GiG Software Q3 2026: Revenue Falls 12% as Net Loss Widens to €4.5m

GiG Software reported a 12% year-on-year decline in revenue to €8.5m for the three months ending 30 September 2026, and a widening net loss of €4.5m, the company said in its Q3 trading update. The quarter was affected by client exits — including the insolvency of Richmond Atlantic — and lower set-up fees, while recurring revenue edged up to €7.1m.

Financial headline figures for Q3 and year-to-date

Total revenue for Q3 2026 reached €8.5m, down from €9.7m a year earlier. Adjusted EBITDA fell 33% to €0.8m and unadjusted EBITDA declined 64% to €0.4m. Earnings before interest and tax (EBIT) was negative €4.3m, compared with a €3.5m loss in Q3 2025. After €0.1m in tax and €0.1m in finance expenses, net loss widened by roughly 50% year-on-year to €4.5m.

On a year-to-date basis, revenue for the first nine months of 2026 decreased 6% to €26.3m. For the nine months, EBIT stood at negative €16.2m, and net losses increased from €11.6m to €16.9m.

Cost cuts and the €10m savings programme

GiG Software reduced operating expenses by €1.0m year-on-year in Q3. The principal reduction came from personnel costs, trimmed by €1.0m after technology staff layoffs earlier in the year. Those actions form part of a broader cost-reduction programme that the company projects will deliver more than €10m of savings across the current financial year.

Despite the savings, the lower cost base did not fully offset falling revenue; adjusted EBITDA and net loss both moved unfavourably as set-up fees and client churn weighed on the top line.

888Africa acquisition and cash position

GiG Software completed the acquisition of an 80% stake in 888Africa for €16.4m in August 2026. The deal boosted group cash and cash equivalents to €8.0m, the company reported.

"This quarter marked an important step forward for the group, with the transformational acquisition of an 80% stake in 888AFRICA, a cash-generative and fast-growing African B2C operator," said GiG CEO Richard Carter.

Carter linked the acquisition to the group's capital position and longer-term plans.

Guidance and outlook for 2026 and 2027

GiG Software reiterated full-year 2026 guidance of revenue between €45m and €48m, with adjusted EBITDA expected between €5.5m and €7m. The company also published an optimistic projection for 2027: it expects annual revenue to rise to between €85m and €90m, with adjusted EBITDA of €17m to €19m.

"I am confident that the actions we have taken this year, both to reset our cost base and to complete this transformational acquisition, leave GiG structurally stronger, better capitalised and well positioned to deliver long-term value for our shareholders, our customers and our people," Carter added.

Where this leaves GiG Software

Recurring revenue held up at €7.1m in Q3, but one-off set-up fee volatility and client departures drove the quarter's decline. The 888Africa acquisition increased cash reserves and changes the group's revenue mix, while the €10m saving target underpins management's plan to restore profitability as integration progresses.

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