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GAN Limited (GAN-0.56%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines GAN's operations, which include a B2B segment providing the GameSTACK platform and a B2C segment operating the Coolbet platform. The B2B segment saw a revenue increase of 17.5% to $50.7 million, while the B2C segment experienced a 2.3% decrease to $84.3 million.
The company reported a net loss of $8.0 million for the year, an improvement from the $34.4 million loss in the previous year. This improvement was attributed to cost-saving measures and increased revenue from the B2B segment.
GAN's liquidity position as of December 31, 2024, included $38.7 million in cash and cash equivalents. The company generated $5.8 million in cash from operations during the year.
GAN's merger agreement with SEGA SAMMY CREATION INC. is highlighted, with the merger expected to close in the second quarter of 2025, subject to regulatory approvals.
The filing details a material weakness in internal controls over financial reporting, which the company is working to remediate.
GAN's segment reporting shows a significant contribution from the B2B segment, with a segment contribution of $41.3 million, compared to $53.3 million from the B2C segment.
The company faces risks related to its operations in Chile due to regulatory uncertainties, which could impact its financial performance.
GAN's capitalized software development costs were $7.4 million, with amortization expenses of $2.8 million for the year.
The filing outlines GAN's commitment to addressing its material weakness in internal controls and improving its financial reporting processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GAN Limited annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.