GAN Limited reported a revenue of $135.0 million for the fiscal year ending December 31, 2024, marking a 4.3% increase from $129.4 million in 2023. The company experienced a significant reduction in net loss, which decreased from $34.4 million in 2023 to $8.0 million in 2024, reflecting an 76.9% improvement. This positive shift in profitability was attributed to a combination of increased revenues from both its B2B and B2C segments, alongside a reduction in operating costs.
The B2B segment, which includes the GameSTACK platform and GAN Sports, saw revenue rise by 17.5% to $50.7 million, driven by expansion in Nevada and revenue recognition from migration services in Michigan. Conversely, the B2C segment, primarily operating under the Coolbet brand, reported a slight decline in revenue from $86.3 million in 2023 to $84.3 million in 2024, primarily due to reduced player activity in Latin America. The company noted that its total operating costs decreased by 13.2%, contributing to the improved operating loss of $3.6 million, down from $30.3 million in the previous year.
In terms of strategic developments, GAN Limited is in the process of merging with SEGA SAMMY CREATION INC., with the merger expected to close in the second quarter of 2025, pending regulatory approvals. This merger is anticipated to enhance GAN's market position and operational capabilities. Additionally, the company has been focusing on streamlining its workforce and reducing costs to improve overall efficiency and competitiveness.
Operationally, GAN Limited reported a total of 1.9 million registered customers on its Coolbet platform as of December 31, 2024. However, the number of active customers decreased by 12.8% to 436,000, reflecting challenges in customer acquisition in certain markets. The company also reported a B2B Gross Operator Revenue of $2.5 billion, indicating a 51.7% increase year-over-year, although the B2B Take Rate fell to 2.0% from 2.6%.
Looking ahead, GAN Limited aims to leverage its technology and expand its presence in newly regulated jurisdictions while enhancing its product offerings. The company is also focused on mitigating risks associated with the expiration of its contract with FanDuel in January 2025, which is expected to impact revenue. Despite these challenges, GAN Limited remains optimistic about its growth trajectory, supported by its strategic initiatives and ongoing investments in technology.
About GAN Ltd
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