Elys Game Technology Reports Second Quarter 2022 Results - Seite 2

Our outlook for the remainder of 2022 and through 2023 is to focus on reopening land-based locations in Italy as well as new U.S. locations that we expect to launch in multiple states over the next 12 to 18 months.”

Quarterly and half-year financial highlights

 

The following table summarizes our consolidated financial results for the quarter and six months ended June 30, 2022 and 2021 (in millions).

 

2022

2021

 

3 months

6 months

3 months

6 months

 

In $ millions

Revenue

10.3

22.6

11.7

25.9

Costs and expenses

12.6

26.9

14.4

29.2

Restructuring and severance expenses

1.2

1.2

-

-

Loss from operations

(3.5)

(5.5)

(2.7)

(3.3)

The decrease in revenue from Q2-2021 to Q2-2022 of $1.4 million for the three month period and $3.3 million for the six month period is due to the strengthening of the U.S. Dollar against the Euro by 9.2%, our revenue is predominantly denominated in Euros, and the closure of our CTD locations in Italy in the prior year, which in the aggregate, was offset by an exceptionally strong performance by our Multigioco operation. We anticipate that we will regain the lost revenue and improve our performance as we are able to reopen land-based operations in new locations throughout Italy in the coming 12 to 18 months.