GAN Ltd. (NASDAQ: GAN) stock gained by 1.57% at last close whereas the GAN stock price declines by 7.58% in the pre-market trading session. GAN is a prominent B2B provider of online gambling software-as-a-service solutions, primarily to the land-based casino sector in the United States.
GAN stock, Financial Highlights
Following are the second quarter 2021 financial results released by Gan.
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- Total revenues were $34.6 million compared to $27.8 million, a 24 percent increase led by significant growth in the B2C sector, especially in Latin America and Northern Europe, and sports results benefiting from greater sports betting profit.
- Gross profit for the year was $24.3 million, up from $19.1 million. The improvement in gross profit was largely attributable to higher margins in our B2C segment sports revenue stream.
- $2.7 million in net loss vs $4.5 million in net loss.
- Operating expenditures grew from $4.7 million to $36.4 million, owing to higher human costs associated with near-term talent and technology investments to match the strong demand environment.
- $4.6 million in adjusted EBITDA vs $1.7 million. Higher revenue countered strategic expenditures in personnel and technology, resulting in an increase.
- As of June 30, 2021, the company had $52.1 million in cash, which was consistent with the previous quarter. The business is debt-free.
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Karen Flores, CFO of GAN commented,
The excellent second-quarter financial results were in accordance with their expectations, which they disclosed in early July, and justify their decision to boost their full-year sales forecast to between $125 million and $135 million. As they assist current and new customer releases, follow their content acquisition plan, develop their workforce, and investigate additional locations, they remain in a good financial position. Looking ahead to the second half of 2021, they anticipate ongoing solid success from our B2C sector, notably in Latin America and Northern Europe, as well as their B2B segment, as they add new clients in key countries. As revenue growth continues to match with the additional scale required to support their expanding operations, they expect profitability indicators to improve.