Contagious hit by lower revenues from third-party contracts in Q1

Contagious Gaming has cited lower revenues from third-party development contracts as the main reason behind a year-on-year drop in total revenue during the three months to June 30.

Revenue in the first quarter amounted to $209,398 (€185,144), down 35% on the $323,847 posted in the corresponding period last year.

Adjusted earnings before interest, tax, deprecation and amortisation was down from a plus of $30,163 last year to a loss of $546,722 this year, while adjusted earnings fell from a loss of $5,278 to a larger loss of $1 million.

In response to the losses, Contagious said in a statement that the main reason behind the drop in revenue was lower revenues from third-party development contracts.

Contagious also noted that it was impacted by general and administrative and regulatory compliance costs it did not incur until completion of an RTO in September last year.

In addition, Contagious said talks with Sportech over a possible acquisition deal are ongoing, but noted that there is no certainty that a formal offer will be made.

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