GAN Ltd reports fourth-quarter results

GAN Limited (NASDAQ:GAN), a company specializing in computer programming and data processing services with a market capitalization of $80.66 million and current trading price of $1.77, disclosed its unaudited financial results for the fourth quarter and full year ended December 31, 2024, today. According to InvestingPro analysis, the company maintains impressive gross profit margins of nearly 71%, despite current profitability challenges.

The Bermuda-incorporated firm, which is listed on The Nasdaq Stock Market, revealed its performance details in an earnings release as part of its current report filing with the U.S. Securities and Exchange Commission. GAN Limited’s financial condition and results of operations were the focal points of the release. InvestingPro data suggests the company is currently undervalued, with additional financial health metrics and insights available to subscribers.

The company, with its principal executive offices in Las Vegas, Nevada, has not made its detailed financial figures public in this announcement. However, the earnings release, which is attached as Exhibit 99.1 to the 8-K form, provides the specific numbers and analysis of GAN’s performance over the specified period.

GAN Limited, identified as an emerging growth company, has also elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

The information provided in the earnings release is furnished and not filed, which means it is not subject to the same legal requirements for filed company information and should not be seen as indicative of future performance.

Investors and stakeholders looking to understand the detailed financial health and operational performance of GAN Limited for the past quarter and year can refer to the full earnings release for comprehensive information. The company’s next earnings announcement is scheduled for March 19, 2025, with annual revenue standing at $134.02 million.

The report is based on a press release statement and adheres to the guidelines of factual reporting without incorporating subjective assessments or predictive commentary.

In other recent news, GAN Limited announced an extension of its merger agreement with a subsidiary of SEGA SAMMY CREATION INC., moving the completion deadline to May 31, 2025. This delay is intended to allow more time to secure necessary regulatory approvals, with the merger now expected to finalize in the second quarter of 2025. Upon completion, GAN shares will be converted into a cash entitlement, and the company will be delisted from The Nasdaq Capital Market. In another development, GAN received a notice from Nasdaq regarding non-compliance with listing rules due to the failure to hold an annual shareholder meeting within the required timeframe. The company plans to submit a compliance plan to Nasdaq and may receive an extension to meet listing requirements by June 30, 2025. This delay in the annual meeting is related to the pending merger with Arc Bermuda Limited, which has already received several necessary approvals. GAN’s trading on Nasdaq will continue without immediate disruption, but there is no assurance that Nasdaq will accept the compliance plan or that GAN will meet the listing standards within the extension period.

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