GAN · Gan Ltd - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.37M | - | $37.10M | $35.56M | $30.65M | - | $29.82M | $33.76M | $35.13M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $7.91M | - | $7.82M | $7.98M | $7.16M | - | $7.06M | $10.03M | $10.01M | - |
| Total Operating Expenses | $34.42M | - | $34.97M | $35.33M | $33.95M | - | $36.99M | $42.32M | $41.13M | - |
| D&A | $2.01M | - | $1.98M | $1.91M | $1.84M | - | $4.34M | $6.56M | $4.20M | - |
| Operating Income | ($5.05M) | - | $2.13M | $229.0K | ($3.30M) | - | ($7.17M) | ($8.56M) | ($6.00M) | - |
| Interest Expense | $1.22M | - | $1.16M | $1.16M | $1.13M | - | $1.26M | $905.0K | $1.72M | - |
| Income Tax | $565.0K | - | ($1.11M) | $776.0K | ($249.0K) | - | ($274.0K) | $585.0K | $74.0K | - |
| Net Income | ($6.83M) | - | $2.08M | ($1.73M) | ($4.16M) | - | ($8.16M) | ($18.41M) | $1.50M | - |
| EPS - Basic | ($0.15) | - | $0.05 | ($0.04) | ($0.09) | - | ($0.18) | ($0.42) | $0.03 | - |
| EPS - Diluted | ($0.15) | - | $0.04 | ($0.04) | ($0.09) | - | ($0.18) | ($0.91) | ($0.11) | - |
Balance Sheet
| Line item | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $39.90M | $38.74M | $36.48M | $36.86M | $36.59M | $38.58M | $39.21M | $43.39M | $40.76M | $45.92M |
| Accounts Receivable | $4.13M | $7.04M | $12.04M | $8.85M | $9.43M | $11.42M | $9.17M | $10.15M | $13.87M | $13.81M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $5.71M | $5.62M | $6.99M | $6.25M | $6.71M | $6.97M | $5.45M | $4.82M | $5.60M | $6.44M |
| Current Assets | $51.46M | $52.83M | $55.48M | $53.85M | $52.37M | $56.54M | $55.77M | $60.93M | $63.07M | $67.63M |
| Total Assets | $75.16M | $77.15M | $82.63M | $81.19M | $81.40M | $87.50M | $88.66M | $94.98M | $96.64M | $103.08M |
| Current Liabilities | $32.82M | $31.17M | $31.88M | $34.61M | $33.19M | $36.72M | $32.47M | $32.27M | $30.99M | $32.53M |
| Long-term Debt | $48.09M | $46.88M | $45.71M | $44.50M | $43.33M | $42.19M | $41.06M | $39.77M | $28.48M | $28.16M |
| Total Liabilities | $91.63M | $88.29M | $88.38M | $91.34M | $90.33M | $92.11M | $86.64M | $85.05M | $72.03M | $82.31M |
| Stockholders' Equity | ($16.48M) | ($11.14M) | ($5.75M) | ($10.15M) | ($8.92M) | ($4.60M) | $2.02M | $9.94M | $24.61M | $20.77M |
| Retained Earnings | ($324.09M) | ($317.26M) | ($313.11M) | ($315.20M) | ($313.46M) | ($309.31M) | ($299.93M) | ($291.77M) | ($273.36M) | ($274.86M) |
Cash Flow
| Line item | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.21M | - | - | - | ($280.0K) | - | - | - | ($4.17M) | - |
| Investing Cash Flow | ($826.0K) | - | - | - | ($727.0K) | - | - | - | ($1.76M) | - |
| Financing Cash Flow | - | - | - | - | $3.0K | - | - | - | ($47.0K) | - |
| CapEx | $129.0K | - | - | - | $51.0K | - | - | - | $254.0K | - |
| Free Cash Flow | $1.08M | - | - | - | ($331.0K) | - | - | - | ($4.43M) | - |
Ratios
| Metric | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -17.2% | - | 5.7% | 0.6% | -10.8% | - | -24.0% | -25.4% | -17.1% | - |
| EBITDA margin | -10.3% | - | 11.1% | 6.0% | -4.8% | - | -9.5% | -5.9% | -5.1% | - |
