GAN reports 24% year-over-year increase in revenue driven by B2B segment for Q3 2024
The company reported that operating expenses were able to decrease by over $2.5m during the period, helping to drive increases in revenue.
Key Points
- After reporting an $8.2m net loss for the third quarter of 2023, the company was able to see a net income of $2.1m during Q3 2024
- GAN’s adjusted EBITDA also increased from the prior year period, being reported at $5.4m for Q3 2024 after a $2.5m loss was seen during the third quarter of 2023
GAN Limited has announced the company’s financial results for the third quarter of 2024, reporting increases in total revenue, net income and adjusted EBITDA throughout the period. Total revenue for Q3 2024 was reported to be $37.1m, a 24% increase year-over-year primarily driven by the company’s B2B segment and the lowering of operating expenses.
“I couldn’t be more pleased with the progress our team members have made to deliver revenue growth while concurrently lowering our cost structure,” GAN CEO Seamus McGill said.
“Our top-line growth of 24% compared to the prior year was driven by B2B revenue growth of more than 60% while operating costs fell by nearly 10%. We remain focused on delivering a leading product offering for our US B2B clients and our international B2C business.”
McGill also stated that GAN’s planned merger with Sega Sammy has received approval from the Nevada Gaming Commission and is expected to be closed in early 2025.
After reporting a net loss of $8.2m during the third quarter of 2023, the company was able to generate a net income of $2.1m for Q3 2024. GAN’s adjusted EBITDA also increased following a reported loss of $2.5m for Q3 2023, being reported at $5.4m for the third quarter of 2024.
Good to know: Brian Chang was named the permanent CFO of GAN on April 2, 2024 after serving the role on an Interim basis since November 2022
The B2B segment of the company reported a 60.8% increase in revenue from the prior year period for a total of $16.4m during the third quarter of 2024, while its B2C segment accounted for $20.7m of revenue during Q3 2024, representing an increase of 5.6% year-over-year.
Operating expenses were lowered by over $2.5m from what had been reported for the third quarter of 2023, falling to $25.1m during Q3 2024.
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