GAN’s newly published quarterly results show a reduced B2C revenue for the period ending March 31, 2024.
Net income was a loss of -US$4.2m against a positive income of $1.5m for Q1 2023, though the prior period was bolstered by a $9.3m one-time gain associated with the amended Content Licensing Agreement.
Total revenue of $30.7m decreased 13 per cent due to the decrease in the B2C segment.
Adjusted EBITDA was -$0.6m versus $0m in 2023.
"Our first quarter saw strong B2B revenue growth of nearly 10 per cent as well as successful ongoing cost initiatives to reduce our overall operating expenses by 20 per cent,” commented Seamus McGill, GAN’s CEO.
“Our B2C revenues were impacted by a lower sports margin, though we are excited about the pending rollout of new products such as pre-built parlay bets and the upcoming major events like the European Championship as well as Copa America – one of the largest soccer tournaments in Latin America where Coolbet is particularly strong.
“Meanwhile, we continue to optimise how we operate the business as we work toward a successful closing of our merger with SegaSammy. GAN shareholders overwhelmingly approved the merger in February, and more recently, we have submitted our application to the Committee on Foreign Investment in the U.S. (CFIUS) as well as all applications with relevant gaming regulatory authorities.
“We continue to expect the transaction to close in late 2024 or early 2025."
