GAN Q2 revenue increases 5%, driven by B2B segment
The company also reduced its net loss from the prior-year-period by nearly $17m but saw decreases from B2C segment revenue.
GAN Limited (GAN) has reported the financial results from the company’s second quarter performance throughout 2024. The company saw increased revenue in its B2B segment, as well as increased adjusted EBITDA from the prior year period.
Total revenue for the company was reported to be $35.6m for Q2 2024, a 5% increase year-over-year. Adjusted EBITDA generated by the company was $3.7m during the second quarter of 2024, an increase from the $2m loss in adjusted EBITDA it had reported for Q2 2023.
“I’m very pleased with the continued operational progress the team is delivering. We achieved top-line revenue growth in the second quarter while reducing our operating expenses,” GAN CEO Seamus McGill said.
“We continue to operate the business more efficiently with a focus on improved profitability.”
B2B segment revenue saw the highest growth throughout the quarter for GAN, increasing 31.3% year-over-year for a reported Q2 2024 total of $13m. The B2C segment revenue decreased 5.4% from the prior year period, but also generated the most revenue for the company during the second quarter of 2024 for a reported total of $22.6m.
McGill also commented on how the company is looking forward to the rest of 2024, having said, “Looking ahead, our focus remains unchanged. We will continue to optimize our overall cost structure and roll-out product enhancements.
“We continue to work through the gaming regulatory requirements for our planned merger with SEGASAMMY and anticipate a successful closing in late 2024 or early 2025.”
The company stated its growth from the B2B segment was primarily due to an expansion of its B2B offerings in the state of Nevada and the recognition of revenue related to the exit of a B2B partner in Michigan.
Decreases from its B2C segment were attributed to “growth in European markets driven by increased player activity was offset by reduced player activity in Latin America and lower margins resulting from unfavorable event outcomes for its B2C segment.”
GAN also managed to reduce its $18.4m net loss from the prior year period to $1.7m for Q2 2024. Operating expenses were reported to be $25.1m for the second quarter of 2024 as compared to $32.8m during Q2 2023.
GAN gained clearance for its proposed merger with a subsidiary of Sega Sammy Creation from the Committee on Foreign Investment in the United States (CFIUS) in June of this year.
Upon the completion of the merger, GAN will cease to be a publicly traded company.
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