearing that platform businesses possesses. While cost of sales did increase by €0.2 million, reflecting the increase in revenue generating activity, this was fully offset by previously referenced reduction in operational costs, resulting in that quarterly adjusted EBITDA result of €1.2 million. Our cash burn continues to improve, with underlying cash outflows decreasing month on month, reflecting the improving revenue generation and cost control within the business. We invested 4.1 million euros in PPE and software development during the period and had a working capital outflow of 0.7 million euros with loan and lease payments totaling another 0.7 million euros. The receipt, the directed share issue announced in June meant that we closed the period of 4.7 million euros of cash. Subsequent to the period end, We've also received a further 11 million euros of directed share issue proceeds. And this leaves us with a gross cash position of 12.9 million euros and just 0.1 million euros of debt. The board is satisfied with the strength of the company's balance sheet and in the interest of all shareholders, do not currently envisage the need for additional funding at this point in time. If we turn then to the year to date performance, we're extremely pleased with how the nine months have unfolded with a 22% or 5 million euros increase in revenue to 28 million euros revenue, of which 1.5 million euros have come from new custom launches this year. It's worth noting that on a constant currency basis, the Argentinian peso euro decline throughout the year has had a 0.5 million euro adverse impact on our revenues year to date. Operational costs have been reduced by 0.6 million euros year to date, which means that adjusted EBITDA has increased by 5.7 million euros to a positive 2.6 million euros for the nine months to the 30th of September. Or put another way, revenue has dropped through to adjusted EBITDA at 114%. It's with this context I wanted to reiterate our guidance, both for the end of this year and 2026, being revenue of at least 39 million euros and an EBITDA of at least 5 million euros, with the 2026 figures being at least 56 million in revenue and an EBITDA of at least 15 million. Within this, a key metric underpinning 2026 remains that of cash generation by the end of H1 2026, which we're fully focused on to deliver through a combination of continued cost control and revenue generation dropping through to the bottom line. I'll now hand you over to Richard, who will run through the latest updates on the progress made during the quarter against our strategic growth pillars.

