Interim report January – March 2020


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First quarter: 1 January – 31 March 2020

  • Revenues totalled EUR 10.5 million (9.0), a 16% increase.
  • Gaming revenues increased 19% to EUR 9.9 million (8.3).
  • Revenues from regulated markets were 94%.
  • Total active customers were 43,003 (35,219), an increase of 22%.
  • Deposits totalled EUR 33.3 million (26.5), a 25% increase.
  • Gaming margin amounted to 4.4% (4.6).
  • EBITDA was EUR 2.78 million (2.79), EBITDA margin was 26.5% (31.0).
  • EBIT was EUR 2.19 million (2.32), EBIT margin was 20.9% (25.7).
  • Net profit totalled EUR 2.16 million (2.30), net profit margin was 20.7% (25.6).
  • EPS decrease of 6% to 0.034 EUR per share (0.037).

Events during the period

  • George Ustinov appointed as CEO.
  • Investment in Scout Gaming.
  • Temporary closing of retail operations due to COVID-19 in Latvia and Lithuania.
  • Certification of the new gaming platform (NPL) in Latvia.
  • Live streaming of sport events on the Baltic markets.
  • Integration of Media operations to support Gaming.

Events after the period

  • Temporary suspension of gaming licenses in Latvia during state of emergency due to outbreak of COVID-19.
  • Implemented a set of operational measures to adopt to the situation.
  • Actively started to target Finland as a market.

“Q1 2020 was a rollercoaster ride. We recorded EUR 10.5 million revenue and EUR 2.8 million EBITDA. Revenue declined 6% quarter on quarter but grew 16% year over year. EBITDA was maintained at a reasonable level considering the evolving operating environment at the end of March. Customer activity was at an all-time high with 43 thousand unique active players, up 4% from Q4 record highlighting demand for our products and services.

With the COVID-19 outbreak, local governments across the world took quick action to limit its spread and soften economic consequences of the likely downturn. Following official restrictions, we suspended our land-based betting operations in Latvia and Lithuania in the second part of March. While online gaming operations have no risk related to the virus spread, various governments propose restrictive matters to avoid excessive expenditure on gaming during the financially uncertain times. These restrictions range from gaming limits to an advertisement ban, and full suspension of licenses. While the idea initially sounds noble, it amplifies the problem with unlicensed gaming and pushes players into a less controlled and irresponsible environment. We encountered the toughest of these measures in Latvia where the regulator temporarily suspended all online licenses in the country as of April 8 until the state of emergency is ended.

In Q2 we will demonstrate the Enlabs team’s ability to adapt to these external challenges. We have set 5 key operational priorities:

1. Keeping the Enlabs team safe

2. Keeping Enlabs’ customers informed

3. Executing the migration of Latvian business to the NPL

4. Developing new markets

5. Minimizing financial damage

To sum everything up, by the end of 2020 I want the Enlabs team to look back, pat ourselves on the shoulder for staying united, staying socially responsible, improving the regulatory landscape in our core markets, executing the tech migration, gaining operational efficiencies for coming years, and retaining the trust of all our stakeholders, and their confidence in our business potential.” Says CEO and Group president George Ustinov.


The report is attached this press release and is available at

A presentation of the report will be held today at 10:00 CET through the link:


For more information, please contact:

Enlabs AB

George Ustinov, CEO and Group president

[email protected] / +371 29424175

Adam Jonsson, CFO

[email protected] / +46 73 8200058


Enlabs stands for Entertainment Laboratories. We are a company that creates entertainment through innovative thinking within gaming. The corporate group has offices in Tallinn, Riga, Vilnius, Malta, Marbella, Minsk and Stockholm. The operating subsidiaries hold national licenses for their operations and the Group employs approximately 200 employees. Enlabs AB (NLAB) is listed at Nasdaq First North Growth Market with Redeye AB as Certified Adviser: [email protected], +46 (0)8 121 576 90.  

For more information, visit

ENLABS AB is obliged to publish the above information in accordance with the EU’s Market Abuse Regulation. The information was provided by the above contact person for publication at 08:00 CET on 6 May 2020.

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