GAN sees a 14% revenue increase in 2022
GAN has recently published its financial report covering 2022, with the headline figure being an increase of 14% in revenue.
The firm’s total revenue exceeded 141 million dollars in the year, which was a result of the expansion of both its business-to-business and business-to-customer divisions. The former segment grew by nearly 20%, having its revenue figure climb from 45.5 million dollars to 54 million dollars in 2022. The latter, on the other hand, amounted to 87.5 million dollars of GAN’s total revenue, which was up 11% from 2021’s figure of 78.5 million dollars.
The company’s operating expenses and net loss both increased by quite wide margins in the period, currently sitting at just under 300 million dollars and under 200 million dollars respectively. Both of these losses came from a non-cash impairment of 166 million dollars, which grew from 3.5 million dollars recorded in the year prior. Despite this, GAN’s adjusted EBITDA figure amounted to 6 million dollars, which was up from the previous year’s near 3 million dollar loss.
Additionally, GAN published its financial performance for the fourth quarter of 2022 as well, with the figures signifying a healthy expansion period for the company. Total revenue was recorded at just under 37 million dollars, which represents a year-on-year growth rate of 21%. Both of its divisions saw similar growth rates, with the B2C one growing by 3.6 million dollars and the B2B one growing by just under 3 million dollars.
Similarly to the full-year statistics, the firm’s fourth-quarter net losses and operating expenses increased dramatically. The latter went from 35 million dollars in 2021’s Q4 to over 172 million dollars, while the former increased from 12.6 million dollars to 147 million dollars. GAN’s adjusted EBITDA grew as well, however, in contrast to its full-year figures, it was still in the negatives at a loss of around 400 thousand dollars.
Lastly, the company added that it has initiated a strategic review with the intention of maximizing stakeholder value. GAN stated that it aims to complete the review as soon as possible and that it will be updating its shareholders on any important developments when appropriate.