GAN Limited reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved a revenue of $37.1 million for the three months ended September 30, 2024, marking a 24.4% increase from $29.8 million in the same period of 2023. For the nine months, total revenue reached $103.3 million, up 4.7% from $98.7 million in the prior year. This growth was primarily driven by the expansion of B2B operations in the U.S. and migration services related to a B2B partner exit in Michigan, alongside increased player activity in Europe.
Operating income for the third quarter was $2.1 million, a notable recovery from an operating loss of $7.2 million in Q3 2023. The nine-month operating loss improved to $942,000 from a loss of $21.7 million in the previous year. The net income for the third quarter was $2.1 million, compared to a net loss of $8.2 million in Q3 2023, while the nine-month net loss narrowed to $3.8 million from $25.1 million.
The company’s total operating costs and expenses for the three months ended September 30, 2024, were $35.0 million, down from $37.0 million in the same quarter of 2023. This reduction was attributed to decreased sales and marketing expenses, which fell to $6.8 million from $7.2 million, and lower product and technology expenses, which decreased to $8.5 million from $9.2 million. General and administrative expenses increased slightly to $7.8 million from $7.0 million.
As of September 30, 2024, GAN Limited reported total assets of $82.6 million, down from $87.5 million at the end of 2023. Total liabilities decreased to $88.4 million from $92.1 million, while the accumulated deficit grew to $313.1 million from $309.3 million. The company maintained cash reserves of $36.5 million, a slight decrease from $38.6 million at the end of 2023.
Strategically, GAN Limited entered into a merger agreement with SEGA SAMMY CREATION INC. and Arc Bermuda Limited, with an expected closing in early 2025, pending regulatory approvals. The merger consideration is set at $1.97 per share. The company continues to focus on its B2B and B2C segments, with ongoing development of its GameSTACK technology and Coolbet platform.
About GAN Ltd
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