GiG Software CFO Phil Richards leaves days after Q3 2026 results, successor search under way

GiG Software has confirmed that Chief Financial Officer Phil Richards is leaving the company, only a few days after it published its third-quarter 2026 results. Richards took up the post in July 2024 and will exit the iGaming sector altogether, joining technology developer Chaos as its CFO next month.

GiG said a search for his successor is already in progress. Chief Executive Richard Carter thanked Richards on behalf of management and the board, saying he had played an important role in the company's financial reporting, investor relations and corporate development activity.

During Richards' tenure, GiG listed on Nasdaq Stockholm and acquired a majority holding in 888AFRICA. He described both as milestones he is immensely proud of. In a LinkedIn message he also pointed to work on sharpening the focus and quality of the platform offering and strengthening financial reporting and investor engagement. He thanked Carter and several other colleagues, along with the board and the finance and wider teams in Malta and elsewhere, and said he was leaving the business in excellent hands.

The third quarter was the period in which GiG completed the purchase of an 80% stake in 888AFRICA. Financially, revenue fell from €9.7m in the third quarter of 2025 to €8.5m this year. The operating loss widened from €3.5m to €4.3m, while EBITDA declined 33% to €800,000.

GiG kept its 2026 guidance unchanged, projecting combined revenue of €45m to €48m and adjusted EBITDA of €5.5m to €7m. For 2027, the company expects a sharp step up as it integrates 888AFRICA, with projected combined revenue of €85m to €90m and adjusted EBITDA of €17m to €19m.

Those targets will now have to be delivered without Richards in the finance chief role, with the replacement search continuing.