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GAN Reports Fourth Quarter and Full Year 2024 Financial Results

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GAN (NASDAQ: GAN), a North American B2B technology provider of real money internet gaming solutions and International B2C operator of Internet sports betting, has reported its unaudited financial results for Q4 and full year 2024.

The company achieved improved operating performance and cost structure, leading to stronger financial performance in 2024 with growth in both top and bottom line. CEO Seamus McGill credited the global team's execution and streamlined cost management for these results.

The planned merger with SEGA SAMMY has already received several key approvals, including GAN shareholder approval, clearance from the Committee on Foreign Investment in the U.S. (CFIUS), and approval from gaming regulatory agencies including the Nevada Gaming Commission. The merger is expected to close in Q2 2025, pending remaining regulatory requirements and customary closing conditions.

GAN (NASDAQ: GAN), un fornitore di tecnologia B2B nordamericano di soluzioni di gioco online con denaro reale e operatore B2C internazionale di scommesse sportive su Internet, ha riportato i suoi risultati finanziari non verificati per il quarto trimestre e l'anno intero 2024.

L'azienda ha raggiunto un miglioramento delle prestazioni operative e della struttura dei costi, portando a una performance finanziaria più forte nel 2024 con crescita sia del fatturato che dell'utile. Il CEO Seamus McGill ha attribuito questi risultati all'esecuzione del team globale e alla gestione dei costi semplificata.

La fusione con SEGA SAMMY pianificata ha già ricevuto diverse approvazioni chiave, tra cui l'approvazione degli azionisti di GAN, l'autorizzazione dal Comitato per gli Investimenti Stranieri negli Stati Uniti (CFIUS) e l'approvazione da parte delle agenzie di regolamentazione del gioco, inclusa la Commissione del Gioco del Nevada. Si prevede che la fusione si concluda nel secondo trimestre del 2025, in attesa dei requisiti normativi rimanenti e delle condizioni di chiusura consuete.

GAN (NASDAQ: GAN), un proveedor de tecnología B2B de América del Norte de soluciones de juego en línea con dinero real y operador B2C internacional de apuestas deportivas por Internet, ha informado sobre sus resultados financieros no auditados para el cuarto trimestre y el año completo 2024.

La compañía logró un mejor rendimiento operativo y una estructura de costos, lo que llevó a un desempeño financiero más fuerte en 2024 con crecimiento tanto en la parte superior como en la inferior. El CEO Seamus McGill atribuyó estos resultados a la ejecución del equipo global y a la gestión de costos optimizada.

La fusión con SEGA SAMMY planificada ya ha recibido varias aprobaciones clave, incluida la aprobación de los accionistas de GAN, la autorización del Comité de Inversiones Extranjeras en EE. UU. (CFIUS) y la aprobación de las agencias reguladoras de juegos, incluida la Comisión de Juegos de Nevada. Se espera que la fusión se cierre en el segundo trimestre de 2025, a la espera de los requisitos regulatorios restantes y las condiciones de cierre habituales.

GAN (NASDAQ: GAN)은 북미의 B2B 기술 제공업체로, 실제 돈을 사용하는 인터넷 게임 솔루션과 국제 B2C 인터넷 스포츠 베팅 운영업체입니다. 2024년 4분기 및 연간 비감사 재무 결과를 보고했습니다.

회사는 운영 성과와 비용 구조가 개선되어 2024년에는 매출과 순이익 모두에서 강력한 재무 성과를 달성했습니다. CEO Seamus McGill은 이러한 결과를 글로벌 팀의 실행력과 간소화된 비용 관리 덕분이라고 밝혔습니다.

예정된 SEGA SAMMY와의 합병은 GAN 주주 승인, 미국 외국인 투자 위원회(CFIUS)의 승인, 네바다 주 게임 위원회 등 게임 규제 기관의 승인을 포함하여 여러 주요 승인을 이미 받았습니다. 합병은 남은 규제 요건과 관례적인 마감 조건이 충족되면 2025년 2분기에 완료될 것으로 예상됩니다.

