Online gambling operator Global Gaming says it’s close to realizing its goal of breaking even in the first half of 2020 while denying allegations that its Ninja Casino brand continues to operate in Sweden.

Figures released Tuesday by the Stockholm-listed Global Gaming show the company’s revenue over the first three months of 2020 fell by nearly two-thirds to SEK57.8m (US$5.9m) but operating losses narrowed dramatically from SEK43.3m in Q1 2019 to just SEK400k in the most recent quarter.

Global Gaming had been on a downward spiral ever since Sweden’s regulated online gambling market launched in January 2019, a situation that ramped up dramatically last June when the country’s Spelinspektionen regulatory body revoked the license of Global Gaming’s flagship Ninja Casino brand due to social responsibility and anti-money laundering failings.

Global Gaming initially tried to revive Ninja Casino’s Swedish operations through a partnership with Swedish licensee Viral Interactive but Spelinspektionen pulled the plug on that “highly inappropriate” arrangement in February.