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Gentoo Media Inc.
Interim / Quarterly Report • Nov 18, 2025
10184_iss_2025-11-18_b9cdf8d7-a819-48b9-a324-0a4b6992010d.pdf
Interim / Quarterly Report
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Press Release
Gentoo Media announces restatement of previously issued financial statements
Malta, 18 November 2025
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Gentoo Media announces restatement of previously issued financial statements
Gentoo Media today announces that its Audit Committee, with the assistance of external counsel and the appointed group auditor, has completed a comprehensive review of the company's financial reporting.
As part of this review, a number of errors were identified in previously reported financial information. These include certain misstatements that were known and previously assessed as immaterial during the audit of the 2024 financial statements, as well as newly identified items.
When evaluated collectively, the Board of Directors concluded that the aggregate impact is material and that a restatement is required to ensure complete, accurate and reliable financial information.
Accordingly, Gentoo Media will restate figures previously reported in:
- the audited consolidated financial statements for the fiscal year ended 31 December 2024, and
- the unaudited consolidated interim financial statement for third quarter 2024 of the fiscal year ending 31 December 2024, and
- the unaudited consolidated interim financial statement for fourth quarter 2024 of the fiscal year ending 31 December 2024, and
- the unaudited consolidated interim financial statements for the first and second quarters of the fiscal year ending 31 December 2025
including the necessary flow-through adjustments to affected line items and disclosures.
The corrected amounts and their financial impact are described in the Q3 2025 Interim Report, published 18 November 2025. The net impact of the review is to reduce reported revenue and profit in 2024 and to increase revenue and profit reported for the 6 months to June 30th 2025. There is no impact on cash.
The decision to restate reflects Gentoo Media's commitment to transparency and high-quality financial reporting, following the company's separation from GiG's Platform and Sportsbook operations. Strengthening of the financial control environment has been a priority in 2025, and the company will continue to enhance reporting accuracy, governance standards and operational integrity going forward.
Gentoo Media will maintain an open dialogue with investors, analysts and other stakeholders to ensure clarity regarding the adjustments and their implications.
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Restated - Quarterly profit and loss highlights 2024 and 2025
| EUR '000 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Reported revenue | 27,974 | 30,268 | 30,412 | 34,118 | 24,804 | 24,419 |
| Adjustments | - | - | -900 | -3,820 | 612 | 612 |
| Restated revenue | 27,974 | 30,268 | 29,512 | 30,298 | 25,416 | 25,031 |
| Reported EBITDA before special items | 13,534 | 14,751 | 14,575 | 13,810 | 8,182 | 7,489 |
| Adjustments | - | - | -900 | -3,664 | 612 | 936 |
| Restated EBITDA before special items | 13,534 | 14,751 | 13,675 | 10,146 | 8,794 | 8,425 |
| Reported profit/(loss) for the year - from continuing operations | 9,853 | 3,258 | 4,856 | 5,675 | -2,671 | -961 |
| Adjustments | - | - | -2,385 | -3,615 | 185 | 437 |
| Restated profit/(loss) for the year - from continuing operations | 9,853 | 3,258 | 2,471 | 2,060 | -2,486 | -524 |
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Restated - Profit and loss 2024
| EUR '000 | 2024 | Adjustments | Restated 2024 |
|---|---|---|---|
| Revenue | 122,773 | -4,720 | 118,053 |
