B2B technology provider GAN shared that its planned merger with Sega Sammy was still on track to complete in Q2 as it shared its financial results for the quarter ending March 31, 2025.
Total revenue reached US$29.4m a decreased four per cent year-on-year, which the company attributed “primarily to a decrease in the B2B segment.”
B2B segment revenue was $5.1m versus $12.3m. The decrease was primarily attributable to the expiration of a multistate B2B commercial contract.
Net loss was $6.8m against $4.2m year-on-year. The increase was “primarily related to lower B2B revenues partly offset by higher B2C segment contribution and lower operating expenses driven by cost savings initiatives.”
Adjusted EBITDA was $(1.5)m against $(0.6)m year-on-year.
“I’m pleased with the continued progress during the first quarter as we continue to execute on our business plan while refining our cost structure,” said Seamus McGill, GAN’s CEO.
“Our B2C results were particularly strong and underscore the strength of our market position in European and Latin American markets. We are nearing the conclusion of the regulatory requirements to close our merger with Sega Sammy, which we expect to be successfully completed in the second quarter of 2025.”
