FIX and REPLACE Elys Game Technology Achieves 39% Revenue Growth, Achieves Record Q1 2021 Revenue of $ 14.2 Million
NEW YORK–(COMMERCIAL THREAD) – The title of the post should read: Elys Game Technology Achieves 39% Revenue Growth, Reports Record First Quarter 2021 Revenue of $ 14.2 Million (in the place of Elys Game Technology Achieves 39% Revenue Growth, Announces Record First Quarter 2020 Revenue of $ 14.2 Million).
The updated version reads as follows:
ELYS GAME TECHNOLOGY REACHES 39% REVENUE GROWTH AND ANNOUNCES RECORD REVENUE OF $ 14.2 MILLION FOR FIRST QUARTER 2021
Online gaming revenue increases 150% compared to 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 released its financial results for the first quarter ended March 31, 2021. Full financial results are available in the form 10-Q of the Company, as filed with the Securities and Exchange Commission on May 13, 2021, available at www.sec.gov.
Matteo Monteverdi, CEO of Elys Game Technology, Corp., commented: “As illustrated by record revenues of $ 14.2 million for the first quarter of 2021, a 39% increase in revenues over the same period last year, and on a combined record quarterly revenue of around $ 243 million in the first quarter of 2021, the disciplined growth strategy we set out earlier was executed extremely well. Our online gaming revenue increased an impressive 150% compared to the same period last year and we continue to generate strong operating cash flow. Our management team strives 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. said, “We have made significant investments to support our expansion in the United States. These investments resulted in short-term one-time expenses as we meet key regulatory and policy requirements that impacted our results, resulting in a net loss of $ 0.6 million for the first quarter of 2021, compared to to net income of $ 0.2 million. for the same period of the previous year. The net loss for the first quarter of 2021 also included approximately $ 0.4 million in stock-based compensation and $ 0.25 million in expenses related to our expansion into the US markets. We continue to maintain a disciplined approach to spending by allocating discretionary liquidity to future business opportunities. However, we believe that we are building a highly scalable business model, with the potential to generate very significant additional margins, cash flow and profitability. We also generated over $ 3.9 million in warrant revenue during the first quarter of 2021. As a result, we have both streamlined our capital structure and now have over 21.5 millions of dollars of cash and cash equivalents as of March 31, 2021 without delay term debt.
Michele (Mike) Ciavarella, Executive Chairman of Elys Game Technology, Corp., added, “We are more encouraged than ever by the prospects for the company both in Europe and as we plan our expansion into North America. , especially as the pandemic continues. begins to decline and land operations resume. Given the successful track record in Italy, we believe we are uniquely positioned to become a competitive player as regulations evolve, opening up new markets in 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 to create a leading and end-to-end sports betting solution. at the end. ”
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a global B2B game technology company operating in multiple countries around the world, with B2C online and land-based gaming operations in Italy. In Italy, Elys offers its customers a full range of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slot machines.
The Company’s innovative betting solution serves online operators, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.
Investors can also find us on Twitter @ELYS_gaming.
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 “may”, “believe”, “anticipate”, “” have l ‘intention to’, ‘estimate’, ‘expect’, ‘may’, ‘continue’, ‘anticipate’, ‘potential’, ‘project’ and similar expressions which are intended to identify forward-looking statements and include statements regarding building a highly scalable business model, with the potential to generate very significant additional margins, cash flow and profitability, expanding into North America, becoming a competitive player as regulations evolve, opening new markets in North America and Europe and continuing to implement the Company’s strategy and growth vision of creating a premier sports betting solution from start to finish. 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 and which could cause results to be achieved. actuals differ materially from current expectations and assumptions from those stated or implied by forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of the Company to generate additional margins, very significant cash flow and profitability, the ability of the Company to open new markets and to develop in North America and Europe as regulations evolve, the company’s ability to implement its company’s strategy and vision for growth, the duration and scope of the epidemic of COVID-19 around the world, including the impact on national and local economies, and 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 United States Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this press release is provided only as of the date of this press release, and the Company assumes no obligation to publicly update or revise 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 unforeseen events, except as required by law.