PhilWeb swings to US$1mln profit in 3Q as revenue more than doubles

PhilWeb Corp, a provider of business-to-business (B2B) services for the Philippine online gaming sector, saw its third-quarter revenue rise 152.9 percent year-on-year to PHP443.0 million (US$6.9 million), driven by its digital solutions business. The Philippines-listed firm reported net income of PHP64.2 million for the three months to September 30, compared with a loss of PHP19.2 million a year earlier, according to its quarterly filing. Net income rose 36.5 percent from the second quarter, while revenue was up 25.7 percent sequentially. The group’s “digital solutions” segment – its core business – generated PHP281.3 million in the third quarter, accounting for 63.5 percent of group-wide revenue. The figure was up 40.5 percent from the preceding three months. PhilWeb recorded no revenue under that heading in the prior-year quarter. The business provides online gaming platform technology, systems integration, content distribution and operational support to licensed operators. Revenue from the group’s venue-based business fell 7.7 percent year-on-year to PHP161.6 million. Service provider share income amounted to PHP82.1 million, while operator share income came in at PHP79.5 million. Group costs and expenses nearly doubled year-on-year to PHP378.9 million, with operating and administrative expenses rising to PHP374.5 million. Operating income reached approximately PHP64.1 million, compared with a loss of PHP14.5 million a year earlier. Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose to PHP68.4 million from PHP2.0 million, and were up 32.8 percent sequentially. For the nine months to September 30, revenue rose 92.7 percent year-on-year, to just under PHP1.03 billion. Net income amounted to PHP125.2 million, compared with a loss of PHP61.0 million a year earlier. Cash stood at PHP2.22 billion at the end of September, up from PHP63.3 million at the end of 2025, which the company attributed mainly to proceeds from share issuances and cash generated from operations. PhilWeb president Brian Ng told GGRAsia in April that the group was shifting towards an online-led B2B model. In mid-July, PhilWeb said Philippine entrepreneur Lance Gokongwei had been elected to its board. The news came a few weeks after it emerged he had made a PHP2.03 billion personal investment in the company. After the reporting period, PhilWeb completed the sale of its remaining treasury common shares to JKS Tech Solutions Inc on October 30. The sale was part of a cross-investment agreement under which PhilWeb agreed to invest nearly PHP4.23 billion for a 30-percent stake in the gaming technology company.