{"id":269,"date":"2024-06-27T21:21:28","date_gmt":"2024-06-27T18:21:28","guid":{"rendered":"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/27\/gan-reports-reduced-net-losses-and-increased-acquisition-interest-in-q2\/"},"modified":"2024-06-27T21:21:28","modified_gmt":"2024-06-27T18:21:28","slug":"gan-reports-reduced-net-losses-and-increased-acquisition-interest-in-q2","status":"publish","type":"post","link":"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/27\/gan-reports-reduced-net-losses-and-increased-acquisition-interest-in-q2\/","title":{"rendered":"GAN Reports Reduced Net Losses and Increased Acquisition Interest in Q2"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/9AVBB22Vp1A\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The gaming technology provider revealed a decrease in net losses and an increase in acquisition interest during the second quarter.  The company stated that during its ongoing strategic review, it has been contacted by numerous potential buyers interested in acquiring all or part of its operations.  The company also revealed a reduction in net losses to $18.4 million (\u00a314.4 million\/\u20ac16.7 million) in the second quarter.<\/p>\n<p>The provider initiated an assessment in the first quarter, seeking &#8220;a range of strategic options&#8221; to enhance shareholder value.  The assessment is ongoing, with a special committee of non-executive directors evaluating the alternatives for the company.<\/p>\n<p>These alternatives include the potential sale of all or part of the provider&#8217;s operations.  In the second quarter, the provider stated it had been contacted by several interested parties, but no agreements had been finalized.<\/p>\n<p>The provider added that it will continue to consider its alternatives as the assessment continues and has not set a deadline.<\/p>\n<p>&#8220;We have received expressions of interest from potential bidders interested in acquiring all or part of our operations,&#8221; said the provider&#8217;s CEO Dermot Smurfit. &#8220;A special committee of our board of non-executive directors is evaluating these options.<\/p>\n<p>&#8220;The expressions of interest are non-binding; no definitive agreements have been reached regarding any strategic transactions at this time.&#8221; <\/p>\n<p>The agreement has not been finalized yet, and there is no set timeframe for its completion.<\/p>\n<p>Income decreased in the second quarter, primarily due to sluggish performance in the B2B sector.<\/p>\n<p>GAN experienced a 3.4% reduction in revenue during the quarter, dropping to $33.8 million.<\/p>\n<p>The primary cause of the decline was a reduction in B2B revenue, which fell 30.3% to $9.9 million. B2B revenue encompassed $7.2 million in platform and content licensing fees and $2.7 million in development services and other income.<\/p>\n<p>GAN attributed the revenue decrease to a reduction in contract revenue rates, which is consistent with an exclusive term agreement with an unidentified B2B client.<\/p>\n<p>In contrast, B2C revenue increased 14.9% year-over-year to $23.9 million. GAN stated this was driven by growth in its European and Latin American operations, as well as higher sports and casino hold percentages.<\/p>\n<p>Net losses narrowed, with the disappearance of impairment charges.<\/p>\n<p>Operating expenses for the quarter were $42.3 million, down 41.6% from the previous year. This was primarily due to the inclusion of $28.9 million in impairment charges in last year&#8217;s figures, which were absent in the second quarter of this year.<\/p>\n<p>GAN also noted $8.4 million in other losses and $905,000 in interest expense. This resulted in a pre-tax loss of $18.4 million, a significant improvement from $38.6 million in 2022.<\/p>\n<p>The provider paid $585,000 in taxes, meaning the net loss for the second quarter was $18.4 million, compared to $38.3 million last year. However, due to the decline in the B2B business, adjusted EBITDA fell from a positive $1.3 million to a negative $2 million.<\/p>\n<p>Net losses for the first half of the year were lower than in the second quarter. <\/p>\n<p>During the initial six months concluding on June 30th, the firm&#8217;s financial standing mirrored the corresponding period in the previous year. Overall earnings experienced a year-on-year reduction of 5.0%, settling at $68.9 million.<\/p>\n<p>Business-to-business revenue saw a decrease of 22.1%, reaching $21.2 million, while business-to-consumer revenue witnessed an increase of 5.5%, arriving at $47.7 million.<\/p>\n<p>Regarding expenses, operational costs declined by 27.1% to $83.4 million, primarily attributed to impairment charges incurred in the preceding year. Interest expenditure amounted to $2.6 million, partially offset by $934,000 in other earnings.<\/p>\n<p>Consequently, the pre-tax deficit reached $16.2 million, in contrast to $42.7 million in the previous year. The company paid $659,000 in taxes, resulting in a net loss of $16.9 million, an improvement from $42.8 million in 2022. Nevertheless, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) followed a similar pattern to the second quarter, transitioning from a positive $4.3 million to a negative $2 million.<\/p>\n<p>&#8220;Our performance in the second quarter showcases robust execution and advancement in our business strategy,&#8221; stated Dermot Smurfit. &#8220;We continue to observe robust growth in our international business-to-consumer markets, expanded the reach of GAN Sports, and made substantial progress on the new version of our technology platform, GameSTACK 2.0.&#8221;<\/p>\n<p>&#8220;With GAN Sports now operational in nine US states and the encouraging momentum we&#8217;re witnessing in international markets, we anticipate an improvement in our revenue in the upcoming quarters and throughout 2024.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gaming technology provider revealed a decrease in net losses and an increase in acquisition&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gaming Tech Provider Sees Acquisition Interest Rise<\/title>\n<meta name=\"description\" content=\"A gaming technology provider reported a decrease in net losses and an increase in acquisition interest during the second quarter. 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