IRVINE, Calif.--(GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming, online sports betting, and simulated gaming industries, today will host a virtual investor event during which CEO Dermot Smurfit and CFO Karen Flores will outline the strategic direction for GAN as well as provide an overview of the Company’s market forecasts and financial outlook. Additional presenters will include B2B and B2C operational leaders Don Ryan and Anders Karlsen, CCO Jeff Berman, and CIO Simon Knock.
The highlights of the presentation include:
- North American B2B demand is strong. The Company is investing in talent and technology in preparation for a multi-year period of new launches and demand, including GAN’s recent opening of a new office in Miami, Florida.
- New B2B product offerings such as GAN Sports and Super RGS will enable GAN to capture more of the value chain, increase take rate and present the opportunity to service the entire spectrum of operator customers.
- The Company’s B2C growth has exceeded internal expectations and remains strong. The business is very well positioned for early stages of secular growth in exciting new markets within Latin America.
- GAN's B2B technology is increasingly scarce, proven, costly to replicate, and extremely complex. The solutions have been optimized through iterative launches and improvements over the past several years which offers a unique advantage over operators considering bringing the technology in-house.
- The Company is targeting 2023 projected revenue of $225-$250 million and confirmed its long-term target to exceed $500 million, which it believes can be achieved by 2026 (compared to $35 million in 2020). GAN also is targeting a long-term annualized adjusted EBITDA margin to range between 30-35% as the business achieves scale.
Dermot Smurfit, Chief Executive Officer of GAN commented:
“Today is an exciting and very important day in GAN’s history as we hold our first ever Investor Day event. The investment community will have the opportunity to see the depth of our executive leadership team and hear from management across the enterprise. The event also includes a comprehensive outline of our strategic direction to scale our B2B offering, accelerate our already fast-growing B2C business, prepare for our launch of GAN Sports and execute our Super RGS strategy – among many other initiatives. The investments we are making in our technology to advance our position in each of these areas, coupled with the expansion of our talented workforce, will provide a clear path toward value creation over the coming years. We already possess an industry leading B2B technological solution for operators as well as an award winning B2C offering and best-in-class international sportsbook engine. We are adding to our portfolio through the launch of our GAN Sports offering – including a sports betting gaming kiosk – and the aggregation of our exclusive content agreements with leading designers and manufacturers of the most popular and widely recognized online casino games. We are confident that we have a bright future ahead of us in the fast-growing online gaming and sports betting markets around the world as evidenced by our impressive financial targets for both 2023 and 2026. I have never been more excited for GAN’s future over our 18-year existence, and we look forward to sharing our future success with our valued shareholders.”
2023 Revenue $225-250 million
2026 Revenue $500-600 million
Long-Term Adj. EBITDA Margin 30-35%
A webcast of the event will be available on the Investor Relations section of the Company’s website at http://investors.gan.com and can be accessed for approximately 90 days.