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The Uppsala-based developer, which trades on Nasdaq First North Growth Market under the ticker GCOR, released six new games during Q3 and now operates across more than 2,000 online casinos globally. The company’s workforce expanded to 33 employees by period end, up from 25 in the same quarter last year.
Financial Performance and Strategic Investments
For the nine-month period ending September 30, 2025, Gaming Corps generated total revenue of 40.0 MSEK compared to 25.7 MSEK in the prior year period. Net sales for the same timeframe reached 33.6 MSEK, up from 25.7 MSEK year-over-year.
The company reported an operating loss of 7.9 MSEK for Q3, compared to 2.8 MSEK in Q3 2024, reflecting significant investments in team expansion and dual production capabilities. EBITDA for the quarter was negative 7.6 MSEK versus negative 2.3 MSEK in the prior year period.
CEO Juha Kauppinen addressed the increased expenses in his shareholder letter, stating:
“As we continue to scale as a company, we are continuously looking over different parts of the organisation to ensure we have the best possible conditions to reach our goal of becoming one of the industry’s most innovative and respected game studios.”
Dual Production Strategy and RGS Partnership
Gaming Corps has established two separate production lines—one for proprietary games and another for its remote game server (RGS) partnership with Denwena/DEGEN Studios. The RGS production line operates largely through prepayment financing, creating what Kauppinen described as a “highly favourable” setup for the company.
The partnership with DEGEN Studios, announced in August to double output to two game releases per month, has experienced a longer ramp-up phase than initially expected. However, the company has built a portfolio of finalized but unreleased titles and expects to achieve the two-releases-per-month target by early 2026.
Gaming Corps continues to receive inquiries about its RGS offering from existing partners, new game studios, and major industry players. The company has chosen to decline these opportunities while prioritizing the DEGEN Studios collaboration and its own game pipeline.
Market Expansion and Distribution Agreements
The company entered into an integration agreement with Light & Wonder in September to incorporate its full game portfolio. Gaming Corps also launched on the Swiss iGaming market during Q3, expanding its regulatory footprint.
Ontario represents a key growth market for Gaming Corps, with the company securing an exclusive launch agreement with one of the province’s largest operators. The studio has partnerships in place covering a significant share of Ontario’s market once the exclusivity period concludes.
In the United Kingdom, Gaming Corps continues to gain market share and expects to have the majority of the market covered during the first quarter of 2026.
Leadership Appointment and Innovation Pipeline
Following the quarter’s close, Gaming Corps announced the appointment of Graham Greensmith as Chief Commercial Officer in November. Greensmith joins from British gaming supplier Inspired, where he led commercial operations through a period of strong growth.
The company’s new Marbles game engine represents a key innovation initiative. As a novel product category, the engine requires full regulatory review to ensure compliance authorities understand its underlying mechanics. This certification process has taken longer than anticipated, though Kauppinen noted that interest in the exclusive launch “remains very strong.”
Product Roadmap and Profitability Target
Gaming Corps published a detailed product roadmap covering Q4 2025 through Q1 2026, featuring 15 scheduled game releases. Titles include “777 Jackpot Diamond Hold & Win Mega Multi” (October), “3 Pigs of the Caribbean” (November), “3 Gifts of Xmas” (December), and “Mega Mammoth Multiplier Mayhem” (January 2026).
The company maintains its target of achieving profitability during 2025, with final results to be reported in the next quarterly disclosure. The studio enters what it characterizes as the iGaming industry’s most intense seasonal period with more planned game releases than at any point in its history.
Gaming Corps’ solvency ratio stood at 29.0% at September 30, 2025, compared to negative equity in the prior year period. The company had 145.4 million shares outstanding at quarter end, with a closing share price of 1.02 SEK.
Key Financial Metrics (Q3 2025):
- Total Revenue: 14.1 MSEK (+44% YoY)
- Net Sales: 12.7 MSEK (+29% YoY)
- EBITDA: -7.6 MSEK
- Operating Loss: -7.9 MSEK
- Game Releases: 6 titles
- Casino Network: 2,000+ properties
- Employees: 33 (end of period)
Source: Gaming Corps AB
