GAN posts $30.7m revenue for Q4

March 13, 2024
By
Leer en Español

The supplier said it expects to close on its Sega Sammy merger later this year.

GAN has released its financial and business results for the fourth quarter and full year of 2023. For Q4, the organization posted total revenue of $30.7m, which decreased by 17% year-over-year.

GAN lowered its operating expenses during the fourth quarter by nearly $150m, with operating expenses reaching $29.5m for Q4.

GAN partly attributed the decline in expenses to a “non-cash impairment charge during last year's quarter.”

The company reported a Q4 net loss of $9.4m versus $147.7m during the same period last year.

Meanwhile, revenue for 2023 reached $129.4m, down 9% when compared to revenue from the previous year.

GAN also reduced its annual operating expenses for 2023. Operating expenses were $121m, nearly a third of the operating costs from 2022.

The supplier reported a net loss of $34.4m for 2023.

“The decrease in net loss was primarily driven by decreased operating expenses including a non-cash impairment charge in the prior year period as noted above,” GAN said in a statement.

Company shareholders recently approved a previously announced merger involving GAN and Sega Sammy Holdings affiliate, Sega Sammy Creation.

More than 95% of current GAN shareholders voted in favor of the agreement.

GAN said it expects to close the merger toward the end of this year or by early 2025 at the latest. The pending transaction is subject to meeting certain closing conditions that include “the approval of the merger and change in control of GAN by certain gaming authorities.”

GAN provides gaming solutions to the North American market and also functions as a global internet sports betting firm.

State-by-State

Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

10-11-From-the-top
From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
12-GA-MAR-10-year-v2
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
16-18-IGA-Preview
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
20-22-GA-Mar-888-Holding-article
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.