While GAN’s top-line revenue reached record levels, driven by strong B2C growth, it posted a net loss amounting to $4.5m.
However, this does represent an improvement over Q1 of last year, when GAN recorded a $5.6m net loss, and sees it continue on the path to profitability.
Adjusted EBITDA also experienced considerable improvement on a year-over-year basis, up 500% from $500,000 to $3m. This increase was driven primarily, said GAN, by higher revenue and lower operating expenses.
Broken down by segment, B2C revenue amounted to $24.4m, up from last year’s $14.3m, while B2B revenue experienced less considerable growth, rising from $12.8m to $13.1m.
This 70% B2C revenue rise reflects a similarly strong increase in active customers. These came to 230,000, more than doubling the 112,000 recorded for the first quarter of last year.
“We delivered an encouraging start to 2022 driven by organic revenue growth in both our operating segments coupled with cost rationalisation efforts to deliver strong growth in adjusted EBITDA,” said GAN CEO Dermot Smurfit.
“We continue to demonstrate the value of our integrated B2B and B2C portfolio, soon to be joined on one unified platform, and our ability to deepen our presence in both new and established markets as we add to our offering.”
Looking forward, Karen Flores, GAN’s Chief Financial Officer, remarked: “We are reiterating our revenue expectation of $155m to $165m and adjusted EBITDA in the range of $15m to $20m for the full year and expect a strong second half of the year supported by the upcoming World Cup and international sports calendars.”
