GAN Limited (GAN)

GAN (UK) Limited • GameAccount Alderney Limited • GAN Nevada, Inc. • GAN Software Services BG Ltd • Lockbox Games Limited • GAN Digital Ltd • GAN Services Limited • Vincent Group Ltd • Polar Ltd • DoubleSpin Ltd ...

GAN stock data

1M 3M 6M 1Y

Latest filings (excl ownership)

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8 Nov 24

GAN Reports Third Quarter 2024 Financial Results

8 Nov 24

8-K

GAN Announces Approval of Merger by the Nevada Gaming Commission

9 Oct 24

8-K

GAN Announces CFIUS Clearance for SEGA SAMMY Merger

9 May 24

GAN Reports First Quarter 2024 Financial Results

9 May 24

10-K/A

2023 FY

Annual report (amended)

29 Apr 24

S-8

Registration of securities for employees

5 Apr 24

8-K

Departure of Directors or Certain Officers

Transcripts

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GAN

Earnings call transcript

2023 Q1

10 May 23

GAN

Earnings call transcript

2022 Q4

30 Mar 23

GAN

Earnings call transcript

2022 Q3

14 Nov 22

GAN

Earnings call transcript

2022 Q2

16 Aug 22

GAN

Earnings call transcript

2022 Q1

17 May 22

GAN

Earnings call transcript

2021 Q4

23 Mar 22

GAN

Earnings call transcript

2021 Q3

12 Nov 21

GAN

Earnings call transcript

2021 Q2

17 Aug 21

GAN

Earnings call transcript

2021 Q1

18 May 21

GAN

Earnings call transcript

2020 Q4

26 Mar 21

Latest ownership filings

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Financial summary

Financial statements Chart GAN financial data

Quarter (USD)	Sep 24	Mar 24	Dec 23	Sep 23
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 23	Dec 22	Dec 21	Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	36.48 mm	36.48 mm	36.48 mm	36.48 mm	36.48 mm	36.48 mm
Cash burn (monthly)	37.67 k	575.67 k	(no burn)	1.69 mm	(no burn)	80.75 k
Cash used (since last report)	105.48 k	1.61 mm	n/a	4.75 mm	n/a	226.13 k
Cash remaining	36.37 mm	34.87 mm	n/a	31.73 mm	n/a	36.25 mm
Runway (months of cash)	965.7	60.6	n/a	18.7	n/a	449.0

Beta Read what these cash burn values mean

Financial data from GAN Limited earnings reports.

Institutional ownership, Q2 2023

GAN institutional ownership history Ownership history

18.2% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	59	62	-4.8%
Opened positions	10	4	+150.0%
Closed positions	13	16	-18.8%
Increased positions	13	15	-13.3%
Reduced positions	17	26	-34.6%

13F shares	Current	Prev Q	Change
Total value	6.72 bn	7.66 bn	-12.3%
Total shares	8.13 mm	10.10 mm	-19.5%
Total puts	113.50 k	116.80 k	-2.8%
Total calls	99.40 k	116.40 k	-14.6%
Total put/call ratio	1.1	1.0	+13.8%

Largest owners	Shares	Value	Change
Smurfit Michael WJ	2.09 mm	$53.35 mm	0.0%
River & Mercantile Asset Management	923.70 k	$1.53 mm	-2.6%
BLK BlackRock	674.21 k	$1.11 bn	+2.2%
Vanguard	565.05 k	$926.69 mm	0.0%
Exchange Traded Concepts	423.47 k	$694.49 mm	+13.2%
Bridgeway Capital Management	421.28 k	$690.90 mm	+95.2%
Renaissance Technologies	399.02 k	$654.00 k	+8.0%
Gsa Capital Partners	393.14 k	$645.00 k	-3.9%
Geode Capital Management	385.45 k	$632.14 mm	-5.4%
Two Sigma Advisers	177.30 k	$290.77 mm	-47.0%

Largest transactions	Shares	Bought/sold	Change
Antara Capital	0.00	-1.42 mm	EXIT
Primecap Management	71.60 k	-555.38 k	-88.6%
Bridgeway Capital Management	421.28 k	+205.48 k	+95.2%
Two Sigma Investments	134.15 k	-173.79 k	-56.4%
Millennium Management	163.81 k	+163.81 k	NEW
Two Sigma Advisers	177.30 k	-157.30 k	-47.0%
HRT Financial	0.00	-133.64 k	EXIT
Marshall Wace	0.00	-95.46 k	EXIT
Accretive Wealth Partners	49.56 k	+49.56 k	NEW
Exchange Traded Concepts	423.47 k	+49.37 k	+13.2%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

GAN insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
31 Oct 24	Brian P Chang	Ordinary Shares	Payment of exercise	Dispose F	No	No	1.8	905	1.63 k	49,373
31 Oct 24	Brian P Chang	Ordinary Shares	Option exercise	Dispose M	No	No	0	2,535	0.00	50,278
31 Oct 24	Brian P Chang	RSU Ordinary Shares	Option exercise	Dispose M	No	No	0	2,535	0.00	2,535
5 Oct 24	Seamus M Mcgill	Ordinary Shares	Payment of exercise	Dispose F	No	No	1.75	27,054	47.34 k	144,256
5 Oct 24	Seamus M Mcgill	Ordinary Shares	Option exercise	Acquire M	No	No	0	68,750	0.00	171,310
5 Oct 24	Seamus M Mcgill	RSU Ordinary Shares	Option exercise	Dispose M	No	No	0	68,750	0.00	206,250
30 Jul 24	Giuseppe Gardali	Ordinary Shares	Payment of exercise	Dispose F	No	No	1.51	3,725	5.62 k	59,125
29 Jul 24	Brian P Chang	Ordinary Shares	Payment of exercise	Dispose F	No	No	1.51	6,753	10.20 k	47,743
26 Jul 24	Sylvia Tiscareno	Ordinary Shares	Payment of exercise	Dispose F	No	No	1.51	6,352	9.59 k	130,164

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

News

From Benzinga Pro

GAN Q3 EPS $0.04 Beats $(0.05) Estimate, Sales $37.10M Beat $34.67M Estimate

8 Nov 24

GAN (NASDAQ:GAN) reported quarterly earnings of $0.04 per share which beat the analyst consensus estimate of $(0.05) by 180 percent. This is a 122.22 percent increase over losses of $(0.18) per share from the same period

GAN Announces Approval Of Merger With SEGA SAMMY By The Nevada Gaming Commission

9 Oct 24

Merger with SEGA SAMMY remains on track to close in late 2024 or early 2025GAN Limited (the "Company" or "GAN") (NASDAQ:GAN), a leading North American B2B technology provider of real money internet gaming solutions and a

Press releases

From Benzinga Pro

GAN Reports Third Quarter 2024 Financial Results

8 Nov 24

Strong profitability improvement driven by B2B revenues and continued cost rationalization Planned Merger with SEGASAMMY now expected to close in early 2025 GAN Limited (NASDAQ:GAN) (the "Company" or "GAN"), a leading

GAN Announces Approval of Merger by the Nevada Gaming Commission

9 Oct 24

Merger with SEGA SAMMY remains on track to close in late 2024 or early 2025 GAN Limited (the "Company" or "GAN") (NASDAQ:GAN), a leading North American B2B technology provider of real money internet gaming solutions