GAN (NASDAQ: GAN), un fournisseur de technologie B2B nord-américain de solutions de jeux en ligne avec de l'argent réel et un opérateur B2C international de paris sportifs sur Internet, a publié ses résultats financiers non audités pour le quatrième trimestre et l'année entière 2024.

L'entreprise a atteint une meilleure performance opérationnelle et une structure de coûts, ce qui a conduit à une performance financière plus forte en 2024 avec une croissance tant du chiffre d'affaires que du bénéfice. Le PDG Seamus McGill a attribué ces résultats à l'exécution de l'équipe mondiale et à la gestion des coûts rationalisée.

La fusion prévue avec SEGA SAMMY a déjà reçu plusieurs approbations clés, y compris l'approbation des actionnaires de GAN, l'autorisation du Comité sur les Investissements Étrangers aux États-Unis (CFIUS) et l'approbation des agences de régulation des jeux, y compris la Commission des Jeux du Nevada. La fusion devrait être finalisée au deuxième trimestre de 2025, sous réserve des exigences réglementaires restantes et des conditions de clôture habituelles.

GAN (NASDAQ: GAN), ein nordamerikanischer B2B-Technologieanbieter von Online-Gaming-Lösungen mit echtem Geld und internationaler B2C-Betreiber von Internet-Sportwetten, hat seine ungeprüften Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht.

Das Unternehmen erzielte eine verbesserte Betriebsleistung und Kostenstruktur, was zu einer stärkeren finanziellen Leistung im Jahr 2024 führte, mit Wachstum sowohl beim Umsatz als auch beim Gewinn. CEO Seamus McGill führte diese Ergebnisse auf die Umsetzung des globalen Teams und das optimierte Kostenmanagement zurück.

Die geplante Fusion mit SEGA SAMMY hat bereits mehrere wichtige Genehmigungen erhalten, darunter die Genehmigung der GAN-Aktionäre, die Freigabe des Komitees für ausländische Investitionen in den USA (CFIUS) sowie die Genehmigung von Glücksspielregulierungsbehörden, einschließlich der Glücksspielkommission von Nevada. Es wird erwartet, dass die Fusion im zweiten Quartal 2025 abgeschlossen wird, vorbehaltlich der verbleibenden regulatorischen Anforderungen und der üblichen Abschlussbedingungen.

Positive
  • Growth in both top and bottom line performance for 2024
  • Improved operating performance and cost structure
  • Multiple key approvals received for SEGA SAMMY merger
Negative
  • Merger completion still subject to remaining regulatory requirements

Continued Improvement in Operating Performance and Cost Structure Drive Strong Results

Planned Merger with SEGA SAMMY Expected to Close in 2Q25

LAS VEGAS--(BUSINESS WIRE)-- GAN Limited (NASDAQ: GAN) (the “Company” or “GAN”), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today reported its unaudited financial results for the fourth quarter and year ended December 31, 2024.

Seamus McGill, GANs Chief Executive Officer, said, “I'd like to thank our entire global team for continuing to execute and grow our business on a streamlined cost structure. This led to stronger financial performance in 2024 with growth in both the top and bottom line. We are simultaneously working diligently to close our merger with SEGA SAMMY. We continue to work through the remaining regulatory requirements and expect the merger to be successfully completed in the second quarter of 2025."

Fourth Quarter 2024 Compared to Fourth Quarter 2023

 

Total revenue of $31.7 million increased 3% by an increase in the B2C segment.

 

 

 

 

B2B segment revenue was $9.0 million versus $11.8 million. The decrease was primarily related to a B2B partner exit.

 

 

 

 

B2C segment revenue was $22.7 million versus $18.9 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.

 

 

 

 

Operating expenses were $23.4 million versus $29.5 million. The decrease was primarily attributable to the Company's overall reduction in compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of intangible assets fully amortizing in the prior year.

