With the Evolution AB Q4 financial figures officially released, the company’s profits from Q1 to Q4 2023 came to EUR 1.071 billion! (Image Courtesy of Evolution Investors Reports)
Evolution reported a strong finish via its Q4 2023 results, and record profits for the year. The company may have had fluctuating share prices over the course of 2023, but with the latest news, the company’s shares have risen.
You can read more about the share price overview in the section below.
Let’s kick start this report with how the Evolution software provider exceeded 1 billion Euro in profits in 2023!
Evolution AB Q4 Results
The online gambling tech firm Evolution wrapped up 2023 with some stand-out financial numbers. Revenue hit €475.3 million in the October-December quarter, a 16.6% jump over the same quarter last year. Earnings before interest, tax, depreciation and amortization (EBITDA) landed at €337 million, with a profit margin of 70.9%.
2023 A Success
Despite recent news that Evolution may face a legal suite due to lack of transparency (full news story reported here), the company’s financial gains in 2023 show a solid company. It seems operations are humming along with new games and live casino expansion. On top of the money side, Evolution had a great year operationally too. They added 110 new games, surpassing their target of 100. This included fun new titles for players to enjoy in both the online slot and live casino gaming arenas. Evolution also grew their European studio network by opening a new live dealer studio in Bulgaria. By year’s end, they had over 1,600 live tables streaming cards and spins out to customers.
Who is Evolution? If you are new to the live casino scene, then Evolution is one of the top live casino game providers in the industry. The software provider releases live dealer games under Evolution and Ezugi brand names. You will find access to more info about each of these iGaming brands via our live games software developers hub.
| Metric | Q4 2023 (EUR million) | Q4 2022 (EUR million) | Full-Year 2023 (EUR million) | Full-Year 2022 (EUR million) |
|---|---|---|---|---|
| Operating Revenues | 475.3 | 407.5 | 1,798.6 | 1,456.7 |
| EBITDA | 337.0 | 279.5 | 1,267.4 | 1,008.4 |
| Profit for the Period | 282.9 | 223.5 | 1,070.9 | 843.4 |
| Earnings per Share (EUR) | 1.32 | 1.05 | 5.01 | 3.95 |
Full Year Profit in Line with What Company Predicted
For 2023 as a whole, Evolution posted an EBITDA margin of 70.5%. This met their forecast of 68-71% provided earlier in the year. As they move into 2024, Evolution bumped up their profit outlook a notch, now eyeing 69-71%. But they noted that rapid growth remains priority number one, even if it crimps short-term margins slightly.
Rebound in Revenue from Live Casino Offerings
Earnings from Evolution’s bread-and-butter Live Casino games jumped to €405.6 million in the fourth quarter. This recovery suggests the company has struck a healthier balance between supply and customer demand compared to previous months. Efforts made recently to expand capacity and promotions have restored momentum.
Signs of Steady Improvement Seen in RNG Results
Earnings from RNG (random number generator) titles dropped versus 2022’s fourth quarter figures. However, revenue did tick up modestly from the July-September period, indicative of the steady operational improvements Evolution has worked to implement. According to the CEOs Q4 and end of year analysis, more enhancements are still needed in 2024, and he states that each day brings progress.
Official Evolution AB Q4 and 2023 Financial Report: For the public release of official Evolution AB Q4 report, you can visit the compamy’s ‘Investor Relations Reports‘ page here.
Tracking Evolution AB’s Share Price in 2023
The Evolution stock price saw ups and downs last year, as reported in our bi-weekly iGaming Stocks Updates. The previous report shows a slow start to 2024. However, since the release of the new Q4 2023 financial results, we’ve seen the live casino developer’s shares begin to rally. iGaming Stocks Update Issue 3 2024 is due out any time in the next 2 days, so keep your eyes peeled and expect gains for EVO share price in the report.
Evolution AB’s share price rode quite the rollercoaster in 2023. It hit its peak on June 2, climbing to SEK 1,469 per share. But later in the year, it took a steep drop, sinking to SEK 935 on October 26. So in the span of a few months, investors saw the stock hit its highest high and lowest low of the past 52 weeks.
Range Between SEK 1,469 and SEK 935 Over 2023
If we look at the 52-week range – that is, the highest and lowest prices over the year – we get a sense of the volatility. The 52-week high reached SEK 1,469 while the 52-week low bottomed out at SEK 935. That’s a big gap between peak and trough.
Closed Out 2023 Lower Than June’s High Point
And where does Evolution’s share price stand now in early 2024? As of February 2nd, it ended trading at SEK 1,272, closing out the week there. So the current level remains below that 52-week summit from back in June 2023, indication it hasn’t fully recovered to hit last year’s heights.
Previous Evolution Stock Report: You can read the full details here – iGaming Stocks Update Issue 2 2024 before Issue 3 arrives in the next couple of days.
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