2023-05-11 11:33:46 ET
NeoGames S.A. ( NASDAQ: NGMS ) jumped in late morning trading on Thursday after the company posted strong revenue, EPS, and EBITDA marks for Q1 .
The company reported iLottery revenue was up 8.7% year-over-year to 14.4M during the quarter of 2023 its share in NPI revenues was 60.9% higher than a year ago at $14.8M. Meanwhile, iGaming revenue was $35.2M and reflected new commercial terms effective January 1 to account for the majority of Aspire Core revenues on net basis compared to historical figures which are prepared on a gross basis.
Adjusted EBITDA was $20.2M for the quarter vs. $8.5M a year ago. Adjusted net income was $6.8M vs. -$0.9M a year ago.
On the balance sheet, NeoGames ( NGMS ) held a cash position of $44.M at the end of the quarter resulting in a net positive cash position of $3.2M.
Looking ahead, NeoGames ( NGMS ) expects 2023 revenue and its share of NPI Revenues Interest to be between $235M and $255M. Assuming a like-for-like basis to the prior year whereby the modified contracts were presented on a gross basis, teh full-year guidance would reflect a 10.4% increase at the midpoint when compared to pro forma results from last year.
"We believe the strong quarter is positive, although commentary on prospective new opportunities both domestically and globally across its offerings are perhaps more pivotal for the shares," updated Jefferies analyst David Katz following the report.
Shares of NeoGames ( GMS ) were up 15.49% at 11:24 a.m. on Thursday to $15.25 vs. the 52-week trading range of $10.82 to $18.96.
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NeoGames rallies 15% to six-week high after earnings