GAN has reported its unaudited financial results for the quarter ending September 30, 2022, revealing total revenue of $32.1m.
The company grew in terms of B2B revenue as it increased by 14%, or $1.5m, over the third quarter of 2021. Revenue from B2B sales was offset by a $1.7m decrease in revenue in the B2C segment.
Gross profit for GAN was $22.7m during Q3 2022, which is up from $21.5m in Q3 of 2021; this increase was accredited to the increase in B2B revenue as well.
Net loss for the company decreased to $6.9m versus $8.7m; this deduction was primarily due to an improved gross profit margin and lower general and administrative expenses.
GAN CEO Dermot Smurfit commented: "Our third quarter was highlighted by our launch of B2B sports betting technology and managed trading services in the US, along with continued progress toward the domestic launch of Gamesatck 2.0.
"Customer feedback around GAN Sports as well as the unique value of our Super RGS portfolio remain key differentiators for GAN as we enhance our status of a leading provider of a true omnichannel gaming experience.
"We are looking forward to what we expect to be a strong launch cadence of GAN Sports, the upcoming FIFA World Cup, as well as our entrance into the Mexico market."
As of September 30, 2022, cash for the company was at $41.8m. The cash levels for the company were affected during the third quarter by a $3.4m effect from foreign exchange rates and a decrease of $1.1m related to fees for gaming licenses in new markets.
GAN CFO Karen Flores added: "We remain focused on cost rationalization efforts in order to protect our margins during a volatile and difficult macroeconomic backdrop, while ensuring our organic investment behind our key initiatives such as GAN Sports and Super RGS."
