GAN Limited reports $125.4m in revenue for 2021
The company said the full-year revenue spike was due largely to acquiring Coolbet during the fiscal year.
GAN Limited has published its fourth quarter and full-year results for 2021. The technology provider reported a total revenue of $125.4m for the fiscal year.
Fourth quarter revenue dropped slightly from the previous quarter, yielding a total of $30.5m. Gross profits also saw decline from the prior period, dropping from $21.5m to $19m.
The company also reported a net loss of $8.5m during Q4, slightly less than the net loss from the third quarter.
Adjusted EBITDA reflected a loss of $5m, nearly five times higher than the previous period.
Revenue from the full year increased by 257% year-over-year, reaching a total of $125.4m. The company attributed the surge to its acquisition of Coolbet.
Adjusted EBITDA for 2021 was down by $100,000 compared to a loss of $2.3m during 2020. The company reported a total net loss of $24.9m versus a net loss of $20.2m during the previous year.
GAN CEO Dermot Smurfit said: “Our fourth quarter financial results were adversely affected by the volatile sports margin in our B2C segment consistent with other International operators, which was partially offset by continued strong new customer growth. However, our fourth quarter was highlighted by strategically important wins for GAN along with new state launches for clients such as FanDuel in Connecticut and our entrance into Ontario when iGaming and online sports betting officially goes live.”
He went on to discuss company acquisitions during the year and the impact they will have on the company’s future success.
“We also completed the successful acquisition of Silverback Gaming to further grow our SuperRGS portfolio of original content,” Smurfit said. “We have not lost sight of the fact that we delivered incredibly strong revenue growth in 2021, made numerous strategic steps toward solidifying our future, and are projecting another year of very strong revenue growth as well as much improved profitability as we achieve better scale.”
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