Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) Inc has reported its 2021 year-end financial results that showed the gaming company generated a company record $159,705 in revenue for the year.
CEO Darcy Krogh called 2021 an “important year” for Playgon.
"We successfully launched our VegasLounge studio and went live with 26 operators worldwide. We are delighted with the response to date by our operators and their clients and look forward to adding more operators in 2022, including those in new regulated jurisdictions,” Krogh said in a statement accompanying the results.
READ: Playgon Games continues growth with five new operators live
The 2021 revenue figure was a significant milestone compared to the 2020 financial year when Playgon did not report any revenue.
During the 2021 financial year, the company signed three content aggregator clients, started operations in Malta and launched its proprietary mobile-first live dealer technology and studio in Las Vegas.
The group also integrated 26 operator brands using the VegasLounge product and studio.
For the year ended December 31, 2021, Playgon reported a net loss of $14.9 million compared to $6.5 million in the same year-ago period, which the company attributed to “running a full suite of live dealer tables 24/7 and enhancement of the company's software development and integration team to meet the needs and expectations of initial and prospective operators.”
“This is a necessary investment in building out a platform that is compelling and desirable to operators,” Playgon told investors.
The company ended the year with a cash balance of $5.9 million.
More operators, players in 2022
CEO Krogh told shareholders that the firm is “excited” about 2022 as it increases operators, players and player wagering activity. The group recently signed another five new operators.
“We are just at the very beginning of revenue generation, I am very excited about the growth to come,” Krogh added.
Vancouver-based Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market.
The company provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports.
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