Interim Report January-March 2021 Adverty AB

 
 

 

 

Adverty's Programmatic Channel Gains Momentum And Increases Global Reach.

 

 

 
 
                                                                                            
 

   Summary   

 
 

   First quarter   

 
 
 

   Full-year   

 
 
 

   2021-01-01   

 
 

   2020-01-01   

 
 
 

   2020-01-01   

 
 

  (SEK thousands, unless otherwise stated)  

 
 

   2021-03-31   

 
 

   2020-03-31   

 
 
 

   2020-12-31   

 
 
 
 
 
 
 

  Total income  

 
 

  179  

 
 

  827  

 
 
 

  1 789  

 
 

  Operating profit before depreciation/amortisation (EBITDA)  

 
 

  -5 342  

 
 

  -3 369  

 
 
 

  -14 890  

 
 

  Operating profit after depreciation/amortisation (EBIT)  

 
 

  -5 394  

 
 

  -3 414  

 
 
 

  -15 074  

 
 

  Profit before tax  

 
 

  -5 395  

 
 

  -3 419  

 
 
 

  -15 093  

 
 

  Profit for the period  

 
 

  -5 395  

 
 

  -3 419  

 
 
 

  -15 093  

 
 

  Cash flow for the period  

 
 

  -5 930  

 
 

  13 865  

 
 
 

  16 925  

 
 

  Earnings per share, SEK *  

 
 

  -0,26  

 
 

  -0,22  

 
 
 

  -0,74  

 
 

  Earnings per share, SEK **  

 
 

  -0,26  

 
 

  -0,17  

 
 
 

  -0,73  

 
 

  Equity per share, SEK *  

 

 

  1,23  

 
 

  1,47  

 
 
 

  1,49  

 
 

  Equity per share, SEK **  

 
 

  1,23  

 
 

  1,13  

 
 
 

  1,47  

 
 

  Number of shares  

 
 

  20 641 771  

 
 

  15 876 285  

 
 
 

  20 376 285  

 
 

  Average number of shares during the period  

 
 

  20 509 028  

 
 

  14 001 285  

 
 
 

  16 251 285  

 
 
 
 
 
 
 

  * Calculated on the actual number of shares outstanding at the end of each period.  

 
 
 
 
 

  ** Calculated on the number of shares outstanding at close of latest period.  

 
 
 
 
 
 

 

 

  Significant events during the period  

 
  • The Company and mobile game developer Gold Town Games enter into strategic partnership.
  •  
  • The Company raises proceeds of approximately SEK 10 million from exercise of series 2020/2021 warrants.
  •  
  • The Company is awarded TAG Brand Safety Certified Seal validated by ABC audit.
  •  
  • The Board of Directors approves changes to terms for series 2020/2021 warrants.
  •  
  • The Company enters next phase of growth and global expansion by focusing founder Niklas Bakos on product strategy and promoting Tobias Knutsson to CEO.
  •  
  • Adverty and Verizon Media announce new deal to enable a huge range of brands and audiences to access Adverty's innovative ad formats within gaming.
  •  
  • The Company continues rapid expansion with appointment of Chief Financial Officer.
  •  
  • The Company is granted second US patent for in-game ad viewability technology.
  •  

  Significant events after the end of the period  

 
  • Adverty and InMobi launch in-game advertising for global brands and agencies.
  •  
  • The Company announces collaboration with Oracle Moat to enhance measurement across its in-game advertising platform.
  •  
  • The Company enters into exclusive partnership with Dutch hyper-casual publisher Lucky Kat Studios.
  •  

  A message from the CEO  

 

According to Adverty and many players in the industry, 2021 will be the year in which in-game advertising launches in earnest, with several signals indicating that this is the case.

 

Looking at some of the world's largest media agency networks, we see that many have recently launched completely new departments focusing on in-game advertising. One example is Dentsu UK & Ireland , which recently launched DGame, a specialist department dedicated to helping brands reach and engage their audiences through gaming. Another is MediaCom, which recently announced a brand-new full-service division called MediaCom Play, which, like Dentsu Aegis' new venture, helps clients invest in, and carry out promotions in, games and esports. Today, these and other media agencies around the world, large and small, are contacting us to find out more about in-game technology, how our solution works and how this can benefit their customers.

 

Our integration with Verizon Media (soon to be renamed Yahoo) is now complete, with cooperation fully under way with pilot campaigns planned for activation in multiple geographies in the current and upcoming quarters. Yahoo and other partners, such as InMobi, have broad future plans for in-game advertising and will be investing heavily in this format in the future.

 

The biggest step of the quarter involved the truly scalable component of Adverty's advertising platform, the programmatic channel, where sales rose by 34 percent from the preceding quarter, with growth of 1,091 percent on the corresponding period in 2020. During the first quarter of the year, 17,450 unique brands advertised their messages programmatically on our platform, compared to 7,500 in the previous quarter. With the advertising method remaining relatively unknown to many media buyers and because the advertising space generates brand exposure rather than clicks, most purchases are still made on a limited budget and only for brief intervals As brand advertising in mobile gaming becomes more accepted and standardised in the industry, these tens of thousands of advertisers will focus much more on gaming as a media channel, and with significantly larger budgets.

