Gan Shares Plummet After Mixed Q2 Results

by Shivani Kumaresan, Benzinga Staff Writer

August 17, 2021 1:53 PM | 1 min read | Make a Comment

Gan Ltd GAN reported second-quarter FY21 revenue growth of 316% year-on-year, to $34.63 million, beating the analyst consensus of $31.88 million. Revenue grew 24% sequentially.
B2B revenue increased 27.9% Y/Y to $10.6 million, and B2C sales totaled $23.9 million.
Operating expenses more than doubled to $36.37 million.
The operating loss narrowed to $(1.7) million.
The company held $52.1 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA of $4.6 million increased by 183.4% Y/Y.
EPS of $(0.07) missed the analyst consensus of $(0.05).
Outlook: Gan has reaffirmed its FY21 revenue guidance of $125 million - $135 million, versus the consensus of $129.76 million.
Price Action: GAN shares traded lower by 17.5% at $13.44 on the last check Tuesday.