| Employee Costs | -15,864 | -485 | -16,349 |
| Marketing Expenses | -32,020 | 655 | -31,365 |
| Other Operating Expenses | -18,231 | -15 | -18,246 |
| EBITDA before Special Items | 56,658 | -4,564 | 52,094 |
| Special Items | -1,467 | - | -1,467 |
| EBITDA | 55,191 | -4,564 | 50,627 |
| Amortization and Depreciation | -17,625 | 364 | -17,261 |
| Other Income and Expenses | 352 | - | 352 |
| EBIT | 37,918 | -4,200 | 33,718 |
| Finance Income/(Costs) | -13,359 | -315 | -13,674 |
| Unrealized Exchange Gain/(Loss) on the Bond | -962 | - | -962 |
| Profit before Income Taxes | 23,597 | -4,515 | 19,082 |
| Income tax | 32 | - | 32 |
| Profit from Continuing Operations | 23,629 | -4,515 | 19,114 |
| Loss from Discontinued Operations | -78,912 | - | -78,912 |
| Loss from assets held for distribution | - | - | |
| Loss on divestment of GIG Software p.l.c | - | - | |
| Profit/(Loss) for the Period | -55,283 | -4,515 | -59,798 |
| - | - | ||
| Other Comprehensive Income/(Loss) | - | - | |
| Exchange Differences on Translation of Foreign Operations | -195 | - | -195 |
| Exchange Difference Transferred to Loss from Discontinued Operations | 373 | - | 373 |
| Other Comprehensive Income/(Loss) for the Year | 178 | - | 178 |
| Profit/(Loss) for the Year | -55,105 | -4,515 | -59,620 |
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Restated - Balance sheet 2024
| EUR '000 | 31 Dec 2024 | Adjustments | Restated 31 Dec 2024 |
|---|---|---|---|
| Assets | |||
| Non-Current Assets | |||
| Goodwill | 44,429 | - | 44,429 |
| Other Intangible Assets | 62,221 | 174 | 62,395 |
| Property, Plant and Equipment | 1,037 | - | 1,037 |
| Right of Use Assets | 2,902 | - | 2,902 |
| Deferred Income Tax Assets | 19,746 | - | 19,746 |
| Financial Assets at Fair Value Through other Comprehensive Income | - | - | - |
| Derivative Financial Instruments | - | - | - |
| Other Non-Current Assets | - | - | - |
| Total Non-Current Assets | 130,335 | 174 | 130,509 |
| Current Assets | |||
| Trade and Other Receivables | 27,085 | -2,372 | 24,713 |
| Taxation Receivables | - | - | - |
| Cash and Cash Equivalents | 11,305 | - | 11,305 |
| Total Current Assets | 38,390 | -2,372 | 36,018 |
| Assets Classified as Held for Sale | - | ||
| Total Assets | 168,725 | -2,198 | 166,527 |
| Equity | |||
| Share Capital | 119 | - | 119 |
| Share Premium | 197,584 | - | 197,584 |
| Currency Translation Reserve | -2,423 | - | -2,423 |
| Accumulated Deficit | -206,200 | -4,864 | -211,064 |
| Total Equity Attributable to Owners of Gentoo Media Inc. | -10,920 | -4,864 | -15,784 |
| Non-Controlling Interests | 1,240 | 1,240 | |
| Total Equity | -9,680 | -4,864 | -14,544 |
| Liabilities | |||
| Non-Current Liabilities | |||
| Borrowings | 89,476 | - | 89,476 |
| Lease Liabilities | 2,114 | - | 2,114 |
| Deferred Consideration | 853 | - | 853 |
| Deferred Income Tax Liabilities | 2,448 | - | 2,448 |
| Other Non-Current Payables | - | - | - |
| Total Non-Current Liabilities | 94,891 | - | 94,891 |
| Current Liabilities | |||
| Borrowings | 7,079 | 72 | 7,151 |
| Trade and Other Payables | 16,227 | 2,538 | 18,765 |
| Lease Liabilities | 1,088 | - | 1,088 |
| Deferred Consideration | 33,255 | - | 33,255 |
| Contingent Consideration | 741 | - | 741 |
| Current Income Tax Liabilities | 25,124 | 56 | 25,180 |
| Total Current Liabilities | 83,514 | 2,666 | 86,180 |
| Liabilities Directly Associated with Assets Classified as Held for Sale | - | ||
| Total Liabilities | 178,405 | 2,666 | 181,071 |
| Total Equity and Liabilities | 168,725 | -2,198 | 166,527 |
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Restated - Cashflows 2024
| EUR '000 | 2024 | Adjustments | Restated 2024 |
|---|---|---|---|
| Cash Flow from Operating Activities | |||
| Operating Profit from Continuing Operations | 37,566 | -3,848 | 33,718 |
