Angler Gaming (ANGL) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues rose 7.92% year-over-year to €10.2M, with EBIT up 117.99% to €1.47M and net profit up 202.22% to €687K.

• Half-year 2024 revenues increased 11.68% to €21.1M, EBIT up 39.68% to €3.04M, and net profit up 10.9% to €1.51M.

• Active customers in Q2 grew 33% year-over-year to 48,759, reflecting strong customer engagement.

• Strategic investments continued in proprietary iGaming platform, affiliate marketing (Marlin Media), and a new Swedish Sportsbook brand.

Financial highlights

• Q2 EBIT margin improved to 14.45% from 7.15% year-over-year.

• Earnings per share in Q2 were €0.0092, up from €0.0030 last year.

• Customer deposits in Q2 reached €19.28M, up from €17.69M in Q2 2023.

• Gross game win in Q2 was €12.68M, up from €10.85M year-over-year.

• Cash flow from operations improved 82.83% from Q1 to €1.66M at Q2 end.

Outlook and guidance

• Q3 2024 started with average daily net gaming revenue 4% lower year-over-year, mainly due to higher customer winnings.

• Average daily deposits in Q3 to mid-August were 8% higher than Q3 2023.

• ProntoCasino.se, relaunched in Q2, represented 8.5% of July 2024 revenues, with promising KPIs and ROI on marketing.

• Focus remains on launching the new Swedish Sportsbook brand by end of Q3 2024.