 

Despite the growth in programmatic business during the period, we did not reach our own revenue targets. This was primarily due to several direct campaigns not being launched during the quarter. However, with an increasing number of customers showing an interest in our product, the trend is moving in the right direction, with a clear growth in programmatic sales expected in the second quarter. Alongside a number of direct campaigns that have been activated, including that by Activision, which is continuing its involvement in Adverty, the second quarter appears considerably more favourable.

 

The first quarter largely involved expanding our advertising inventory. Over the period January to March, we increased our global reach by 125 percent and now actively reach close to 20 million players every month. Our ambition is to multiply that figure during 2021.

 

We have progressed far in negotiations with the world's largest hyper-casual publisher and with one of the world's largest gaming publishers, on integrating our technology into their gaming portfolios. With partners of this size, longer testing periods are usually required, and these are expected to last until the latter part of the year.

 

The integration of both of our formats into Lucky Kat's Magic Finger 3D and into Gold Town Games' World Hockey Manager 2021 is fully under way and we are already envisioning a sneak launch of the In-Play format in World Hockey Manager 2021.

 

MADFINGER Games is continuing to optimise Shadowgun War Games and still does not permit any advertising in that game. Although the launch date is currently unknown, we are maintaining a close dialogue with MADFINGER and hope that the situation will change in the future.

 

Our announced competition for game developers generated some interesting contributions, but nothing of the quality we hoped for. The purpose of the competition and the prize money was to find exciting new partners and we have chosen to continue our discussions with the contributors that could have future potential.

 

Adverty was first out in the second wave of seamless in-game advertising technology (see Massive Inc 2002-2010) when we started developing our platform in late 2016. Today, we are seeing some signs of being rewarded for getting off to an early start. Technically, we have an edge on our competitors, which has proven beneficial for us, including during testing phases with game developers. In-game advertising, and the critical viewability verification in particular, is slowly being accepted in the industry and key initial steps are now being taken for a future attempt at standardization, with such attempts often being headed by leading players in the industry. Adverty is working closely with world-leading Moat by Oracle Cloud to develop third-party verification of in-game viewability, where our now multi-patented viewability technology may play an important role in the basic framework of how this should be defined and verified.

 

Interest in Adverty has never been greater – from customers and suppliers to the media and investors. With a packed roadmap for both technological development and partnerships, we therefore chose to bring forward the redemption of options from our latest new issue – with our refreshed cash balance, we will be able to accelerate development in areas that are currently particularly important. Operations are progressing as planned and we feel secure with the course ahead.

 

In-game advertising is here to stay and Adverty is well equipped to meet the growing demand.

 

  Tobias Knutsson  
CEO
Adverty AB (publ)

 

  Adverty in brief  

 

Swedish advertising technology company Adverty has launched the world's first programmatic platform for automated, seamless in-game advertising.

 

The platform is based on patented technology which, among other things, is based on studies of the eye, its field of vision and perceptual capacity. The advertising platform is available on some of the world's largest trading venues for automated trading of digital ads and Adverty was launched in the commercial market late last year.

 

The operations are conducted from the Company's own offices in Stockholm , with technological development also being performed in Ukraine . Sales and business development also take place in the UK, Spain , Singapore , Russia and the US.

 

This report pertains to the Company's operations during the period 1 January to 31 March 2021 .

 

  Sales and earnings  

 

Net sales amounted to SEK 101 thousand (312) for the first quarter. The reported loss for the first quarter amounted to SEK 5,395 thousand (3,419), which was essentially in line with the budget and plan.

 

Earnings per share for the first quarter amounted to a loss of SEK 0.26 (0.17) with a comparable number of shares.

 

  Investments  

 

Advertising's investments in the first quarter amounted to SEK 1,207 thousand (1,618). The investments pertain mostly to intangible assets in the form of capitalized development expenses.

 

  Depreciation/amortisation  

 

First quarter earnings were burdened by SEK 52 thousand (45) in depreciation/amortisation. These items pertain primarily to the amortization of intangible assets.

 

  Liquidity and financing  

 

At the end of the period, the Company held SEK 11,528 thousand (14,397) in cash and cash equivalents. As of the reporting date, the Company held interest-bearing liabilities of SEK 0 thousand (219).

 

  Equity, share capital and number of shares  

 

As of 31 March 2021 , Adverty's equity amounted to SEK 25,358 thousand (23,349). The share capital is divided between 20,641,771 shares with a quotient value of SEK 0.047 per share. All shares are of a single series, conveying equal entitlement to vote and participate in the Company's earnings.

 

  The share  

 

Adverty's shares are traded on NGM Nordic SME under the symbol ADVT and bear the ISIN code SE0011724889.

