GAN reports Q1 2024 revenue of $30.7m, a 13% decrease from comparable quarter
The company expanded upon B2B offerings but saw reduced activity from players in the B2C segment.
GAN has announced its financial results for the first quarter of 2024, having ended March 31. The company reported a 13% decrease in revenue, only generating $30.7m in revenue compared to Q1 2023. GAN believes this can be attributed to reduced player activity and lower sports margins in its B2C segment.
“Our B2C revenues were impacted by a lower sports margin, though we are excited about the pending rollout of new products such as pre-built parlay bets and the upcoming major events like the European Championship as well as Copa America, one of the largest soccer tournaments in Latin America where Coolbet is particularly strong,” GAN CEO Seamus McGill said.
The B2C segment revenue decreased by 23.4% from the comparable quarter, reporting $18.3m in Q1 2024.
The company’s B2B segment revenue was reported to have a minor increase, rising from $11.3m in Q1 2023 to $12.3m in the first quarter of 2024. GAN stated this was primarily due to its expansion of B2B offerings in the state of Nevada.
“Our first quarter saw strong B2B revenue growth of nearly 10% as well as successful ongoing cost initiatives to reduce our overall operating expenses by 20%,” McGill said.
The reported results also include details on the company’s impending merger with SegaSammy, having been approved by GAN shareholders in Feb. 2024. GAN believes the merger is still on track to commence in either late 2024 or early 2025.
McGill commented, “Meanwhile, we continue to optimize how we operate the business as we work toward a successful closing of our merger with SegaSammy. GAN shareholders overwhelmingly approved the merger in February, and more recently, we have submitted our application to the Committee on Foreign Investment in the US (CFIUS) as well as all applications with relevant gaming regulatory authorities. We continue to expect the transaction to close in late 2024 or early 2025.”
GAN reported decreases in net (loss) income and adjusted EBITDA, reporting ($4.2m) and ($0.6m) respectively.
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