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GAN Shares Fall On Q4 Earnings; Guidance Comes In Ahead Of Estimates

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GAN Shares Fall On Q4 Earnings; Guidance Comes In Ahead Of Estimates

Online gaming platform company GAN Ltd (NASDAQ: GAN) reported earnings after hours Thursday.

What Happened: GAN's Fourth-quarter revenue of $8.9 million came in below the Street estimate of $11.8 million.

The company reported a loss of 27 cents per share in the fourth quarter compared to a Street estimate calling for a loss of 6 cents.

For the full fiscal year, GAN saw revenue increase 17% to $35.2 million. Excluding a B2C customer that ended a partnership in 2020, comparable revenue was up 37% year-over-year.

GAN launched six new client partnerships in 2020. Seven new client deals were secured in 2020, including Wynn Resorts (NASDAQ: WYNN) and Churchill Downs (NASDAQ: CHDN).

Related Link: Gan Shares Surge On Sports Betting, iGaming Partnership With Wynn In Michigan

What’s Next: GAN guided for first-quarter revenue to come in a range of $24 million to $25 million, ahead of a Street estimate of $17.2 million. GAN guided for fiscal 2021 revenue to be in a range of $100 million to $105 million.

GAN is working on the integration of its Coolbets B2B sportsbook engine with a planned mid-year 2021 launch in the U.S.

Shares of GAN are down 7.4% to $21.40 in after-hours trading.

 

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