NYX posts mixed results as revenue and profit climb, EBITDA falls
NYX Gaming Group has revealed a mixed set of results for the 12 months through to December 31, 2015, with revenue and profit both climbing in the period, but adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) falling sharply.
Revenue in the full-year totalled $52.3 million (€46.1 million), which represents an increase of 91.8% on the $27.3 million achieved in the previous 12 months.
Gross profit was also up 86% year-on-year from $24.1 million to $44.8 million, with the firm operating at a lower gross margin of 85.6%, compared to 88.3% in the previous year.
However, despite achieving revenue and profit growth, NYX reported a 112.7% year-on-year decline in adjusted EBITDA, which fell from a positive figure of $6.1 million to a loss of $773,000.
Net loss increased 19.9% to $8.4 million, although both basic and diluted loss per share improved slightly to a negative of $0.20, 20% higher than the loss of $0.25 in 2014.
Confirmation of the results come after NYX in February said it was anticipating record revenue for the fourth quarter of the year, with the full results confirming that the company achieved this.
Revenue in the final three months of the year amounted to $18.4 million, 114.5% higher than the corresponding period in the previous year and more than the $18.1 million forecast by NYX.
Gross profit was also up 111% year-on-year in the quarter to $15.8 million, with adjusted EBITDA also hiking 189.4% to $1.6 million.
Matt Davey, chief executive of NYX, said: “I am pleased to announce that 2015 was another outstanding and remarkable year for NYX; we achieved growth in both revenue and gross profit.
“Our ongoing performance is a reflection of our ability to deliver content and technology services that meet the demands of the digital gaming industry.
“The momentum we gained from executing a robust strategy highlights our continued commitment to delivering long-term shareholder value.”
Meanwhile, NYX has also announced that it has closed on the first tranche of its previously announced $150 million private placement offering, for aggregate gross proceeds of approximately $116.5 million.
A total of 38,713,636 subscription receipts of the company have been issued at a price of $2.75 per subscription receipt, for aggregate gross proceeds of approximately $106.5 million, as well as a $10 million unsecured 10% convertible debenture to a strategic investor.
The net proceeds of the offering will be used to help fund the planned acquisition of OpenBet as well as for general corporate purposes.
Related article: NYX anticipates record-breaking revenue in fourth quarter