Revenue Performance - Revenue for the three months ended March 31, 2022, was $37.5 million, an increase of $10.4 million or 38.3% compared to the same period in 2021[146]. - The B2C segment contributed $10.1 million to the revenue increase, driven by higher sports and casino margins and growth in active customers in Latin America[149]. - Revenue from Latin America increased significantly, contributing $8.6 million, while revenue from Europe increased by $2.0 million, primarily due to Coolbet operations[150]. - B2B revenue for the three months ended March 31, 2022, was $13.07 million, a 2.1% increase from $12.81 million in the same period of 2021[161]. - B2C revenue surged to $24.42 million, representing a 70.7% increase compared to $14.31 million in the prior year[166]. Cost and Expenses - Cost of revenue was $11.7 million for the three months ended March 31, 2022, an increase of $3.0 million or 34.2% from the prior year, primarily due to higher processing fees and increased revenue share[151]. - Sales and marketing expenses rose to $6.1 million, an increase of $2.0 million or 48.7%, mainly due to increased activities to attract additional end-users in the B2C segment[152]. - Product and technology expenses increased to $9.0 million, up $3.7 million or 70.8%, reflecting higher employee costs as the company ramped up its team[154]. Profitability and Loss - The net loss for the three months ended March 31, 2022, was $4.5 million, a reduction of $1.1 million or 19.8% compared to the net loss of $5.6 million in the same period of 2021[146]. - The company expects to achieve profitability through organic growth, expansion into new jurisdictions, and margin expansion from integrating Coolbet's technology[142]. - Adjusted EBITDA for the three months ended March 31, 2022, was $2.97 million, compared to $537,000 in the same period of 2021[170]. Customer Engagement - B2C active customers increased to 230,000, up from 112,000, indicating significant growth in user engagement[173]. - B2C segment gross profit increased by 99.5%, driven by higher gaming revenues and improved sports and casino margins[167]. Financing and Cash Flow - The company has cash on hand of $33.6 million as of March 31, 2022, which is expected to meet working capital and capital expenditure requirements for at least the next twelve months[190]. - A subsidiary entered into a $30.0 million credit facility with a floating interest rate, maturing on October 26, 2026[192]. - Net cash used in operating activities decreased by $2.5 million to $(2,024) thousand, a 55.4% improvement compared to $(4,536) thousand in the previous year[194]. - Net cash used in investing activities decreased significantly by $90.6 million to $(3,988) thousand, primarily due to a $92.4 million cash payment for the acquisition of Coolbet[197]. - Payments totaling $8.5 million were made to third-party gambling content providers for rights to use and distribute online gaming content in North America, impacting cash flows from operations[196]. - The net decrease in cash was $(5,894) thousand, a 94.1% improvement from $(100,469) thousand in the prior year[194]. - The effect of foreign exchange rates on cash resulted in a positive change of $118 thousand, compared to a negative impact of $(1,018) thousand in the previous year[194]. - The company may face challenges in securing future financing, which could adversely affect investments in new products and technologies[193]. Strategic Initiatives - The acquisition of Coolbet was completed on January 1, 2021, for a total purchase price of $218.1 million, which included $111.1 million in cash and the issuance of shares valued at $106.7 million[144]. - The company is strategically reducing its global workforce to streamline operations and enhance competitiveness in the B2B segment[143]. - The company expects to launch an integrated B2B sportsbook technology solution in North America in Q4 2022[184]. - An increase of $1.8 million in spending for capitalized software development costs was noted, related to product enhancements and new features for both B2B and B2C platforms[197].

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 ...

Financial Data and Key Metrics Changes - Third quarter revenues were $32.3 million, down 7% from Q2, driven by growth in the B2B segment despite seasonality and lower sports hold rates [30] - B2B segment revenue was $11.2 million, up 5% sequentially, with development services and other revenue increasing by 84% [30] - B2C segment revenue was $21.1 million, down 12% from Q2, primarily impacted by a 7% decline in sports turnover and a 280 basis points decline in sports hold [31] - Net loss for the quarter increased to $7.9 million, while adjusted EBITDA broke even [33] Business Line Data and Key Metrics Changes - B2B division delivered 5% sequential growth, with strong performance in iGaming and a significant increase in the take rate on gross operator revenue [9][30] - Active customers in the B2C International division increased by 6% quarter-on-quarter, despite a quieter sports calendar impacting revenues [16] - B2B operator revenue from clients declined 3% quarter-on-quarter to $215 million, while total U.S. iGaming gross operator revenue was flat versus the prior quarter but up 99% year-over-year [33] Market Data and Key Metrics Changes - The company is now operational in nine states for online gambling, with plans to expand to 14 states, up from three states a year ago [12] - The U.S. market share for the company decreased slightly from 21% to 19% [33] - The company anticipates strong demand for its technology platform, particularly in the context of recent M&A activity in the industry [47] Company Strategy and Development Direction - The company targets $500 million to $600 million in top-line revenue by 2026, with long-term adjusted EBITDA targets exceeding 30% [14][29] - The company is focused on expanding its B2B and B2C operations, with new client launches and market entries planned for the upcoming quarters [29] - The acquisition of Coolbet is expected to enhance the company's offerings and market position in the U.S. [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming fourth quarter, which is expected to be the seasonally strongest period for the company [11][37] - The company is preparing for incremental launches in Latin American markets and anticipates annual gains in operating leverage as both divisions scale [29] - Management noted that the recent M&A activity in the industry increases the scarcity value of their technology, positioning the company favorably [47] Other Important Information - The company remains debt-free, allowing it to focus on high-growth initiatives and securing additional market share [33] - The company is committed to improving profitability and cash flow, with a focus on reducing G&A costs as a percentage of revenue [35] Q&A Session Summary Question: About the Super RGS launch and integration timeline - Management confirmed that the first Super RGS clients will launch in Michigan before the end of the month, with technical integrations starting in advance of contract finalization [43][45] Question: Impact of recent M&A activity on competitive positioning - Management indicated that recent corporate transactions increase the scarcity value of their technology and create competitive replacement opportunities [47][48] Question: Content strategy and potential for further M&A - Management is exploring exclusive content distribution deals and is engaged in discussions with various content providers, while remaining cautious about compliance issues [52] Question: New states for iGaming and guidance implications - Management confirmed that new states are assumed in the 2023 guidance, with expectations for several new opportunities to be incorporated [55][56] Question: Opportunities in New York and future M&A - Management sees potential for future opportunities in New York and is actively monitoring the market for potential tuck-in acquisitions [60][62]

