GiG Software records 12% revenue drop in Q3 2026 and widens net loss

GiG Software recorded a 12% year-on-year decline in revenue in the third quarter of 2026 and widened its net loss by about 50%, the company said for the period ended 30 September 2026. Quarterly revenue was €8,5m, down from €9,7m in Q3 2025, and the net loss was €4,5m.

Key third-quarter results

The group attributed the revenue contraction to lost customers, including the insolvency of Richmond Atlantic, and lower implementation fee income. Adjusted EBITDA fell by 33% to €0,8m, while statutory EBITDA dropped 64% to €0,4m. Operating profit (EBIT) for the quarter was -€4,3m, versus a €3,5m loss in Q3 2025.

Recurring revenue for the quarter held steady and rose marginally to €7,1m, from €7,0m in Q3 last year. On a year-to-date basis, revenue for the first nine months of 2026 fell 6% to €26,3m.

Cost cuts and savings programme

GiG Software reduced operating expenses in the quarter by €1,0m year-on-year. Most of that saving came from a €1m reduction in staff costs following technology-area redundancies executed earlier in the year. Those cuts are part of a savings programme the company projects will generate more than €10m in annual savings during the financial year.

Despite the expense reductions, savings did not offset the revenue decline. After taxes of €0,1m and finance costs of €0,1m, the company reported a net loss of €4,5m for the quarter. For the nine months, EBIT was -€16,2m and net losses rose from €11,6m to €16,9m.

Acquisition of 888Africa and cash position

In August 2026 GiG Software completed the acquisition of a majority 80% stake in 888Africa for €16,4m. GiG describes 888Africa as a fast-growing African B2C operator and cash generator.

Chief executive Richard Carter highlighted the deal:

“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. The acquisition has strengthened our financial position, with Group cash and cash equivalents increasing to €8.0 million, creating a solid foundation for future growth.” — Richard Carter

After the acquisition, group cash and cash equivalents increased to €8,0m.

Financial guidance and 2027 outlook

GiG Software reiterated its guidance for 2026: revenue between €45m and €48m and adjusted EBITDA between €5,5m and €7m. For 2027 the company expects significant growth driven by the integration of 888Africa, forecasting annual revenue between €85m and €90m, and adjusted EBITDA of €17m to €19m.

Carter added: “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.”

Context for technology and platform readers

GiG says the combination of a stable recurring base (€7,1m in recurring revenue in Q3), the addition of 888Africa and a cost‑savings programme of more than €10m annually are the levers it cites to reach its 2027 targets. The results show short‑term pressure on margins and liquidity despite the strategic move into Africa. For related sector coverage, see our sections on b2b and news.