A fourth quarter revenue decline of 17 per cent to US$30.7m for GAN contributed to its full-year revenues dropping nine per cent to $129.4m.
Its Q4 B2B segment revenue was $11.8m, down from $14.1m a year ago, driven by a decrease in contractual revenue rates.
B2C segment revenue hit $18.9m in Q4, again dropping from $22.8m in Q4 2022.
For the full year, B2B revenue fell to $43.2m, a 20 per cent drop, while B2C segment revenue was stable at $86.2m, down from $87.5m in 2022.
Nevertheless, GAN narrowed its net loss down to $34.4m from $197.5m.
“The improvement in net loss was driven primarily by the non-cash impairment charge of $137.1m recorded in the prior year,” the company said.
The decrease in revenue steered a drop in adjusted EBITDA to -$3.9m, with the figure dropping to -$8.4m for the full year.
GAN said it expects its merger with Sega Sammy Creation to occur in “late 2024 or early 2025,” subject to the “satisfaction or waiver of certain conditions to closing, including the approval of the merger and change in control of GAN by certain gaming authorities.”
B2B gross operator revenue totalled $384.7m in Q4, climbing five per cent from $365.8m, driven by organic growth within GAN’s existing customer base in Pennslyvania, Michigan, New Jersey and Connecticut.
The same figure rose 35 per cent for the full year to $1.7bn.
