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Mar 31, 2021
GAN Q1 2021 Earnings Report
Reported a significant increase in revenue driven by B2B growth and the acquisition of Coolbet, but experienced a net loss due to increased operating expenses.
Key Takeaways
GAN Limited reported a 263% increase in total revenues to $27.8 million, driven by growth in both its B2B segment and the addition of the Coolbet B2C segment. However, the company reported a net loss of $4.5 million due to increased operating expenses, including amortization of acquired intangibles and share-based compensation.
Total revenues increased by 263% year-over-year, reaching $27.8 million.
B2B segment revenues grew by 76% to $13.5 million, driven by RMiG and Simulated gaming.
B2C segment revenues amounted to $14.3 million, contributed by Coolbet's international operations.
Net loss was $4.5 million, primarily due to increased amortization and operating expenses.
GAN
GAN
GAN Revenue by Segment
GAN Revenue by Geographic Location
Revenue by Segment
B2B Segment Revenue
CapyFin.comB2C Segment Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comLatin America Revenue
CapyFin.comRest of the World Revenue
CapyFin.com Forward Guidance
The company is increasing its full year revenue guidance to a range of $103 million to $108 million.
Positive Outlook
- First quarter financial results exceeded expectations.
- Outlook remains positive for the balance of 2021.
- Increased full year revenue guidance to a range of $103 million to $108 million.
- Anticipate driving improved profitability as we gain scale and efficiency.
- Expect better operating leverage across the business over the long-term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income