Thanks for that, Phil. So in this next part of the presentation, I'm going to take you through how we are executing against our key strategic growth pillars and how our investment is benefiting our partners and positioning GIG for sustainable, long-term profitable growth and underlying cash generation. So as a reminder, we started the year with four key strategic growth pillars, enhancing our technology and product offering, improving operational execution and efficiencies, entering new markets and launching new clients, new business growth, which is all about adding new partners into our ecosystem. And in light of our recent balance sheet strengthening, we've added a fifth strategic growth driver, partnerships and M&A. So now let's take each one of those in turn, starting with enhancing our technology and product. which, as I reported previously, is now starting to gain real traction group-wide by helping to drive additional underlying growth for existing operators, as well as aiding the team in winning new partners. And to help accelerate this momentum, we formally launched our in-house AI ecosystem, which is designed to consistently evolve our product to the benefit of our partners, and I'll talk more about this on the next slide. Now, during this quarter, we also rolled out multiple product enhancements around currency, languages, payments, and an improved BetBuilder product for SportX as we continue to develop our market-leading products to ensure that both our existing and new partners can take advantage of the latest in platform and sportsbook technology to enable them to compete more favorably. Turning to our AI ecosystem, and I'm particularly excited about the transformative role this will play for both our business and our partners. We believe this will be truly revolutionary, empowering our customers to grow more efficiently and effectively while enabling GIG to scale operations, enhance efficiencies, and drive long-term shareholder value. Our journey in AI began back in 2024 when we established a dedicated AI team to help drive AI adoption throughout GIG. And I've recently challenged the teams to ensure that by the end of 2026, at least 15% of all written code will be AI generated. And I'm pleased to say already the recently created mobile team is outperforming this target with 25% of all code written generated by AI matching. AI is also deeply embedded across other areas of our business, driving innovation and efficiency. A strong example of this is Excite, our AI-powered front-end builder, which enables instant creation and seamless deployment of our new brands, dramatically reducing time to market. In addition, our AI-driven game recommendation engine is already delivering an additional half a playing day a month and improving our operators' churn prevention by 33%. Our fraud and risk management models have been particularly successful since launch, reducing false positives by over 30% and improving detection efficiency by 40%. Our ambition here is clear, to position GIG as a leader of applied artificial intelligence in iGaming. By embedding AI in the heart of everything we do, we are building an AI-first ecosystem designed to scale efficiently, deliver tangible benefits to our partners, and ensure mutual success across the value chain. Now, moving on to our second key priority, improving operational execution and efficiencies. And as Phil discussed during his financial slides, Tight cost control is constantly being embedded into GIG's DNA, and improving operational execution is a key company-wide focus that I'm pleased to say we are executing strongly against, as evidenced by the year-on-year decline in costs. For example, in Q3, we reduced headcount in our managed services operations by 9%. With no detriment to our partners, as highlighted in the previous slides, the expansion of AI will allow us to go further in this respect with the introduction of AI chatbots. Alongside the headcount efficiencies already realized within our managed services, we've also concluded a significant re-architecture project, allowing us to move away from VMware virtualization stack with an annualized saving of 0.4 million. We've also mitigated the cost of additional capacity requirements through the initiation of our compute savings plan, allowing for efficiency gains and a lower cost base for future launches. And during Q4, we've implemented additional initiatives to ensure our cost base is optimized for future growth, allowing us to deliver value to our partners and shareholders. Now turning to new market expansion, which is one of GIG's most important growth drivers, as it not only expands our addressable market, but allows for the addition of new partners into our ecosystem. We expect our Brazilian market launch to occur in the latter part now of Q1 2026, with our market entry readiness complete by the end of 2025. We remain alive to additional new market opportunities, with the team currently exploring new markets in both Asia and LATAM. And in terms of launches during the quarter, three clients were successfully launched and this momentum has continued into Q4 with an additional two launches. Now turning to the fourth growth pillar, new business growth. I'm pleased to report we continue to successfully focus on winning new business with five commercial agreements signed during the quarter, including the previously flagged technology supply agreement for European lottery and the aforementioned tier one partner targeting Brazil. Our near-term pipeline remains very healthy, with strong engagement in Europe and LATAM for both our sports and casino offering. And we once again expect to close around five additional new agreements during this quarter. And finally, our final growth driver, partnerships and M&A. The board have recently created an executive committee to actively assess and review investment and acquisition opportunities. We will be very disciplined with any such capital deployment with a focus on sustainability, sustainable long-term profitable growth and shareholder value creation. So in conclusion, Q3 has been another solid quarter of delivery for GIG with both significant revenue and adjusted EBITDA growth. We launched three new clients and we've completed two additional launches so far in this quarter, underpinning future growth. Our commercial engagement remains strong with five new agreements signed in quarter three, and we would expect a similar number to be signed during this quarter. Operationally, we continue to improve our products and are going further and faster with AI, with a clear aim to be a leader of applied artificial intelligence in iGaming. Finally, we've reconfirmed our FY 2025 guidance and our midterm outlook for 2026, including cash flow generation by the end of H1 2026. We are confident in GIG's future growth prospects and are looking forward to delivering these alongside exploring additional strategic options. So many thanks for listening, and we're very happy to take any questions.

That's great, Phil. Richard, thank you very much indeed for updating investors. Ladies and gentlemen, please do continue to submit your questions just using the Q&A tab situated on the right-hand corner of the screen. But just while the guys take a few moments to review your questions submitted already, I'd just like to remind you the recording of this presentation, along with a copy of the slides and the published Q&A, will be available via your InvestorMeet company dashboard. Richard, Phil, Bob, you've had a number of questions from investors, so thank you to everybody for your engagement. Bob, if I may just hand back to you to moderate through the Q&A, and I'll pick up from you at the end.

That's great. Thank you very much. The first question really is probably targeted to Phil. This question is focused on growth and some of the drivers. The company saw strong revenue growth, 31% in the third quarter. How much of it was driven by new customers signed in the year to date? And when do you expect some of the new customers in 2025 to begin impacting growth rates?

So year on year, we had... 4.8 million revenue in Q3 from new customers that have been launched. And for the full year, that number was 1.5 million. So they're already significantly adding to the top line. As we mentioned, we launched three customers during the quarter, towards the end of the quarter, with an additional two more already launched in this quarter. So those will start driving revenue in Q4 and beyond as well. So the impact has been quite significant already, but the impact of these additional launches will start being seen in Q4 through into next year as well.

That's great. Thanks, Bill. The next few questions here seem to be directed at Richard. This one is on the Brazilian market that you guys have been quite positive on and the potential of. Can you give us any more details on the market size, the growth rates there and the positioning of the major operator that GIG is signed with?