| Net margin | -23.3% | - | 5.6% | -4.9% | -13.6% | - | -27.4% | -54.5% | 4.3% | - |
| Free cash flow margin | 3.7% | - | - | - | -1.1% | - | - | - | -12.6% | - |
| FCF / Net income | -0.16 | - | - | - | 0.08 | - | - | - | -2.95 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 26.9% | - | 21.1% | 22.4% | 23.4% | - | 23.7% | 29.7% | 28.5% | - |
| Effective tax rate | - | - | -114.3% | - | - | - | - | - | 4.7% | - |
| Return on assets | -9.1% | - | 2.5% | -2.1% | -5.1% | - | -9.2% | -19.4% | 1.6% | - |
| Return on equity | 41.4% | - | -36.2% | 17.1% | 46.6% | - | -404.0% | -185.2% | 6.1% | - |
| Return on invested capital | -12.6% | - | 5.3% | 0.5% | -7.6% | - | -13.1% | -13.6% | -10.8% | - |
| Liquidity | ||||||||||
| Current ratio | 1.57 | 1.69 | 1.74 | 1.56 | 1.58 | 1.54 | 1.72 | 1.89 | 2.04 | 2.08 |
| Quick ratio | 1.57 | 1.69 | 1.74 | 1.56 | 1.58 | 1.54 | 1.72 | 1.89 | 2.04 | 2.08 |
| Cash ratio | 1.22 | 1.24 | 1.14 | 1.06 | 1.10 | 1.05 | 1.21 | 1.34 | 1.31 | 1.41 |
| Leverage | ||||||||||
| Debt / Equity | -2.92 | -4.21 | -7.94 | -4.38 | -4.86 | -9.16 | 20.32 | 4.00 | 1.16 | 1.36 |
| Debt / Assets | 0.64 | 0.61 | 0.55 | 0.55 | 0.53 | 0.48 | 0.46 | 0.42 | 0.29 | 0.27 |
| Debt / EBITDA | - | - | 11.12 | 20.76 | - | - | - | - | - | - |
| Interest coverage | -4.2x | - | 1.8x | 0.2x | -2.9x | - | -5.7x | -9.5x | -3.5x | - |
| Equity multiplier | -4.56 | -6.92 | -14.36 | -8.00 | -9.12 | -19.01 | 43.89 | 9.56 | 3.93 | 4.96 |
| Liabilities / Assets | 1.22 | 1.14 | 1.07 | 1.13 | 1.11 | 1.05 | 0.98 | 0.90 | 0.75 | 0.80 |
| Efficiency | ||||||||||
| Asset turnover | 0.39 | - | 0.45 | 0.44 | 0.38 | - | 0.34 | 0.36 | 0.36 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 51d | - | 118d | 91d | 112d | - | 112d | 110d | 144d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -4.2% | - | 24.4% | 5.3% | -12.7% | - | -7.2% | -3.5% | -6.3% | - |
| Revenue CAGR (3y) | -7.8% | - | 53.5% | 0.9% | 58.7% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -52.9% | - | - | - | 45.0% | - | -39.3% | 77.3% | -45.6% | - |
| Net income growth (YoY) | -64.1% | - | - | 90.6% | - | - | -17.6% | 52.0% | - | - |
| EPS growth (YoY) | -66.7% | - | - | 95.6% | 18.2% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 92.5% | - | - | - | -80.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -84.7% | -142.0% | - | - | - | - | -98.7% | -94.1% | -88.7% | -90.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Business segments
$135.00M totalBusiness To Consumer Segment B2 C$84.28M · 62.4%
Business To Business B2 B$50.72M · 37.6%
Product / service
$135.00M totalCasino$50.71M · 37.6%
Platform And Content License Fees$34.29M · 25.4%
Sportsbook$30.38M · 22.5%
Development Services And Other$16.42M · 12.2%
Poker$3.19M · 2.4%
Geographic
$210.85M totalEurope$52.32M · 24.8%
US$42.28M · 20.1%
Latin America$31.47M · 14.9%
CL$29.58M · 14.0%
NO$19.45M · 9.2%
FI$17.90M · 8.5%
Rest Of The World$8.93M · 4.2%
CA$8.92M · 4.2%
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing GAN Ltd against the 5 most active filers in the same SIC group.