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.