Gaming Nation hits “strategic milestones” in Q2

Scott Secord, president and chief executive of Gaming Nation, has said the firm was able to achieve a number of “key strategic and financial milestones” during the three months to June 30.

Consolidated revenue in the second quarter amounted to $3.9m (€3.2m), up by 74% on a year-on-year basis.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at €60,000 for the quarter, with net loss from both continuing and discontinued operations amounted to $4.3m.

For the six months to June 30, revenue was up 58% year-on-year to $7.1m, while adjusted EBITDA for the first half amounted to $150,000 and net loss $5m.

Confirmation of the results comes after OC Special Opportunities Fund, a private investment fund managed by Orange Capital Ventures entered into a plan of arrangement with Gaming Nation to acquire 100% of the shares in the company.

“We believe the transaction with Orange Capital is both a positive for our shareholders and for the future of Gaming Nation and its core business lines,” Secord said.

“In addition to the announcement of the plan of arrangement, I am pleased to report Gaming Nation’s core business lines hit key strategic and financial milestones during Q2.

“Q2 was a strong quarter for all of our key business lines and we anticipate that to continue in the coming quarters through end of fiscal year 2017.”

Related article: Gaming Nation chief ‘pleased’ with progress in 2016