 

  Employees  

 

As of 31 March 2021 , Adverty had a total of 21 employees, of whom 9 were directly employed by the Company and 12 of whom were full-time consultants based in Stockholm , London , Lviv, Madrid, New York , St. Petersburg , Helsinki and Singapore . Of the 21 employees, 3 are women and 18 are men. Adverty's objective is to increase the number of women.

 

  Related-party transactions  

 

No transactions with related parties occurred during the reporting period.

 

  Accounting policies  

 

This interim report has been prepared in accordance with the Swedish Accounting Standards Board's guideline BFNAR 2012:1 Annual and Consolidated Financial Statements, K3. The Company's assets and liabilities are stated at cost and nominal value, respectively, unless otherwise stated.

 

  Review  

 

This report has been reviewed by the company's auditors.

 

  Mentor  

 

Corpura Fondkommission AB is the Company's mentor and can be contacted at +46 (0)72-252 34 51.

 

  Future report dates  

 

Adverty will publish recurring financial information in accordance with the following schedule:

 

10 June 2021                         Annual General Meeting, to be held in Stockholm  

 

18 August 2021                     Interim report, January – June 2021  

 

18 November 2021                Interim report, January – September 2021  

 

22 January 2022                   Year-end report, January – December 2021  

 

  Adverty AB (publ), 18 May 2021   

 

Board of Directors

 

  For further information, please contact:  

 

Anders Rössel, CFO
Telephone: +46 (0)70-867 00 20
e-mail: ar@adverty.com  

 

  Tobias Knutsson , CEO
Telephone: +46 (0)70-686 06 66
e-mail: tk@adverty.com  

 

  Publication  

 

  This is information such that Adverty AB (publ) is required to publish under the EU Market Abuse Regulation. The information was submitted for publication under the auspices of the aforementioned contact, for publication on 18 May 2021 .  

 

This information was brought to you by Cision https://news.cision.com  

 

  https://news.cision.com/adverty-ab/r/interim-report-january-march-2021-adverty-ab--publ-,c3348028  

 

The following files are available for download:

 
 
  
 

   https://mb.cision.com/Main/17527/3348028/1418242.pdf   

 
 

  ADVERTY_Q1_2021_ENG  

 
 
 

 

 

 Cision View original content: https://www.prnewswire.com/news-releases/interim-report-january-march-2021-adverty-ab-publ-301293230.html  

 

SOURCE Adverty AB

 
 

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NorthStar Gaming Reports Year-End 2024 Results

NorthStar Gaming Reports Year-End 2024 Results

 

Annual Revenue Growth of 57%, Gross Margin up 91%

 

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

 

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

 

Restatement of Results

 

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

 

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

 
  •  Total Wagers1 at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
  •  
  •  Revenue2 was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
  •  
  •  Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.
  •  

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

 
  •  Total Wagers2 at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
  •  
  •  Revenue2 was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.3
  •  
  •  Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.
  •  

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

 

2024 Operating Highlights:

 
  • Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
  •  
  • Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
  •  
  • Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
  •  
  • Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
  •  
  • Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
  •  
  • Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).
  •  

Outlook

 

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

 

FY 2024 Corporate Update Webinar

 

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

 

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

 

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

 

Extension of Strategic Marketing Agreement

 

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

 

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

 

Continuous Disclosure

 

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

 
  • the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
  •  
  • specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
  •  
  • the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.
  •  

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

 

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

 

Additional Information

 

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

 

About NorthStar

 

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

 

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

 

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

 

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

 

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

 

Total Wagers

 

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

 

Gross Gaming Revenue

 

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

 

Reconciliation of Non-IFRS Measures to IFRS Measures

 
                                
 In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
$ Millions (unaudited)
Unaudited Three
months ended
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Gross gaming revenue from wagered games$10.0$ 7.6$ 34.0$22.5
Bonuses, promotional costs and free bets(2.0)(1.5)(6.7)(4.2)
Sub-total Gaming revenue8.06.127.318.3
Other revenue from managed services1.50.22.30.5
Revenue$ 9.5$ 6.3$ 29.6$ 18.8
 

 

 

Operating Results

 

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

 
                                                    
$ Millions (unaudited) Unaudited Three 
months ended 
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Revenue$ 9,478$ 6,275$ 29,556$ 18,845
Cost of Revenues5,8684,16719,01313,317
Gross Margin3,6102,10810,5435,528
General and administrative expenses3,0334,45210,45312,277
 Profit/(Loss) before marketing and other expenses (1) 577(2,344)90(6,749)
Marketing5,2495,47215,45614,094
Loss before other expenses (1) (4,672)(7,816)(15,366)(20,843)
Other expenses(1,070)1493,6456,547
Net loss$ (3,602)$ (7,965)$ (19,011)$ (27,390)
 

 

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

 

Cautionary Note Regarding Forward-Looking Information and Statements

 

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

 

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

 

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

 
 

For further information:

 

Company Contact:

 

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

 

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

 
 

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