GAN Limited

GAN Limited

GAN
GAN LimitedUS flagNASDAQ Capital Market
1.97
USD
- -
- -
91.53MMarket Cap
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
TTM
Revenue per Share
0.71
1.4
1.3
2.95
3.34
2.93
2.97
2.93
Basic EPS, GAAP
-0.39
0.09
-0.75
-0.73
-4.66
-0.78
-0.18
-0.23
Free Cash Flow per Basic Share
-0.1
0.25
-0.29
-0.18
-0.24
-0.16
0.11
0.15
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
-1.22
-1.07
-1.68
-1.81
-6.48
-6.99
-6.98
-7.1
Tangible Book Value per Share
0.27
0.47
5.5
0.66
-0.26
-0.57
-0.6
-0.71
Basic Weighted Avg Shares
20
21
27
42
42
44
45
46
Sales/Revenue/Turnover
14
30
35
124
142
129
135
134
Operating Margin (%)
-57.77
8.65
-55.38
-22.32
-17.47
-23.42
-2.67
-4
Depreciation Expense
6
4
3
17
23
17
8
8
Net Income, GAAP
-8
2
-20
-31
-197
-34
-8
-11
Effective Tax Rate (%)
- -
22.27
- -
- -
- -
- -
- -
- -
Profit Margin (%)
-54.92
6.69
-57.5
-24.64
-139.55
-26.61
-5.9
-7.95
Working Capital
4
8
146
21
35
20
22
19
LT Debt
1
1
- -
- -
28
46
49
50
Total Equity
12
15
156
224
21
-5
-11
-16
Return on Invested Capital (%)
- -
13.28
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
-9.17
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
- -
- -
- -
- -

Capital Structure

FRC

in mil. unless spec.
Sep'24
Dec'24
Mar'25
ST Debt
1
1
1
LT Borrowings
46
47
48
LT Finance Leases
3
3
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
46
46
46
Market Capitalization
80
83
81

Working Capital

FRC

in mil. unless spec.
Sep'24
Dec'24
Mar'25
Total Current Assets
55
53
51
Cash, Cash Equivalents & STI
36
39
40
Accounts Receivable, Net
12
7
4
Inventories
- -
- -
- -
Total Current Liabilities
32
31
33
Payables & Accruals
9
7
8
ST Debt
1
1
1
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
180.05%
141.99%
Free Cash Flow
- -
-83.15%
-170.68%
Net Income, GAAP
- -
-134.28%
-76.89%
Sales/Revenue/Turnover
- -
56.04%
4.31%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
35
34
30
31
129
2024
31
36
37
32
135
2025
29
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.03
-0.42
-0.18
- -
-0.78
2024
-0.09
-0.04
0.05
-0.09
-0.18
2025
-0.15
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
- -
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Seamus M. McGill
Full Time Employees
621
Sector
Consumer Cyclical
Industry
Gambling, Resorts & Casinos
Address
400 Spectrum Center Drive Las Vegas CA United States of America 92618
IPO Date
May 5, 2020
Website
gan.com
Business
GAN Limited operates as a business-to-business (B2B) software-as-a-service (SaaS) provider specializing in enterprise internet gaming solutions, with a focus on regulated real money internet gambling (RMiG), online sports betting, and virtual simulated gaming. The company offers its flagship platform GameSTACK, which delivers turnkey technology solutions for online casino games, sports betting, and poker products. Additionally, GAN develops and operates direct-to-consumer (B2C) online gaming and sports betting platforms, including its Coolbet brand, which provides sportsbook, casino games, and poker services to international users. GAN serves a global client base comprising land-based casino operators transitioning into digital spaces, tribal casino operators, and other regional gaming operators primarily across the United States, Europe, and Latin America. Founded in 2002 and headquartered in Las Vegas, Nevada, GAN Limited has established itself as a major player in the digital gaming technology industry. In recent developments, GAN Limited completed a major acquisition by Japanese gaming conglomerate SEGA SAMMY CREATION INC. in May 2025, following shareholder approval and regulatory clearances. The acquisition, valued at approximately $107.6 million, involves SEGA SAMMY acquiring all outstanding shares of GAN for $1.97 per share in cash. This strategic merger is aimed at expanding SEGA SAMMY’s footprint in the North American online gaming market and enhancing its portfolio with GAN’s advanced technology platforms and expertise. GAN continues to focus on optimizing its software offerings, including the integration of its services into SEGA SAMMY’s global operations, aiming to leverage new product launches and expanded resources to accelerate growth in the rapidly evolving online gambling and sports betting markets. GAN’s product suite includes GameSTACK, an internet gaming platform providing comprehensive real money and simulated gaming solutions; Super RGS, a remote gaming server for flexible content delivery; and Coolbet, a fully operational B2C sportsbook and casino brand. The company emphasizes regulatory compliance across multiple jurisdictions to ensure legal operation for its customers. GAN’s strategic partnerships, notably with land-based casinos and tribal operators, position it as a leader in the transformation of traditional gaming venues to digital platforms. The acquisition by SEGA SAMMY is expected to provide GAN with increased development resources and market reach, particularly in the United States, as the firm continues to broaden its product innovation and international presence.

Company News

APIChat
  • SEGA SAMMY Completes Acquisition of GAN Limited

  • SEGA SAMMY Nears Completion of Regulatory Approvals to Acquire GAN

  • GAN Reports First Quarter 2025 Financial Results

  • GAN Sets Date for 2025 Annual Meeting

  • GAN Reports Fourth Quarter and Full Year 2024 Financial Results

  • GAN Announces Extension of SEGA SAMMY Merger Agreement

  • GAN Reports Third Quarter 2024 Financial Results

  • GAN Announces Approval of Merger by the Nevada Gaming Commission

  • GAN Reports First Quarter 2024 Financial Results

  • GAN to Release First Quarter Results on May 9, 2024

  • GAN Announces Recent Appointment of Mr. Brian Chang to Chief Financial Officer

  • GAN Reports Fourth Quarter and Full Year 2023 Financial Results

  • GAN Announces Recent Appointment of Mr. Seamus McGill to Chief Executive Officer

  • GAN Limited Shareholders Approve SEGA SAMMY Merger Proposal at Special General Meeting of Shareholders

  • GAN Reminds Shareholders to Vote in the Upcoming Special Shareholder Meeting

  • GAN Files Definitive Proxy Statement and Will Hold Special Meeting of Shareholders to Vote on Merger With Affiliate of SEGA SAMMY HOLDINGS, INC.

  • GAN Announces Launch of GAN Sports with Red Rock Resorts, Inc. under the STN Sports Brand

  • GAN Announces Changes to its Board of Directors

  • GAN LIMITED INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of GAN Limited - GAN

  • GAN stock soars on takeover deal with Sega Sammy