 

 

 

 

Net loss of $4.2 million versus $9.4 million improved primarily due to increased revenues and decreased operating expenses.

 

 

 

 

Total segment contribution was $20.8 million versus $20.9 million, as growth in the B2C was offset by a decrease in the B2B segment.

 

 

 

 

Adjusted EBITDA was slightly better than breakeven versus a loss of $(3.9) million. The improvement was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.

 

 

 

 

B2C Active Customers declined primarily driven by limited customer acquisition in Latin America.

 

 

 

 

B2B Gross Operator Revenue totaled $651.2 million versus $384.7 million in the prior year quarter, a 69% increase. The increase was driven primarily by organic growth in Pennsylvania, New Jersey, Ontario and Connecticut.

 

 

 

Full Year 2024 Compared to Full Year 2023

 

Total revenue of $135.0 million increased 4% driven by increases in the B2B a segment.

 

 

 

 

B2B segment revenue was $50.7 million versus $43.2 million. The increase was primarily due to an expansion of our B2B offerings in Nevada and the recognition of revenue related to a partner exit in Michigan.

 

 

 

 

B2C segment revenue was $84.3 million versus $86.3 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.

 

 

 

 

Operating expenses were $98.2 million versus $121.0 million. The decrease was primarily attributable to the Company's overall reduction in compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of depreciable assets fully amortizing in the prior year.

 

 

 

 

Net loss of $8.0 million versus $34.4 million improved primarily due to increased revenues and decreased operating expenses.

 

 

 

 

Total segment contribution was $94.6 million versus $90.7 million, which was driven primarily by increased revenue in the B2B segment.

 

 

 

 

Adjusted EBITDA was $8.6 million versus a loss of $(8.4) million. The improvement was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.

 

 

 

 

Cash was $38.7 million of December 31, 2024, versus $36.5 million as of September 30, 2024, driven by receipt of a payment related to a partner exit.

 

 

 

 

B2C Active Customers declined primarily driven by limited customer acquisition in Latin America.

 

 

 

 

B2B Gross Operator Revenue totaled $2,514.6 million versus $1,657.8 million in the prior year, a 52% increase. The increase was driven primarily by organic growth in Pennsylvania, New Jersey, Ontario and Connecticut.

 

 

 

GAN Limited

Key Financial Highlights

(Unaudited, in thousands unless otherwise specified)

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2B

 

$

9,007

 

 

$

11,802

 

 

$

50,716

 

 

$

43,154

 

B2C

 

 

22,682

 

 

 

18,913

 

 

 

84,282

 

 

 

86,265

 

Total revenues

 

$

31,689

 

 

$

30,715

 

 

$

134,998

 

 

$

129,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profitability Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2B segment contribution (1)

 

$

6,112

 

 

$

9,507

 

 

$

41,257

 

 

$

34,730

 

B2B segment contribution margin (1)

 

 

67.9

%

 

 

80.6

%

 

 

81.3

%

 

 

80.5

%

B2C segment contribution (1)

 

$

14,633

 

 

$

11,396

 

 

$

53,310

 

 

$

55,989

 

B2C segment contribution margin (1)

 

 

64.5

%

 

 

60.3

%

 

 

63.3

%

 

 

64.9

%

Net loss

 

$

(4,151

)

 

$

(9,376

)

 

$

(7,959

)

 

$

(34,444

)

Adjusted EBITDA (7)

 

$

8

 

 

$

(3,884

)

 

$

8,583

 

 

$

(8,395

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2B Gross Operator Revenue (2) (in millions)

 

$

651.2

 

 

$

384.7

 

 

$

2,514.6

 

 

$

1,657.8

 

B2B Take Rate (3)

 

 

1.4

%

 

 

3.1

%

 

 

2.0

%

 

 

2.6

%

B2C Active Customers (in thousands) (4)

 

 

