Provider of wagering products and technology, EBET, has made significant progress in reducing Net Loss and increasing Adjusted EBITDA for the two months ended August 2022, a company release read.
The company reported its Net Loss for this two-month period to be $3.8 million, with an Adjusted EBITDA that was approximately break-even based on unaudited interim financial results pegged at $47,000.
The company had a Net Loss of $9.0 million and a negative Adjusted EBITDA of $4.0 million in the previous quarter.
This represents an average turnaround of approximately $1.7 million per month in Net Loss and $1.4 million per month in Adjusted EBITDA for the two months ended August 2022.
Measures taken to impact the company’s Net Loss and Adjusted EBITDA included a realignment of resources to focus on revenue-generating wagering products, elimination of non-material contracts, and a general reduction of operating costs.
“This represents significant progress for the company, as we have a two-month period of improved Net Loss and Adjusted EBITDA,” commented Aaron Speach, Chief Executive Officer of EBET.
“I’m proud that the team was able to achieve such a massive turnaround in such a short period of time, as August was our first month implementing our new profitability plan. I am specifically encouraged and optimistic for our shareholders because we were able to achieve this despite the challenging global business environment. In the coming months, we look to scale all profitable revenue-generating wagering products as well as seek out new traffic-generating opportunities and partnerships. We are optimistic about our future and will continue to strive to create value for our EBET shareholders,” Aaron added.