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 ...

Financial Performance - Revenues for the three months ended June 30, 2021, were $34,628,000, representing a 24.4% increase from $27,842,000 in the previous quarter[153]. - The net loss for the three months ended June 30, 2021, was $(2,730,000), a 38.8% improvement from $(4,464,000) in the previous quarter[153]. - Total revenues for the three months ended June 30, 2021, were $34.6 million, an increase of $26.3 million or 316.1% compared to $8.3 million for the same period in 2020[163]. - Total revenues for the six months ended June 30, 2021, increased to $62.47 million, a 290.6% increase from $15.99 million in the same period of 2020[176]. - The net loss for the three months ended June 30, 2021, was $2.7 million, a decrease of $6.9 million or 71.8% compared to a net loss of $9.7 million for the same period in 2020[163]. Operating Costs and Expenses - Operating costs increased by 14.9% to $36,366,000 for the three months ended June 30, 2021, compared to $31,644,000 in the previous quarter[153]. - Operating expenses rose by $7.1 million, largely due to the inclusion of B2C segment expenses following the Coolbet acquisition[180]. - General and administrative expenses increased by $12.2 million, with $6.4 million attributed to the B2C segment and additional costs related to compliance and integration projects[182]. - Operating costs and expenses for the three months ended June 30, 2021, totaled $36.4 million, an increase of $18.9 million or 108.5% compared to $17.4 million for the same period in 2020[163]. Revenue Segmentation - The B2C segment generated $23.98 million in revenue for the three months ended June 30, 2021, marking a 67.6% increase from $14.31 million in the previous quarter[189]. - The B2B segment reported revenues of $10.65 million for the three months ended June 30, 2021, a decrease of 21.3% from $13.53 million in the prior quarter[189]. - Revenue from the United States increased by $6.8 million to $20.08 million, representing a 51.0% growth, driven by patent licensing and expanded sports betting legalization[178]. - European revenues surged by $22.58 million to $25.26 million, a significant increase attributed to the inclusion of B2C revenues in Northern Europe[178]. Acquisition and Strategic Initiatives - The acquisition of Coolbet on January 1, 2021, is expected to enhance profitability through increased revenues and margin expansion from integrating its technology[136][137]. - The company expects to roll out new product offerings and expand its B2C business in existing and new jurisdictions, leveraging Coolbet's platform[138]. - The company holds a strategic U.S. patent for linking on-property reward cards to Internet gambling accounts, with plans to license it to additional operators[139]. - The B2B segment focuses on providing technology solutions for casino operators to extend their online presence, including simulated gambling solutions[140]. Cash Flow and Liquidity - As of June 30, 2021, the company had cash of $52.1 million and accounts receivable of $12.0 million, indicating strong liquidity[224]. - Net cash from operating activities increased by $2.6 million, a 151.5% increase compared to the prior year[228]. - Net cash used in investing activities increased by $101.3 million, primarily due to a $92.4 million cash payment for the acquisition of Coolbet[229]. - The net increase in cash for the six months ended June 30, 2021, was a decrease of $100.6 million, representing a 287.0% decline compared to the previous year[227]. Taxation - The effective tax rate for the three months ended June 30, 2021, was (57.1)%, compared to (1.8)% for the same period in 2020[173]. - The company recorded an income tax expense of $1.0 million for the three months ended June 30, 2021, compared to $0.2 million for the same period in 2020[173]. - The effective tax rate for the six months ended June 30, 2021, was 29.8%, compared to 3.6% in the same period of 2020[185]. Future Outlook - The company anticipates additional states will allow real money iGaming (RMiG) operations in 2021, expanding its total addressable market in the U.S.[135]. - The company expects capital expenditures to increase as it expands gaming content development and integrates Coolbet's technology[222]. - There are no arrangements in place for future financing, and the company cannot assure the availability or terms of any required financing[231].

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 ...