Gross profits for the period came to $24.5 million (€24.1 million), a 2% increase on the $24 million (€23.6 million) reported in Q1.
Coolbet Owner GAN Limited Reports 2% Revenue Increase in Q2 2022“We continue to make strong progress toward the launch of GAMESTACK 2.0 and GAN Sports in U.S. markets as we position GAN for improved performance in the face of a difficult macroeconomic environment. Our cost saving initiatives and other productivity measures are working and will enhance our long-term profitability profile. Both our B2B and B2C segments continue to demonstrate unique technology and capabilities, as customer adoption and new launches remain on a positive trend. GAN is now licensed in 16 U.S. states, Canada, and has begun the initial stages of entering the Mexican market.”
“We are excited about the momentum behind our key initiatives, such as Super RGS, and the customer feedback surrounding the uniqueness and value of our exclusive gaming content has been highly encouraging and validating. We expect a robust launch schedule for GAN Sports throughout the U.S. in 2023, which will further our position as a leading provider of a true omnichannel gaming experience. We are excited about the prospect of a stronger second half of the year, supported by the FIFA World Cup.”
Karen Flores, CFO of GAN added:
Coolbet Owner GAN Limited Reports 2% Revenue Increase in Q2 2022Our balance sheet and financial profile remain strong, and will be supported by a much improved path toward increased profitability and scale. However, it has become clear that a difficult foreign exchange environment and European headwinds will temporarily impact our results in the second half of the year. As a result, we are lowering our full year revenue expectation to $142.5 million (€140.6 million) to $152.5 million (€150.4 million), and Adjusted EBITDA expectations to be in the range of $10 million (€9.8 million) to $15 million (€14.8 million) for the full year.”
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.