Elys Game Technology, Corp. ELYS reported dismal third-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. Although the top line declined year over year, the bottom line improved due to its effective cost management.

Q3 Earnings & Revenues

In the third quarter, Elys Game recorded an adjusted loss per share of 10 cents, missing the Zacks Consensus Estimate of a loss of 6 cents. The company reported an adjusted loss per share of 14 cents in the prior-year quarter.

Elys Game Technology, Corp. Price, Consensus and EPS Surprise

 

Elys Game Technology, Corp. price-consensus-eps-surprise-chart | Elys Game Technology, Corp. Quote

 

Quarterly revenues of $8.5 million missed the consensus mark of $11.1 million. The top line declined 11.8% year over year. The downside was primarily caused by higher payouts and decreased web-based turnover due to a reduction in online casino and poker offerings, reducing its blended revenue conversion.

During the quarter, total handle (turnover) declined 2.4% year over year to $162.6 million from $166.5 million in the prior-year quarter.

Operating expenses dropped 10.2% year over year to $11.4 million due to a decline in general and administrative and reduced technology development costs.

Other Operational Highlights

During the third quarter of 2023, Elys established a multi-year market access agreement with Caesars Entertainment to gain access to the Colorado sports betting market.

The company unveiled its new online and mobile sports betting brand for the United States market.

Balance Sheet

As of Sep 30, 2023, cash and cash equivalents amounted to $2.6 million compared with $2.5 million in the previous quarter. Operating lease liability was $1.1 million, slightly down from $1.2 million in the prior quarter.

Zacks Rank & Other Consumer Discretionary releases

Elys Games currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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