GAN Ltd. ( (GAN) ) has released its Q3 earnings. Here is a breakdown of the information GAN Ltd. presented to its investors.
GAN Limited is a prominent North American B2B technology provider specializing in real money internet gaming solutions and a leading international B2C operator of internet sports betting. The company operates in the online gambling sector, offering unique technology solutions to land-based casinos and managing a proprietary sports betting platform.
In its latest earnings report for the third quarter of 2024, GAN Limited showcased significant profitability improvements, attributing these gains to robust B2B revenues and strategic cost reductions. The company reported a notable 24% increase in total revenue compared to the previous year, fueled by a substantial 60% growth in the B2B segment.
Key highlights from the report include a total revenue of $37.1 million, with B2B revenues increasing to $16.4 million, primarily due to expanded offerings in Nevada. The B2C segment also saw growth, albeit modestly, with revenues reaching $20.7 million. Operating expenses decreased by nearly 10%, contributing to a net income of $2.1 million, a significant turnaround from a net loss in the prior year. Furthermore, GAN’s adjusted EBITDA rose to $5.4 million, reflecting enhanced financial performance and efficiency.
Looking ahead, GAN Limited remains optimistic about its growth prospects, particularly with the anticipated merger with SEGASAMMY, expected to close in early 2025. The company continues to focus on expanding its product offerings and maintaining its leadership position in both the B2B and B2C segments of the online gaming industry.
