The strengthening US dollar is to blame for $1.4m of the company’s revenue drop in Q2, says Elys; this means they saw their earnings per share decline by 21% from a year ago despite an increase of 15%.
Elys Game Technology, a well-known company for their innovative video game technology and development skills has reported an 12% revenue drop in Q2 2022. The reason behind this decline is attributed to currency fluctuations that have occurred since the second quarter of last year when Google first began converting its ads from pounds sterling (GBP) into US dollars (USD).
In October 2021 GBPA announced they would be switching all European users over from EURO payments systems which caused another stir amongst app developers due largely because it made them harderily susceptible than ever before
In the second quarter, Elys generated $10.3m in revenue—a fall of over 50% from last year’s figure at just under 11%. The reason? “The strengthening US dollar against euro has made it more difficult for European customers to purchase our products.”
The company’s revenue suffered because it was denominated only in euros, not dollars. Adversely impacted their top line performance over the last year.
The company experienced a drop in revenue during the year because of closures at certain CTD locations, but this was offset by online growth.
Expenses fell year-on-year, from $14.4m to just under 12 million dollars in 2021; an impressive fall of almost 30%. The company’s brass is proud as punch with this reduction and has set its sights on even lower numbers next time around!
The company’s expenses for Q2 came in at $13.8 million, but this is expected to return longer-term savings as the project goes on and costs decrease over time because of efficiency gains from having fewer people working on it.
The one-time severance cost was about 15% of total spending during that period which should be considered when looking solely at short term financials.
The company’s efforts to cut costs weren’t enough for this year, which saw an increase of approximately $1m from last quarter and a similar trend on the half-year side as well. Revenue fell mainly due poor market conditions while their net loss grew even higher at 6 million dollars – not including any cost savings they may have made or will make in future quarters!
The first half of 2022 was finishing strong, despite the absence of land-based B2C operations in Italy and our continued technology investments for US based deployments. Namely DC , as well as Ocean Casino Resort New Jersey which is currently under construction with an expected opening date sometime next year.
The company’s outlook for the remainder of 2022 and through 2023 is to focus on reopening land-based locations in Italy as well as new US ones that they expect launch across multiple states over 12 – 18 months time frame.
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