EBET Plans Job & Cost Cuts; Aims For Positive EBITDA Run Rate

EBET Plans Job & Cost Cuts; Aims For Positive EBITDA Run Rate
  • EBET Inc EBET, a provider of advanced wagering products and technology, has put forth a profitability plan to reach a positive EBITDA run rate beginning August 2022.
  • The company re-aligns resources to escalate and expand its focus to iGaming.
  • EBET plans to optimize the efficiency of marketing campaigns and reduce the operating costs.
  • The company will eliminate non-material contracts and reduce investment in non-revenue-generating esports products.
  • EBET will also slash the total number of employees and contractors by about 54%.
  • The company anticipates approval and receipt of Netherlands and Ontario (Canada) gaming licenses in fiscal Q1 2023.
  • EBET expects its revenue growth rate to decline in the short term, as it cuts unprofitable revenue. As a result, the company does not expect to reach the previous FY22 revenue guidance of $70 million.
  • Price Action: EBET shares are trading higher by 2.07% at $2.47 on the last check Monday.

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