212

 

 

 

236

 

 

 

436

 

 

 

500

 

B2C Marketing Spend Ratio (5)

 

 

17

%

 

 

28

%

 

 

22

%

 

 

24

%

B2C Sports Margin (6)

 

 

8.5

%

 

 

6.5

%

 

 

7.5

%

 

 

7.0

%

SEGA SAMMY Transaction

The merger has been approved by GAN shareholders at a special general meeting of its shareholders, has received clearance from the Committee on Foreign Investment in the U.S. (CFIUS) and received approval from several gaming regulatory agencies including the Nevada Gaming Commission. The closing of the merger remains subject remaining regulatory requirements and other customary closing conditions and is expected to close in the second quarter of 2025.

Conference Call Details

Due to the expected merger of the Company with SEGA SAMMY, GAN will not be hosting a conference call in conjunction with its fourth quarter and year-end 2024 earnings release.

About GAN Limited

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry and is a market-leading business-to-consumer operator of proprietary online sports betting technology internationally with market leadership positions in selected European and Latin American markets. In its B2B segment, GAN has developed a proprietary internet gambling enterprise software system, GameSTACK, which it licenses to land-based U.S. casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as Simulated Gaming.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s anticipated trends in revenues (including new customer launches) and operating expenses, the anticipated improvement in profitability, expectations that it will meet all closing conditions or successfully close its planned merger with SEGASAMMY, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements including those risks detailed under “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.

Key Performance Indicators and Non-GAAP Financial Measures

This release uses certain non-GAAP financial measures as defined in Securities and Exchange Commission rules. The Company reports financial results in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and also communicates with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable U.S. GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of the Company’s financial results that are prepared in accordance with U.S. GAAP.

(1) The Company excludes depreciation and amortization in certain segment calculations.

(2) The Company defines B2B Gross Operator Revenue as the sum of its B2B corporate customers’ gross revenue from virtual simulated gaming (SIM), gross gaming revenue from RMiG, and gross sports wins from sportsbook offerings. B2B Gross Operator Revenue, which is not comparable to financial information presented in conformity with U.S. GAAP, gives management and users of our financial statements an indication of the extent of transactions processed through the Company’s B2B corporate customers’ platforms and allows management to understand the extent of activity that the Company’s platform is processing.

(3) The Company defines B2B Take Rate as a quotient of B2B segment revenue retained by the Company over the total Gross Operator Revenue generated by our B2B corporate customers. The B2B Take Rate gives management and users of our financial statements an indication of the impact of the statutory terms and the efficiency of the commercial terms on the business.

(4) The Company defines B2C Active Customers as a user that places a wager during the period. This metric allows management to monitor the customer segmentation, growth drivers, and ultimately creates opportunities to identify and add value to the user experience. This metric allows management and users of the financial statements to measure the platform traffic and track related trends.

(5) The Company defines B2C Marketing Spend Ratio as the total B2C direct marketing expense for the period divided by the total B2C revenues. This metric allows management to measure the success of marketing costs during a given period. Additionally, this metric allows management to compare across jurisdictions and other subsets, as an additional indication of return on marketing investment.

(6) The Company defines B2C Sports Margin as the ratio of wagers minus winnings to total amount wagered, adjusted for open wagers at period end. Sports betting involves a user placing a bet on the outcome of a sporting event with the chance to win a pre-determined amount, often referred to as fixed odds. Our B2C sportsbook revenue is generated by setting odds that are intended to provide a built-in theoretical margin in each sports bet offered to our users. This metric allows management to measure sportsbook performance against its expected outcome.

