The quarterly report for GAN, a North American B2B and B2C iGaming firm, has been released. Another quarter with mixed results, this one ending on June 30.
Following a less-than-stellar performance in Q1, the firm reported Q2 sales of $33.8 million, down from $35 million a year earlier.
As a result of a decline in contractual revenue rates, the company's business-to-business (B2B) sales fell from $14.2 million to $9.9 million. Fortunately, growth in the B2C vertical more than made up for the drop in the B2B vertical, with Q2 2023 B2C revenue of $23.9 million, up from $20.8 million in Q2 2022.
GAN Is Confident in the Second Half
According to eSports betting tutorials and news sites, the unaudited adjusted EBITDA for the firm in Q2 2023 was $2 million. This is a significant rise from the second quarter of 2022, when $1.35 million was reported.
Losses for GAN for the period totaled $18.4 million, a substantial improvement from the $38.3 million incurred during Q2 2022. Second quarter 2023 operating expenditures were $32.8 million, down sharply from the $62.3 million spent in the second quarter of 2022.
Additionally, as of June 30th, cash and equivalents totaled $43.4 million for the corporation.
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