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GAN Q4 2024 Earnings Report
GAN reported its unaudited financial results for the fourth quarter and year ended December 31, 2024.
Key Takeaways
GAN reported a 3% increase in total revenue for Q4 2024, driven by growth in the B2C segment, and significantly improved its net loss and adjusted EBITDA compared to the prior year, reflecting stronger financial performance due to streamlined cost structure and increased revenues.
Total revenue increased by 3% to $31.7 million in Q4 2024, primarily due to growth in the B2C segment.
Net loss improved significantly to $4.2 million in Q4 2024, compared to $9.4 million in Q4 2023, driven by increased revenues and decreased operating expenses.
Adjusted EBITDA was slightly better than breakeven in Q4 2024, a substantial improvement from a loss of $(3.9) million in the prior year quarter.
B2B Gross Operator Revenue increased by 69% to $651.2 million in Q4 2024, driven by organic growth in Pennsylvania, New Jersey, Ontario, and Connecticut.
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
GAN expects its merger with SEGA SAMMY to be successfully completed in the second quarter of 2025, subject to remaining regulatory requirements.
Positive Outlook
- Planned merger with SEGA SAMMY expected to close in 2Q25.
- Continued work through remaining regulatory requirements for merger completion.
- Anticipated successful completion of the merger in the second quarter of 2025.
Challenges Ahead
- No conference call will be hosted in conjunction with the earnings release due to the expected merger.
- The closing of the merger remains subject to customary closing conditions.