(7) Management uses the non-GAAP measure of Adjusted EBITDA to measure its financial performance. Specifically, it uses Adjusted EBITDA (i) as a measure to compare its operating performance from period to period, as it removes the effect of items not directly resulting from core operations, and (ii) as a means of assessing its core business performance against others in the industry, because it eliminates some of the effects that are generated by differences in capital structure, depreciation, tax effects and unusual and infrequent events. The Company defines Adjusted EBITDA as net loss before interest expense (income), net, income tax expense (benefit), depreciation and amortization, impairments, extraordinary gains or losses, share-based compensation expense and related expense, transaction costs, and other items which the Board of Directors considers to be infrequent or unusual in nature. A reconciliation of Adjusted EBITDA to Net Income (the most closely aligned measure under U.S. GAAP) is included in the tables at the end of this release. The presentation of Adjusted EBITDA is not intended to be used in isolation or as a substitute for any measure prepared in accordance with U.S. GAAP and Adjusted EBITDA may exclude financial information that some investors may consider important in evaluating the Company’s performance. Because Adjusted EBITDA is not a U.S. GAAP measure, the way the Company defines Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in the industry.

GAN Limited

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share amounts)

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

31,689

 

 

$

30,715

 

 

$

134,998

 

 

$

129,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue(1)

 

 

10,944

 

 

 

9,812

 

 

 

40,431

 

 

 

38,700

 

Sales and marketing

 

 

5,452

 

 

 

7,268

 

 

 

25,303

 

 

 

28,972

 

Product and technology

 

 

8,026

 

 

 

8,277

 

 

 

34,246

 

 

 

38,243

 

General and administrative(1)

 

 

8,022

 

 

 

9,562

 

 

 

30,984

 

 

 

36,657

 

Depreciation and amortization

 

 

1,903

 

 

 

4,378

 

 

 

7,634

 

 

 

17,161

 

Total operating costs and expenses

 

 

34,347

 

 

 

39,297

 

 

 

138,598

 

 

 

159,733

 

Operating (loss) income

 

 

(2,658

)

 

 

(8,582

)

 

 

(3,600

)

 

 

(30,314

)

Interest expense, net

 

 

1,158

 

 

 

1,118

 

 

 

4,607

 

 

 

5,003

 

Other (income) loss, net

 

 

26

 

 

 

(77

)

 

 

27

 

 

 

(1,011

)

(Loss) income before income taxes

 

 

(3,842

)

 

 

(9,623

)

 

 

(8,234

)

 

 

(34,306

)

Income tax (benefit) expense

 

 

309

 

 

 

(247

)

 

 

(275

)

 

 

138

 

Net (loss) income

 

$

(4,151

)

 

$

(9,376

)

 

$

(7,959

)

 

$

(34,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share, basic and diluted

 

$

(0.09

)

 

$

(0.21

)

 

$

(0.18

)

 

$

(0.78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding, basic and diluted

 

 

45,609,129

 

 

 

44,866,086

 

 

 

45,403,847

 

 

 

44,180,600

 

(1) Excludes depreciation and amortization expense

GAN Limited

Segment Revenue and Gross Profit (Unaudited)

(in thousands)

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform and content license fees

 

$

7,410

 

 

$

8,357

 

 

$

34,294

 

 

$

31,466

 

Development services and other

 

 

1,597

 

 

 

3,445

 

 

 

16,422

 

 

 

11,688

 

Total B2B revenue

 

 

9,007

 

 

 

11,802

 

 

 

50,716

 

 

 

43,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gaming

 

 

22,682

 

 

 

18,913

 

 

 

84,282

 

 

 

86,265

 

Total B2C revenue

 

 

22,682

 

 

 

18,913

 

 

 

84,282

 

 

 

86,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

31,689

 

 

$

30,715

 

 

$

134,998

 

 

$

129,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

9,007

 

 

$

11,802

 

 

$

50,716

 

 

$

43,154

 

Cost of revenue (1)

 

 

2,895

 

 

 

2,295

 

 

 

9,459

 

 

 

8,424

 

B2B segment contribution

 

 

6,112

 

 

 

9,507

 

 

 

41,257

 

 

 

34,730

 

B2B segment contribution margin

 

 

67.9

%

 

 

