The gambling business has stated revenue was ‘relatively flat compared to the prior-year quarter.’ It added that its B2B revenue had increased 14% to $1.5m, which it says was ‘offset by a $1.7m decrease in its B2C segment, due to unfavourable foreign currency fluctuations.’
However, its adjusted EBITDA stood at $2.1m, against minus $900,000 from Q3 2021 – representing a $3m swing for GAN.
Gross profit saw a $700,000 upturn year-on-year, with $22.7m reported in 2022, compared to $21.5 in 2021.
Dermot Smurfit, CEO of GAN, said of the report: “Our third quarter was highlighted by our launch of B2B sports betting technology and managed trading services in the US along with continued progress toward the domestic launch of Gamestack 2.0.
“We are looking forward to what we expect to be a strong launch cadence of GAN Sports, the upcoming FIFA World Cup, as well as our entrance into the Mexico market.”
Meanwhile, Karen Flores, CFO of GAN, added: “We remain focused on cost rationalization efforts in order to protect our margins during a volatile and difficult macroeconomic backdrop while ensuring our organic investment behind our key initiatives such as GAN Sports and Super RGS.”
It was a solid if uninspiring quarter for GAN – which, given the challenges posed by the last year, it would have taken at the start of 2022. While its B2C arm had an underwhelming year, its B2B division showed strong performance – leading to a vastly improved EBITDA and gross profit margin.
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