Revenue grows 24% as GAN releases Q2 results
Period saw the B2B company sign exclusive deals with Ainsworth and Incredible Technologies
The B2B supplier of internet gambling solutions, GAN Limited, has announced its financial results for Q2 of 2021, the period ending June 30.
Total revenue for Q2 increased by approximately $7m when compared to Q1, to be recorded at $34.6m. The company’s B2B segment brought in $10.6m while its B2C segment saw revenue of $24m, a 64% increase from Q1. This increase is mostly due to a number of sporting events that happened during Q2, including The European Championships and Copa America.
Meanwhile, GAN’s consolidated gross profit was $24m while its losses sat at $2.7m. Furthermore, operating expenses increased by $4.7 million to $36.4 million driven by increased personnel expenses related to near-term investments in talent and technology.
Finally, adjusted EBITDA was $4.6m, increasing by $3m from Q1. This increase was primarily driven by higher revenue offsetting strategic investments in talent and technology.
“Our business momentum accelerated through the first half of 2021, as we continue to scale the business and build significant brand awareness across our key business-to-business (B2B) and consumer facing (B2C) end-markets. This was highlighted by a very strong second quarter, which included nearly 70% sequential top-line growth in our B2C segment compared to the first quarter,” said GAN CEO Dermot Smurfit.
“Additionally, our B2B US gross operator revenue grew 4% sequentially, despite a seasonably slower U.S. sports calendar. We have now supported 11 successful real money gaming launches year-to-date, including the highly successful and multi-faceted transition of Churchill Downs onto the GAN platform during the second quarter.”
He continued: “Most importantly, we made great progress in executing our long-term growth strategy during the first half of the year. This included significant development work in the integration of our new sportsbook engine into our B2B product suite, which we plan to debut at Global Gaming Expo this fall. It also was highlighted by two exciting, exclusive content deals with Ainsworth and Incredible Technologies.”
“We continue to emphasize the importance of possessing exclusive content and an industry-leading library of the most recognizable and popular retail games. These efforts and agreements will allow us to grow our take rate from U.S. iGaming revenue and position GAN as a content supplier of choice for large operators with diverse content line-ups.”
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