EBET numbers improving though still with net loss
The company achieved its short-term goals for reducing net loss and maintaining adjusted EBITDA during the summer.
EBET has reported “significant progress” in boosting the company’s adjusted EBITDA and lowering its net loss during a two-month period that ended last month. Company figures reflected $3.8m in net loss by the end of August, with its adjusted EBITDA holding steady, based on “unaudited interim financial results.”
The company posted a net loss of $9m and a negative adjusted EBITDA of $4m during the previous quarter. For the two-month period ending in August 2022, EBET’s figures reflected an average turnaround of close to $1.7m in net loss per month and an adjusted EBITDA of nearly $1.4m per month.
EBET Chief Executive Officer Aaron Speach said: “This represents significant progress for the company, as we have a two-month period of improved net loss and adjusted EBITDA. I’m proud that the team was able to achieve such a massive turnaround in such a short period of time, as August was our first month implementing our new profitability plan.
“I am specifically encouraged and optimistic for our shareholders because we were able to achieve this despite the challenging global business environment.”
Speach went on to elaborate about the company’s financial goals moving forward.
He concluded by saying: “In the coming months, we look to scale all profitable revenue-generating wagering products as well as seek out new traffic-generating opportunities and partnerships.
“We are optimistic about our future and will continue to strive to create value for our EBET shareholders.”
EBET is a provider of advanced sports wagering products and technology around the world. At the end of 2021, the company closed its deal to acquire Aspire Global’s B2C business for $75.9m.
The acquisition brought with it an assortment of B2C’s online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP, as well as access to 1.25 million customers in more than 15 countries.
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