GAN Limited today announced its operating and financial results for the three- and six-month periods that ended on June 30.
Revenues increased 99% compared to the prior year’s quarter to $8.3 million, along with a 110% increase in igaming revenue, up to $5.7 million, compared to the prior year’s quarter. Play in the U.S. accounted for 85% of revenue, compared to 75% year over year. Gross profit increased 459% to $5.5 million compared last year’s Q2. Adjusted EBITDA increased to $1.9 million, compared to a loss of $0.2 million in the second quarter of 2019. And the cash and cash equivalents balance was $63.8 million, compared to $10.1 million on December 31, 2019, primarily reflecting the net proceeds from GAN’s initial public offering in the United States.
Dermot Smurfit, CEO of GAN, said, “We achieved revenues of $8.3 million in the second quarter of 2020, a period during which nearly all of our land-based casino customers were forced to close their physical operations and most major sporting events were canceled as a result of the global pandemic. Our business has proven resilient to these outside forces in recent weeks, and we believe GAN can greatly contribute to both our customers’ success and the accelerated secular shift to igaming, as casino operators continue to be impacted by the pandemic.”
He continued, “Last week, we launched Cordish Gaming Group’s new PlayLive! branded Internet gambling business in Pennsylvania and yesterday we activated Simulated Gaming for Penn National Gaming, one of the largest casino operators in the United States. We are anticipating activation of the Michigan market early in the fourth quarter, and are currently preparing to launch three more operator clients.”
