GiG Software PLC

Good morning. Welcome to Gig Software Q1 results presentation. I'm delighted to be joined by Richard and Phil, CEO and CFO of Gig Software. So without further ado, I will hand over to them.

Thank you. Good morning and welcome, everyone. And thank you for joining us today for Gig Software's Q1 2026 interim results presentation. My name is Richard Carter, the CEO of Gig Software, and I'm joined today by our CFO, Phil Richards. Like our previous presentations, I'll begin by reviewing our key highlights from Q1, the headline metrics and the operational achievements that have shaped the quarter. Phil will then take us through the financial review in detail, covering revenue, EBITDA, operating expenses, cash flow and our four year guidance. I'll then come back to discuss our strategic progress across our key focus areas and the outlook for the remainder of 2026. Now turning to our Q1 highlights. I'm pleased to report a solid set of results for Q1. Revenue was broadly flat year on year, with underlying existing client base of 9% offset by currency headwinds, principally the depreciation of the Argentinian peso and the timing of setup fees. We recognized 1.4 million of setup fees in quarter one last year versus 0.4 this year. We delivered our sixth consecutive quarter of positive adjusted EBITDA, which I think is a meaningful statement about the discipline we've applied to cost management across the business. On the commercial front, we signed seven new agreements year to date, reflecting continued momentum in our pipeline conversion. We also completed four successful platform launches. Our cash position amounted to 5.4 million as at the 31st of March, strengthened by the recent signing of a new revolving credit facility of up to 3 million. In addition to this, we have now entered, we've now enacted 4.5 million in annualized cost savings, the impact of which will be seen from Q2 onwards. These results, coupled with our ongoing commercial developments, give us confidence in our ability to meet our four year guidance. I will now hand over to Phil to walk you through the numbers in more detail.

Thank you, Richard. Good morning, everyone. I'll now take you through the financial performance for Q1 2026. Starting with revenue and EBITDA, Q1 2026 revenue was broadly in line with Q1 2025, a 2% decline on a reported basis, however, up slightly on a constant currency basis. When excluding one-off setup fees, our underlying revenue growth mounted to 9% year-on-year. Our revenue mix continues to be well balanced with 56% from minimum guarantees and 44% from revenue share. Our adjusted EBITDA came in at 0.2 million compared to 0.4 million in Q1 2025 with a small year-on-year movement driven entirely by the revenue variance as the cost base remained flat. As a reminder, Q1 is historically our most seasonally challenging quarter and its performance is consistent with our expectations and with our four-year guidance. This slide walks through the moving parts of revenue year on year. Existing customer growth was strong. Platform revenue from existing clients grew 15% year on year. Sportsbook revenue from existing clients grew 18% year on year. And our underlying revenue growth from our top 10 customers was also 18%, which is a clear indication that our core client base is performing well. New launches and customer growth contributed to 0.9 million to revenue in the period. These positives were offset by both the 0.3 million constant currency headwind from the Argentinian peso and the net setup fee movement reflecting Q1 2025 benefiting from some one-off fees that did not occur in 2026. Moving now to operating expenses, these were flat year on year and I'm pleased to say we've now delivered 4.5 million in annualized cost savings in Q1 2026 in line with our original targets, with these savings being realized in Q2 and beyond. Personnel costs have been the primary driver of savings and we continue to review our cost base to further reduce this and therefore realize the scalability inherent in the business. This cost discipline combined with ARR growth is what underpins our confidence in achieving positive underlying cash generation through 2026. This waterfall chart shows the bridge from Q1 2025 adjusted EBITDA of 0.4 million to Q1 2026 adjusted EBITDA of 0.2 million. The 0.2 million movement reflects a 100% drop through of the revenue variance, with cost lines essentially flat. This demonstrates the way we do see revenue growth, particularly from existing clients. It flows directly through to EBITDA. We had share-based compensation of 0.1 million and excretion payments of 0.4 million, and these are excluded from our adjusted EBITDA, which is consistent with our prior reporting. On cash now, we ended Q1 2026 with 5.4 million in cash, down from 9.9 million as of 31 December 2025. Q1 is historically our period of highest cash outflow due to seasonal working capital patterns and annual payments. Operational cash flow, excluding working capital movements, improved by approximately 0.6 million year-on-year and we continue to move towards cash flow break-even. I'm pleased that we've strengthened our cash position by the addition of a new revolving credit facility of up to 3 million following the end of the quarter. I'm also pleased to reiterate our full year 2026 financial guidance. We're targeting revenue of at least 44 million and adjusted EBITDA of at least 10 million. We continue to make progress towards generating positive underlying cash flow from operations as we previously committed. Our guidance is underpinned by 12 to 14 planned launches during the year, four of which have already been completed. And as you can see from the revenue composition chart, launch activity is way towards H2, which is consistent with the profile we've communicated previously. I'm now going to hand you back to Richard for the strategic update.