GAN posts $30.7m revenue for Q4
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.
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