| Operating Loss from Discontinued Operations | -76,420 | - | -76,420 |
| Changes in Working Capital and Non-cash Items | 72,531 | 3,848 | 76,379 |
| Taxes Paid | -402 | - | -402 |
| Net Cash Flows from Operating Activities | 33,275 | - | 33,275 |
| Cash Flow from Investing Activities | |||
| Purchases of Intangible Assets | -21,693 | - | -21,693 |
| Purchases of Property, Plant and Equipment | -949 | - | -949 |
| Acquisition of Subsidiaries, Net of Cash Acquired | -17,167 | - | -17,167 |
| Net Cash Flows from Investing Activities | -39,809 | - | -39,809 |
| Cash Flow from Financing Activities | |||
| Loan Repayment | -13,964 | - | -13,964 |
| Proceeds from Issuance of Shares | 9,459 | - | 9,459 |
| Net Proceeds from Bond Refinancing and Other Borrowings | 22,204 | - | 22,204 |
| Repayment of Lease Liabilities, Principal Part | -2,349 | - | -2,349 |
| Interests Paid | -10,612 | - | -10,612 |
| Net Cash Flows from Financing Activities | 4,738 | - | 4,738 |
| Net Movement in Cash and Cash Equivalents | -1,796 | - | -1,796 |
| Cash and Cash Equivalents at Beginning of Year | 23,069 | - | 23,069 |
| Cash and Cash Equivalents of Distributed Platform & Sportsbook Segment | -9,968 | - | -9,968 |
| Cash and Cash Equivalents at end of Period | 11,305 | - | 11,305 |
| Cash and Cash Equivalents Classified as Held for Distribution to Owners | - | - | - |
| Cash and Cash Equivalents at end of the Period in the Statement of Financial Positions |
11,305 | - | 11,305 |
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Restated - Profit and loss 6M 2025
| EUR '000 | 6M 2025 | Adjustments | Restated 6M 2025 |
|---|---|---|---|
| Revenue | 49,223 | 1,225 | 50,448 |
| Employee Costs | -11,986 | - | -11,986 |
| Marketing Expenses | -15,256 | - | -15,256 |
| Other Operating Expenses | -6,310 | 324 | -5,986 |
| EBITDA before Special Items | 15,671 | 1,549 | 17,220 |
| Special Items | -2,621 | - | -2,621 |
| EBITDA | 13,050 | 1,549 | 14,599 |
| Amortization and Depreciation | -9,462 | -1,390 | -10,852 |
| Other Income and Expenses | -463 | 1,026 | 563 |
| EBIT | 3,125 | 1,185 | 4,310 |
| Finance Income/(Costs) | -6,785 | 72 | -6,713 |
| Unrealized Exchange Gain/(Loss) on the Bond | -860 | - | -860 |
| Profit before Income Taxes | -4,520 | 1,257 | -3,263 |
| Income tax | 522 | -636 | -114 |
| Profit from Continuing Operations | -3,998 | 622 | -3,376 |
| Loss from Discontinued Operations | - | - | |
| Loss from assets held for distribution | - | - | |
| Loss on divestment of GIG Software p.l.c | - | - | |
| Profit/(Loss) for the Period | -3,998 | 622 | -3,376 |
| - | - | ||
| Other Comprehensive Income/(Loss) | - | - | |
| Exchange Differences on Translation of Foreign Operations | - | - | |
| Exchange Difference Transferred to Loss from Discontinued Operations | - | - | |
| Other Comprehensive Income/(Loss) for the Year | - | - | - |
| Profit/(Loss) for the Year | -3,998 | 622 | -3,376 |
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Restated - Balance sheet Q2 2025
| EUR '000 | 30 Jun 2025 | Adjustments | Restated 30 Jun 2025 |
|---|---|---|---|
| Assets | |||
| Non-Current Assets | |||
| Goodwill | 44,429 | - | 44,429 |
| Other Intangible Assets | 57,809 | -1,216 | 56,593 |
| Property, Plant and Equipment | 1,631 | - | 1,631 |
| Right of Use Assets | 2,166 | - | 2,166 |
| Deferred Income Tax Assets | 21,540 | - | 21,540 |
| Financial Assets at Fair Value Through other Comprehensive Income | - | - | - |
| Derivative Financial Instruments | - | - | - |
| Other Non-Current Assets | - | - | - |
| Total Non-Current Assets | 127,575 | -1,216 | 126,359 |
| Current Assets | |||
| Trade and Other Receivables | 20,758 | -374 | 20,384 |
| Taxation Receivables | - | - | - |
| Cash and Cash Equivalents | 5,926 | - | 5,926 |
| Total Current Assets | 26,684 | -374 | 26,310 |
