Raketech has announced its Q1 2024 financial results.

Q1 2024 Financial Highlights

• Revenues in Q1 of 2024 totaled EUR 19.0 million (EUR 15.8 million), reflecting an organic growth increase of 20.1% (24.4%), driven by continued strong performance from sub-affiliation partially offset by weaker-than-expected results within affiliation marketing.
• EBITDA, adjusted for restructuring costs, was EUR 5.1 million (EUR 6.1 million), impacted by a weaker performance in Sweden compared to the previous year and soft performance of the Casumba assets following the Google Core update during the quarter. Other regions and products performed well, with sub-affiliation delivering a strong quarter in terms of EBITDA contribution.
• Operating profit, adjusted for costs related to re-structuring, amounted to EUR 2.0 million (EUR 3.8 million).
• Free cash flow before earnouts increased to EUR 6.5 million (EUR 5.6 million) with a positive working capital development from trade receivables.
• Earnouts settled during the quarter amounted to EUR 13.0 million.

Full-Year Outlook

Current trading, including April, implies an adjusted EBITDA of around EUR 20.0 million for the full year. Free cash flow before earnouts for the full year is estimated to come in just below adjusted EBITDA.

Subsequent Events After the End of the Period

On May 14, 2024, the board decided to withdraw its previously announced proposal to distribute dividends in 2024, in line with its commitment to maintaining financial flexibility and supporting the company’s long term growth ambitions. The primary focus is delivering value to shareholders and continuing to evaluate opportunities to enhance shareholder returns in a way that aligns with the Company’s long-term value-creation objectives.

Current Trading

Revenues in April 2024 amounted to EUR 5.9 million (EUR 5.9 million).

Raketech Acting CEO Johan Svensson said: “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on 1 May. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”

International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.

“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.

Key Highlights:

• Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
• Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
• Received a supply contract extension from the UK National Lottery
• Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
• Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
• Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
• Launched iGaming content in Rhode Island
• Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.

“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.

Leading iGaming publisher Yggdrasil and YGG Masters partner Bang Bang Games have combined to deliver thrilling gameplay in toxic new release Mutant Trawlers.

Players must navigate a contaminated nuclear lake to fish up wins worth a maximum of 3,000x by way of Trawler Respins, Mutant Cash and Meltdown Free Spins.

Trawler respins can be triggered whenever a boat lands on the same reel as a Mutant Cash symbol, automatically igniting a chain of respins where multipliers increase after every successful spin.

Up to 20 Meltdown Free Spins are launched whenever three or more bonus symbols land anywhere on the game reels. During the Meltdown Free Spins bonus, the trawler multiplier does not reset between spins, leading to enhanced prizes.

A gamble feature can see players spin a wheel of fortune to increase the number of free spins they receive by three and five, leading to a maximum of twenty free spins.

For 50% extra per spin, the Bonus Boost feature can be activated, automatically doubling the chance of triggering the Meltdown Free Spins bonus.

Those wishing to kick-start the bonus immediately can do so by paying 65x their stake, guaranteeing a feature. For 120x their stake, players can guarantee five bonus symbols for 20 free spins.

Mutant Trawlers is powered by GATI, Yggdrasil’s state-of-the-art technology enabling partners to employ the preconfigured, regulation-ready, standardised development toolkit to consistently produce cutting-edge content followed by rapid distribution.

Zoe Bird, Senior Product & Program Manager at Yggdrasil, said: “Mutant Trawlers takes the concept of much-loved fishing-themed slots and turns it on its head with a dark twist. Not only does this release look and sound fantastic, but it also offers great winning potential thanks to some truly wonderful features including Trawler Respins.”

Frank McPolin, Managing Director at Bang Bang, said: “Players are increasingly leaning towards games with an edge to them, and we feel like Mutant Trawlers offers that in abundance! This gruesome game is a dream come true for those chasing big wins via unique bonus features and mechanics. Grab your hazmat suit and fishing rod and get stuck in!”