GiG Software CFO Phil Richards Exits Days After Q3 Results
GiG Software needs a new chief financial officer. Phil Richards, in the job since July 2024, walked out days after the company posted its Q3 2026 numbers. Tight timing. And the to-do list he leaves behind isn't short.
Richards is leaving iGaming entirely. Next month he takes the CFO seat at Chaos, a technology developer. GiG says the search for a replacement is already under way. No interim name has been announced.
The Q3 figures show why the chair matters. Revenue fell to €8.5m from €9.7m a year earlier. Operating loss widened from €3.5m to €4.3m. EBITDA dropped 33%, to €800,000.
GiG restated full-year 2026 guidance against that backdrop: combined revenue of €45m to €48m, adjusted EBITDA of €5.5m to €7m. Next year is what the market is pricing. With 888AFRICA folded in, GiG projects combined revenue of €85m to €90m and adjusted EBITDA of €17m to €19m. Roughly double the top line, more than triple the profit. Which is why the CFO chair isn't a back-office appointment right now.
The 888AFRICA deal is the hinge. GiG closed its purchase of an 80% stake in the business during the quarter, and the growth case for 2027 rests almost entirely on integrating it cleanly. Affiliates and partners watching the brand should expect the reporting and payment side of that integration to move slower than the marketing side. It usually does.
Two milestones sit on Richards's record. GiG floated on Nasdaq Stockholm during his tenure, and the 888AFRICA majority stake closed on his watch. In a LinkedIn post he called both points of immense pride, describing his time as a period of real change that also sharpened the platform offering and tightened financial reporting and investor engagement. He thanked CEO Richard Carter, Claudio Caruana, James Coxon, Kevin Norville and Gilbert Vella, plus the finance teams in Malta and elsewhere. The business, he said, is in excellent hands.
Carter returned the courtesy. He credited Richards with an important role in financial reporting, investor relations and corporate development, and wished him well.
Investors will now watch two numbers. The first is the 2027 revenue range of €85m to €90m, which depends on 888AFRICA delivering. The second is who signs off on the reporting that proves it. A CFO vacancy in the middle of a transformational year is a detail until it isn't.