Yeah, absolutely. So the market's currently sort of anywhere between around $4 billion. It's expected to grow around a compound growth rate of anywhere between sort of 13% and 15%. And I believe it's estimated to to be growing and be worth around $8 billion by 2030. There's a strong propensity to gamble in Brazil, so we think it's a very exciting market. It's a newly regulated market, so that's going to create a lot of opportunities specifically for our product offering, which is very focused on regulated markets. There's no doubt that it's also a very competitive market, but we believe that the partner that we're launching They have very, very ambitious growth plans. They want to spend a lot of money on marketing. And so we're just very excited to be launching to Brazil. And we think once we're live, there'll be other opportunities as that market goes through the transition from unregulated to regulated.

Great. This next question is more targeted at the operations of the business. And in particular, I think the question highlighted the focus on AI in your presentation as a significant driver of margins and product improvements. The question is really what changes in operations or technology has allowed gig software to implement AI and what further benefits do you anticipate as the technology evolves?

We could be here for a long time before I give you that question. But I think the most important actually driver is empowering my team to start to be able to use it. So it comes from me down to my team. And what we try to do is encourage everyone. to start educating themselves. So we've got a team internally that is empowering all of the employees to learn. And so we're not forcing it on people, but we're encouraging it. We've got a dedicated internal team that's onboarding people onto all the different platforms we're using. So that's really what's driven this. As I said, when I joined the company, we actually had a dedicated team anyway. So we've been at this for a very long time. But I think the real transformation sort of began at the end of last year and through this year is just encouraging our team and really helping them sort of get to grips with this. And so I think that's sort of been the key driver of why we're sort of starting to see a big acceleration in this. And then in terms of the opportunity, I think we've already laid out some sort of critical sort of targets, but I think I've challenged the team to be generating at least 15% of all of our code by the end of next year through AI. And also as I highlighted in the presentation, our recently created sort of mobile apps team are already at 25%. So, and I think there's a lot of other opportunities for our business. And when we go through 2026, we'll sort of update you on those opportunities.

That's great. It's definitely something a lot of investors are looking for in terms of seeing companies actually benefit from a lot of the AI rollouts out there. We've got another couple of questions that I think are targeted to you, Richard. This one is more on competition. It says here, gig software is delivering significantly higher growth than peers. How are competitors responding to you and what strategies do you have to stay ahead of competition?

I mean, the strategy to stay ahead of competition is really to be focused on products and technology. So everything we've gone through in this presentation, we're always constantly trying to double down on product improvements. We're trying to obviously improve our technology, the investment we're making in AI. So I think if we continue to do that, that will at least allow us to compete more effectively. In terms of the question versus our competition, I think we've also got to be very mindful that we're coming from quite a low base. And so, you know, like when we're adding new partners into our system, it's having a much more material impact on our revenue growth. And I think, you know, it's testament to the team that we put in place at Gigg. I think we're clearly outperforming and, you know, we are continuing investing in the team and, you know, we're aiming to continue to maintain that outperformance.

It's great to see. One more for you, Richard, before we move over to Phil. This question is more on sort of the diversification of markets that gig software is experiencing, and in particular, the focus on lottery. How many other lottery companies do you have in your pipeline? in addition to the major one you've signed? And how will the successful rollout of this initial customer affect conversion rates in that pipeline?

It's a very good question. And my previous businesses, I was very fortunate to win quite a few lottery clients. And it was very, very difficult, though, for us to get the first one. once you get the first one that then enables you to then hopefully be able to upsell into other lottery partners i mean it's that you can't join any of the lottery associations without having your first partner So I think this first one, when we launch it midway through next year, I think will be a significant catalyst. In terms of our pipeline today, it's very, very early days from a lottery perspective. You know, we still haven't launched this new lottery partner, but I'm very optimistic that once we go live with this new lottery partner, then hopefully that will be open the gates for us. And, you know, we'll start to see a lot of traction and engagement and, you know, We're planning next year to really double down on the engagement with Lottery. So we're very excited about the opportunity there. Lotteries control a huge amount of worldwide gaming. But I would just caution, we're still at the starting line. There's obviously a massive opportunity for us. But the sales cycles on Lotteries are much longer than a normal contract. They tend to be signing sort of five to ten year contracts. But this year there's been several opportunities with lotteries and I expect that to continue next year. So I think we're optimistic, but I wouldn't be thinking that we would be onboarding new lotteries in 2026, but we'll definitely be focusing to try and win clients for sort of the 2027 timeline.

Sounds like an exciting new vertical. We've got a few now for Phil. And this first one is focused on the cost base. The company has been able to maintain a relatively stable cost base over the last little while. Some competitors have a much larger cost base than Gig Software does. How is Gig Software able to keep its cost base lower than competitors? And what would cause a step change in your expense base? And when would you expect this to occur?

