GAN Limited has released its unaudited financial results for the second quarter, which ended June 30. The company’s overall revenue rose by 2% when compared to last year’s corresponding quarter.
Total revenue during the second quarter reached $35m. The company attributed the boost to “strong growth” in its B2B segment.
Gross profit held during Q2, totaling $24.5m. The company posted a net loss of $38.3m for the second quarter, nearly ten times larger than its net loss during last year’s same period.
During Q2, adjusted EBITDA reached $1.3m.
In addition to its financial results, GAN released an update for GAMESTACK 2.0, stating the product was “progressing well and on track for early 2023 launch.”
GAN CEO Dermot Smurfit commented: “We continue to make strong progress toward the launch of GAMESTACK 2.0 and GAN Sports in US markets as we position GAN for improved performance in the face of a difficult macroeconomic environment. Our cost saving initiatives and other productivity measures are working and will enhance our long-term profitability profile.
“Both our B2B and B2C segments continue to demonstrate unique technology and capabilities, as customer adoption and new launches remain on a positive trend. GAN is now licensed in 16 US states, Canada, and has begun the initial stages of entering the Mexican market.”
He went on to add that the company looks forward to its upcoming launch schedule.
He said: “We are excited about the momentum behind our key initiatives, such as Super RGS, and the customer feedback surrounding the uniqueness and value of our exclusive gaming content has been highly encouraging and validating.
“We expect a robust launch schedule for GAN Sports throughout the US in 2023, which will further our position as a leading provider of a true omnichannel gaming experience. We are excited about the prospect of a stronger second half of the year, supported by the FIFA World Cup.”
GAN CFO Karen Flores elaborated about the company’s repurchase plan and said the company remains strong financially.
She said: “During the quarter, we were also able to repurchase roughly $1m of our stock in the open market and completed a $30m term loan to facilitate our investment in our strategic initiatives.
“Our balance sheet and financial profile remain strong and will be supported by a much-improved path toward increased profitability and scale.”
