Philippines-listed gaming technology provider PhilWeb Corp saw its first-quarter revenue rise sharply year-on-year, fuelling a turnaround in profitability. Revenue for the three months to March 31 totalled nearly PHP233.1 million (US$3.9 million), an increase of 30.4 percent year-on-year.
According to results filed with the Philippine Stock Exchange on Tuesday, the increase “was primarily driven by revenue generated from eGaming solutions”, described as PhilWeb’s “technology core” and “primary growth driver”. The new segment, introduced in the first quarter, generated PHP79.3 million or circa 34 percent of total revenue.
The filing stated that during the first quarter of 2026, the firm had secured accreditation from the Philippine Amusement and Gaming Corp (Pagcor) as a gaming affiliate and support service provider for that country’s gaming sector.
It added: “This accreditation enables the company to deliver technology and operational services to licensed gaming operators within Pagcor’s regulated ecosystem.”
PhilWeb said that in the three months to March 31 it had formed strategic partnerships with several casinos for the operation and management of regulated online gaming platforms. “Under these agreements, the group provides end-to-end operational and technology services, including systems integration and regulatory-compliant support,” it stated.
The firm has recently announced partnerships with organisations including: the Newport World Resorts casino and leisure complex and the Okada Manila casino resort, both in the Philippine capital; the Hann Resorts complex, a development with casino operations in Clark, central Luzon; and gaming machine supplier FBM Philippines.
PhilWeb is also involved in the provision of electronic gaming systems to Pagcor-approved outlets, as well as electronic bingo.
The company generated earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP23.5 million for the first quarter of 2026, representing a turnaround from negative EBITDA of PHP3.0 million a year earlier.
PhilWeb recorded net income of PHP13.9 million in the first three months of 2026, compared with a net loss of PHP25.5 million in the same period last year.
Costs and expenses increased by PHP15.1 million, or 7.6 percent, to PHP214.6 million for the three-month period ended March 31, 2026, the firm said. This was “primarily as a result of the company’s strategic business expansion.”
PhilWeb last month saw the completion of a management-led buyout.
Also on Tuesday, the firm released its full-year results for 2025. It recorded revenue of PHP659.4 million, down 14.9 percent year-on-year. The net loss for the year stood at slightly below PHP211.2 million, a sharp improvement from the PHP599.2 million loss recorded in 2024.