Thanks, Bob. We started off with quite a mature cost base. We're really growing the top line to ensure that cost base can be supported. So for us, it's really we had all the elements in place to make sure we could have a significantly bigger business than we did at the time. so we're really growing into that hence why we're not really needing to grow the cost base we're also looking at a lot of more efficiencies you know richard's been talking about ai as one example of where we can get more out of our current cost base where we can scale effectively and we've launched a lot of cost saving initiatives where again we're just looking to get more out of what we're currently using you know whether it's like right-sizing our infrastructure, using economies of scale, et cetera, to make sure that the same cost base is delivering a lot more for us. Of course, some costs will grow with regards to when additional clients on board, there needs to be new environments set up, cost of sales for sure will continue to grow because that grows in direct proportion with our operators as they're on board. However, our underlying cost base, I expect to remain relatively stable. We're just trying to get more for the same you know make sure that we're getting the best people there that are operating efficiently that we're empowering people to to make changes and therefore we can we can actually you know ensure that we can scale effectively because that's what it's all about you know there are really good margins to be had in the business and you can see that our margins are improving and we think they can improve even further on our current cost base as well

And Phil, here's another question that's focused on the cost basis. It's focused on the transition of customers from Alira to CoreX and just wanting to get an update on how far you guys are along on that and when we might be able to see some changes.

Benefits from that so that I'm really actually really pleased with how that project is running like it's running to the timeline We had you know, obviously we've got some quite significant customers on Elyra So it will take time to migrate however all of the steps that we're taking To make sure that migration is going to be as smooth as possible are in line and on target as it stands so I'm expecting to see those transitions happen throughout 2026 And therefore, by the end of 2026, we should really be seeing Elyra ramping down significantly and these cost savings being realized. I would anticipate the cost savings really to be recognized through 2027 and beyond. There may be some in 2026, but I think you're going to see a much bigger impact once we've managed those migrations across during the year. Right.

And this next question, Phil, is more focused on revenues and really short-term revenues. And the question is that Q4 revenue guidance seems to represent a significant increase from Q3. The investors just want to understand what are the key drivers behind Q4 that will get the company there.

So it is quite a step up. I mean, I think it should be pointed out that Q3 maybe isn't the best comparative of a quarter. We've got July and August typically, you know, not great months in terms of signing new deals, set up fees, etc. You've also got a lack of activity on the sportsbook side in July and August. You know, there's no it's not a World Cup year, you know, typically. So that turnover is slightly depressed, which would also have an impact there. as well and then on top of that we've got the addition of these new customers the new launches that we talked about so you've got your three launches that we did during the course of q3 happened towards the end of q3 so you've got a full quarter impact of that You've got the two new launches we talked about. You've got nearly a full quarter impact of that. So it's a mixture of all of these different elements, whether it's additional setup fees, it's the performance of new launches, it's the uptick in turnover expected from the seasonality in Q4. So those components put together really mean that your Q4 should be accelerating quite significantly from Q3. Right.

And related to that is our next question, which is focused on ARR. And it seems to imply that there's been some volatility in the ARR from quarter to quarter. And just wanted you to explain what was driving the volatility up and down on ARR.

So our ARR is not always, you know, a straight line. You know, if you're looking at year on year, the growth is extremely significant. You double digit ARR growth year on year. So very, very high. But quarter to quarter, there may be, you know, we talked about in the previous quarter, for example, some customers that didn't want to launch in sweepstakes. So maybe that then, you know, you look at that and say, OK, fine. We're going to take that out of ARR because there's uncertain timing about launching to that and we spoke about that in Q2. There's always going to be a couple of ins and outs in every quarter on our ARR depending on the customers yet to launch and when they will launch and what markets they'll go in. but if you look at the the long-term trend the year-on-year trend you know our arr is up from sort of sub 30 million to over 37 million on a year-on-year basis which is a which is a huge increase so i'm really pleased with the how arr is is generating i just wouldn't focus too much on q1 to q2 to q3 to q4 i'd look at the longer term trend of how that's looking okay that makes a lot of sense

Now, we're going to give you a break, Phil, and then turn back to Richard. This question is focused on the launches you've had so far. In particular, you've seen two brand launches so far in Q4, with three remaining to meet the target of 15 for the full year. Can you say anything about the revenue potential or the size of the customers from those that are launched and those that remain as well?