80.6

%

 

 

81.3

%

 

 

80.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

22,682

 

 

 

18,913

 

 

 

84,282

 

 

 

86,265

 

Cost of revenue (1)

 

 

8,049

 

 

 

7,517

 

 

 

30,972

 

 

 

30,276

 

B2C segment contribution

 

 

14,633

 

 

 

11,396

 

 

 

53,310

 

 

 

55,989

 

B2C segment contribution margin

 

 

64.5

%

 

 

60.3

%

 

 

63.3

%

 

 

64.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment contribution

 

$

20,745

 

 

$

20,903

 

 

$

94,567

 

 

$

90,719

 

Total segment contribution margin

 

 

65.5

%

 

 

68.1

%

 

 

70.1

%

 

 

70.1

%

(1) Excludes depreciation and amortization expense

GAN Limited

Revenue by Geography (Unaudited)

(in thousands)

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

Revenue by geography *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

8,649

 

 

$

8,487

 

 

$

42,277

 

 

$

31,758

 

Europe

 

 

14,437

 

 

 

12,114

 

 

 

52,324

 

 

 

47,788

 

Latin America

 

 

8,011

 

 

 

7,145

 

 

 

31,467

 

 

 

39,935

 

Rest of the world

 

 

592

 

 

 

2,969

 

 

 

8,930

 

 

 

9,938

 

Total

 

$

31,689

 

 

$

30,715

 

 

$

134,998

 

 

$

129,419

 

* Revenue is segmented based on the location of the Company's customer.

GAN Limited

Adjusted EBITDA (Unaudited)

(in thousands)

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(4,152

)

 

$

(9,376

)

 

$

(7,959

)

 

$

(34,444

)

Income tax (benefit) expense

 

 

309

 

 

 

(247

)

 

 

(275

)

 

 

138

 

Interest expense, net

 

 

1,158

 

 

 

1,118

 

 

 

4,607

 

 

 

5,003

 

Gain on amendment of Content Licensing Agreement

 

 

 

 

 

 

 

 

 

 

 

(9,718

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

8,784

 

Contingent liability and related revaluation (1)

 

 

 

 

 

(542

)

 

 

 

 

 

(830

)

Depreciation and amortization

 

 

1,903

 

 

 

4,378

 

 

 

7,634

 

 

 

17,161

 

Share-based compensation and related expense

 

 

690

 

 

 

785

 

 

 

3,688

 

 

 

5,511

 

Transaction related costs

 

 

100

 

 

 

 

 

 

888

 

 

 

 

Adjusted EBITDA

 

$

8

 

 

$

(3,884

)

 

$

8,583

 

 

$

(8,395

)

GAN Limited

Historical Sports Margin (Unaudited)

 

 

Three Months Ended,

 

 

 

December 31, 2024

 

 

September 30, 2024

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sports Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual sports margin

 

 

8.5

%

 

 

7.2

%

 

 

5.7

%

 

 

6.5

%

 

Investor Contacts:

GAN

Robert Shore

Vice President, Investor Relations & Capital Markets

(610) 812-3519

rshore@GAN.com

Alpha IR Group

Ryan Coleman or Davis Snyder

(312) 445-2870

GAN@alpha-ir.com

Source: GAN Limited

FAQ

When is GAN's merger with SEGA SAMMY expected to close?

The merger is expected to close in the second quarter of 2025, subject to remaining regulatory requirements and customary closing conditions.

What approvals has GAN received for the SEGA SAMMY merger?

GAN has received shareholder approval, CFIUS clearance, and approvals from several gaming regulatory agencies including the Nevada Gaming Commission.

How did GAN perform financially in 2024?

GAN reported improved operating performance with growth in both top and bottom line, driven by better cost structure management.

Will GAN host a Q4 2024 earnings conference call?

No, GAN will not host a conference call for Q4 and year-end 2024 earnings due to the expected merger with SEGA SAMMY.
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