First quarter 2022 financial results are in for GAN Limited, the B2B group out of Irvine, California, and they reveal a year that has gotten off to a strong start.
Quarterly revenue reached new heights with $37.5m, an improvement of 38% on a year-over-year basis. Net loss came to $4.5m. There was an adjusted EBITDA of $3m, this being the result of both growth as well as measures toward cost rationalization.
In the report, GAN also predicted annual totals for 2022: full-year revenue of $155m to $165m and an adjusted EBITDA of $15m to $20m.
Highlights of the quarter include consistent growth across the US market as well as preparations for its debut in Ontario.
GAN provides technology solutions to for B2C internet gaming and online betting providers.
Comments from group CEO Dermot Smurfit celebrated the salubrious condition in which the company currently finds itself: “We delivered an encouraging start to 2022, driven by organic revenue growth in both our operating segments coupled with cost rationalization efforts to deliver strong growth in adjusted EBITDA.
“We continue to demonstrate the value of our integrated B2B and B2C portfolio, soon to be joined on one unified platform and our ability to deepen our presence in both new and established markets as we add to our offering.”
Smurfit then cited notable expansions in the Michigan tribal sector, saying, “In the state of Michigan, our presence began with supporting a tribal operator and has evolved to now power both iGaming and online sports betting and features our Super RGS content platform as well.”