| Assets Classified as Held for Sale | |||
| Total Assets | 154,259 | -1,590 | 152,669 |
| Equity | |||
| Share Capital | 119 | - | 119 |
| Share Premium | 197,863 | - | 197,863 |
| Currency Translation Reserve | -2,562 | - | -2,562 |
| Accumulated Deficit | -210,811 | -4,184 | -214,995 |
| Total Equity Attributable to Owners of Gentoo Media Inc. | -15,391 | -4,184 | -19,575 |
| Non-Controlling Interests | 1,690 | 1,690 | |
| Total Equity | -13,701 | -4,184 | -17,885 |
| Liabilities | |||
| Non-Current Liabilities | |||
| Borrowings | 90,622 | - | 90,622 |
| Lease Liabilities | 1,623 | - | 1,623 |
| Deferred Consideration | 898 | - | 898 |
| Deferred Income Tax Liabilities | 2,369 | - | 2,369 |
| Other Non-Current Payables | - | - | - |
| Total Non-Current Liabilities | 95,512 | - | 95,512 |
| Current Liabilities | |||
| Borrowings | 23,223 | - | 23,223 |
| Trade and Other Payables | 10,549 | 2,538 | 13,087 |
| Lease Liabilities | 882 | - | 882 |
| Deferred Consideration | 11,284 | - | 11,284 |
| Contingent Consideration | 193 | - | 193 |
| Current Income Tax Liabilities | 26,317 | 56 | 26,373 |
| Total Current Liabilities | 72,448 | 2,594 | 75,042 |
| Liabilities Directly Associated with Assets Classified as Held for Sale | |||
| Total Liabilities | 167,960 | 2,594 | 170,554 |
| Total Equity and Liabilities | 154,259 | -1,590 | 152,669 |
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Restated - Cashflows 6M 2025
| EUR '000 | 6M 2025 | Adjustments | Restated 6M 2025 |
|---|---|---|---|
| Cash Flow from Operating Activities | |||
| Operating Profit from Continuing Operations | 3,126 | 1,184 | 4,310 |
| Operating Loss from Discontinued Operations | - | - | |
| Changes in Working Capital and Non-cash Items | 9,223 | -1,184 | 8,039 |
| Taxes Paid | -350 | - | -350 |
| Net Cash Flows from Operating Activities | 11,999 | - | 11,999 |
| Cash Flow from Investing Activities | |||
| Purchases of Intangible Assets | -6,715 | - | -6,715 |
| Purchases of Property, Plant and Equipment | -805 | - | -805 |
| Acquisition of Subsidiaries, Net of Cash Acquired | -20,221 | - | -20,221 |
| Net Cash Flows from Investing Activities | -27,741 | - | -27,741 |
| Cash Flow from Financing Activities | |||
| Loan Repayment | -2,000 | - | -2,000 |
| Proceeds from Issuance of Shares | 25 | - | 25 |
| Net Proceeds from Bond Refinancing and Other Borrowings | 18,000 | - | 18,000 |
| Repayment of Lease Liabilities, Principal Part | -666 | - | -666 |
| Interests Paid | -4,996 | - | -4,996 |
| Net Cash Flows from Financing Activities | 10,363 | - | 10,363 |
| Net Movement in Cash and Cash Equivalents | -5,379 | - | -5,379 |
| Cash and Cash Equivalents at Beginning of Year | 11,305 | - | 11,305 |
| Cash and Cash Equivalents of Distributed Platform & Sportsbook Segment | - | - | |
| Cash and Cash Equivalents at end of Period | 5,926 | - | 5,926 |
| Cash and Cash Equivalents Classified as Held for Distribution to Owners | - | - | - |
| Cash and Cash Equivalents at end of the Period in the Statement of Financial Positions |
5,926 | - | 5,926 |
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For further information, contact:
Mikael Harstad
Chairman of the Board
[email protected] +46 737 674 852
Jonas Warrer
CEO
[email protected] +45 3078 8450
Mads Haugegaard Albrechtsen
CFO
+45 3070 1041
About Gentoo Media
Gentoo Media is a leading iGaming affiliate, connecting operators with high-value players through premium lead generation and compliance solutions. Its portfolio includes AskGamblers, Time2Play, CasinoTopsOnline, WSN and Casinomeister - sites trusted by millions worldwide. Through innovation, transparency and strategic partnerships, Gentoo delivers sustainable growth and measurable success. Gentoo Media Inc. is listed on Nasdaq Stockholm (G2M).
Visit www.gentoomedia.com to learn more.