Yeah, I mean, we've talked about this previously. I think if you look at the last couple of years, we have been focusing on bigger clients generating higher monthly invoice revenue. So as we go forward, I'd expect the trend of the average monthly invoice revenue per client to continue to trend upwards. In terms of the clients we've launched recently, yeah, we're very excited, very optimistic about the revenue potential. But I mean, I just would say that obviously, you know, the first three or four months, it's always a bit tricky in terms of predicting revenue just because of the nature of clients are testing marketing strategies and things like that. They're having to sign up with affiliates and all this type of stuff. But overall, very excited by the new launches. one in particular um i think has the potential to probably be one of our biggest customers um so all in all um you know excited about the new launches and you know the sort of trending in line with what we've spoken about before you know the the clients that we will launch going forward will be a lot bigger than what we've done historically

That's great. This one focuses back on margins, and so, Phil, it would probably be best place to take this one. It says, what specific operational or product initiatives will help maintain further expansion of margins over the next 12 to 24 months?

So I think it's a lot of what we've talked about before. The investment in AI, we've got looking at operational efficiencies within our business, and all of these will enable us to scale and therefore improve our margins significantly. It's all about this cost focus that we've had for the last year to two years, which is allowing us to grow the top line whilst maintaining a steady cost base. So all the initiatives we talked about before, whether it's the infrastructure, whether it's productivity, whether it's AI, all of these things together, they will lead to a significant improvement in margins that you can already see in Q3. And I'd anticipate this only going upwards through Q4 and beyond.

I think I'll just add to that, which is we've done a very, very good job on cost control. We're super focused. As I said in the presentation, it's one of our key company-wide focuses. But really, the sort of margin expansion for the group going forward is all about revenue. You know, we're trying to hold the cost base as flat as possible. But if you look within our costs, you are going to start to see cost increases. So a couple of areas where you will start to see some cost increases is going to be around cost of sales because as we're launching more clients and as that revenue grows, you know, especially on the sports side, there'll be a little bit of a drag there. but the margins are very high in sports. So I think it's important to look at that. And also, obviously, the hosting costs tend to scale with revenue. We've put in place actually during this year, as we talked about in the presentation, A focus on removing costs from our hosting. So we've done a really good job there. The team has done a great job. So but I think the focus really is about growing revenue, holding costs and capturing as much of that revenue conversion and cash flow conversion to the bottom line.

One more for you, Phil, before we turn to the last two, which look like they're for Richard. Phil, this is a question more on 2026 revenue guidance. Really, it asks about the shape of revenues in terms of half one, half two balance, and whether that's going to be quite similar to 2025 or not.

I think it will by the nature of the fact that the launch cadence we've got contributing to the revenue. We've got obviously quite a few customers that we've launched towards the back half of this year. As Richard said, typically we look at three, four months before we can really get a good idea as to where they're growing and how they're scaling. We've got some significant launches planned for the beginning of next year. We talk about Brazil, we talk about the lottery towards the middle of next year. So all of those components... will mean that from my perspective, the revenue cadence will be quite similar to, you know, we'll be building up through the year as we add more launches, as we add new customers. And as we get the customers growing in the markets there are, let alone our existing customers, they'll also, you know, a lot of them are looking for new market opportunities and when we can expand with them as well. So I would anticipate the cadence of revenue growth to be reasonably similar in terms of the profile to this year.

That's great. That's really helpful. Actually, it's just one last one on that Richard, I think you're probably best suited for is really on the sports book, and maybe just an update on the progress of upselling the sports book to your existing client base.

Yeah, we've done a good job there. We've had a few upsells over the last couple of quarters. And the real focus now on the team, we've just actually, one of the agreements we've signed recently is a customer focused on a market in Europe that's taking our sports book. So, you know, I'm reasonably happy with what we're doing in sports. I think we can do a lot better. And, you know, the focus over the next few quarters is to really double down and to deliver more sports betting clients.

Do you mind if I just jump in just to, as an example in Q3, I mean, the great thing about adding Sportsbook to our existing customers is how quickly we can add Sportsbook. So we launched with, what, three weeks that we managed to add a Sportsbook into one of our existing customers, which was a fantastic story. So it's a very good upsell story for us. It's great for our partners, and we can go very quickly into that space.

And that's it for the questions on screen, and we'll leave it there.

That's great. Thank you very much indeed, Rich and Phil, for updating investors. Could I please ask investors not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team at Geek Software PLC, we'd like to thank you for attending today's presentation and wish you all the