UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File No. 001-39274 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 GAN Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Financial Performance - GAN Limited reported a net loss of $30.6 million for the year ended December 31, 2021, compared to a net loss of $20.2 million for 2020, reflecting the inclusion of Coolbet's financial results for the entire period [224]. - Revenue for the year ended December 31, 2021, was $124.2 million, an increase of $89.0 million from $35.2 million in 2020, primarily driven by B2C operations [258]. - The increase in revenue included $40.1 million from the Coolbet acquisition, $32.4 million from Latin America, and $9.3 million from platform and content license fees in the U.S. [260]. - B2B revenue increased by $10.4 million to $45.6 million in 2021, a growth of 29.6% compared to 2020 [270]. - B2C revenue reached $78.6 million in 2021, with a gross profit of $48.8 million, representing a gross margin of 62.1% [274]. - Adjusted EBITDA for 2021 was a loss of $2.8 million, compared to a loss of $2.3 million in 2020 [278]. - The effective tax rate for 2021 was 0.7%, reflecting a tax benefit of $0.2 million, compared to a tax expense of $0.4 million in 2020 [268]. Operational Growth - The company increased its global headcount from 440 employees at January 1, 2021, to 682 employees at December 31, 2021, indicating a significant investment in operational support [223]. - The company expects to improve profitability through increased revenues from organic growth of existing casino operators and expansion into newly regulated jurisdictions [231]. - The company aims for revenue expansion from the rollout of its Super RGS content offering to B2C operators who are not already clients [231]. - B2C active customers increased to 394,000 in 2021, up from 158,000 in 2020, indicating significant growth in user engagement [280]. Acquisitions and Investments - GAN Limited acquired Coolbet for a total purchase price of $218.1 million, which included a cash payment of $111.1 million and the issuance of 5,260,516 ordinary shares valued at $106.7 million [230]. - A follow-on public offering in December 2020 raised gross proceeds of $98.5 million, which were used to fund the acquisition of Coolbet [229]. - The company raised gross proceeds of $62.4 million from its U.S. IPO in May 2020, with net proceeds of $55.3 million [228]. - Capital expenditures increased to $14.0 million in 2021 from $5.9 million in 2020, with $11.6 million allocated to internally developed software [293]. - The company entered into a Content Licensing Agreement with a third-party provider for $30.0 million, enhancing its gaming content offerings [289]. Expenses and Costs - Cost of revenue was $41.4 million for 2021, an increase of $30.9 million from 2020, mainly due to B2C operations' gaming costs [261]. - Sales and marketing expenses rose to $22.3 million, an increase of $17.2 million from the previous year, with $14.9 million attributed to B2C operations [262]. - General and administrative expenses increased by $24.1 million, with $16.6 million related to Coolbet and additional costs for legal, recruiting, and compliance [264]. - An impairment charge of $3.5 million was recorded in 2021 due to a termination notice served to a content provider [266]. - Depreciation and amortization expense was $16.8 million, an increase of $13.6 million from 2020, primarily due to the acquisition of Coolbet [267]. Cash Flow and Financing - Cash on hand was $39.5 million as of December 31, 2021, sufficient to meet working capital needs for at least the next twelve months [295]. - Net cash used in operating activities decreased by $1.3 million to $(5,003) thousand, a 21.2% improvement compared to $(6,348) thousand in 2020 [300]. - Net cash used in investing activities increased by $100.8 million to $(106,674) thousand, primarily due to $92.7 million for the acquisition of Coolbet [302]. - Net cash provided by financing activities decreased by $154.5 million to $169 thousand, largely due to the absence of proceeds from previous public offerings [303]. - The net decrease in cash was $(113,177) thousand, a decline of 179.5% compared to an increase of $142,375 thousand in 2020 [300]. - The company has no current credit facilities or debt arrangements, raising concerns about future financing availability [298]. Awards and Recognition - GAN Limited's B2B segment won three awards from EGR North America in 2021, highlighting its expertise in delivering gaming solutions [221]. - Coolbet won two awards at the International Gaming Awards in 2021, recognizing its impact in the mobile sports betting industry [222]. Future Outlook - The company expects continued growth in sales and marketing expenses as it seeks to attract additional end-users in the B2C segment [262]. - The company expects to launch an integrated B2B sportsbook technology solution in North America in Q4 2022 [291]. - Future taxable profits assessments for deferred tax assets rely heavily on estimates based on historical results and business forecasts [253]. - B2B Take Rate decreased to 4.9% in 2021 from 6.4% in 2020, influenced by a shift in revenue sources and increased promotional bonuses [283].

GAN Limited (NASDAQ:GAN) Q4 2021 Earnings Conference Call March 22, 2022 4:30 PM ET Company Participants Robert Shore - VP of IR and Capital Markets Dermot Smurfit - President and CEO Karen Flores - EVP and CFO Conference Call Participants Chad Beynon - Macquarie David Bain - B. Riley Securities FBR Cassandra Lee - Jefferies Ryan Sigdahl - Craig-Hallum Greg Gibas - Northland Capital Markets Operator Greetings, and welcome to GAN's Q4 Fiscal Year Earnings Conference Call. At this time, all participants ...

GAN Limited (NASDAQ:GAN) Q3 2021 Earnings Conference Call November 11, 2021 4:30 PM ET Company Participants Dermot Smurfit – President and CEO Robert Shore – Vice President of Investor Relations Karen Flores – CFO Conference Call Participants Chad Beynon – Macquarie David Bain – B. Riley David Katz – Jefferies Operator Please standby. Good day, ladies and gentlemen. Welcome to your GAN's Third Quarter 2021 Earnings Conference Call. All lines have been placed in a listen-only mode and the floor will be open ...

Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39274 UNITED STATES SECURITIES AND EXCHANGE COMMISSION GAN Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

GAN Limited (NASDAQ:GAN) Q2 2021 Earnings Conference Call August 16, 2021 4:30 PM ET Company Participants Robert Shore - Vice President, Investor Relations & Capital Markets Dermot Smurfit - President and Chief Executive Officer Karen Flores - Chief Financial Officer Conference Call Participants Chad Beynon - Macquarie Group Cassandra Lee - Jefferies David Bain - B. Riley FBR Greg Gibas - Northland Securities Ryan Sigdahl - Craig-Hallum Operator Greetings. Welcome to the GAN Quarter Two 2021 Earnings Confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39274 _________________________ GAN Limited (Exact name of reg ...

GAN Limited (NASDAQ:GAN) Q1 2021 Earnings Conference Call May 17, 2021 4:30 PM ET Company Participants Bobby Shore – Vice President, Investor Relations and Capital Markets Dermot Smurfit – President and Chief Executive Officer Karen Flores – Chief Financial Officer Conference Call Participants Chad Beynon – Macquarie Group Ryan Sigdahl – Craig-Hallum David Bain – B. Riley FBR Greg Gibas – Northland Securities Bobby Shore Thanks, Doug, good afternoon, everyone. GAN’s first quarter 2021 earnings release was i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39274 _________________________ GAN Limited (Exact name of re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2020 GAN LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commi ...