GAN Ltd (Form: 10-Q, Received: 05/09/2024 17:02:28)

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(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

400 Spectrum Center Drive, Suite 1900, Irvine, California		92618
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary shares, par value $0.01		GAN		The Nasdaq Stock Market LLC

		Page
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023	5
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43
Item 4.	Controls and Procedures	43
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 6.	Exhibits	46
	SIGNATURES	47

	March 31,			December 31,
	2024			2023
ASSETS
Current assets
Cash	$	36,592		$	38,578
Accounts receivable, net of credit losses of $143 and $244 at March 31, 2024 and December 31, 2023, respectively		9,426			11,417
Prepaid expenses		3,822			3,344
Other current assets		2,528			3,202
Total current assets		52,368			56,541

Capitalized software development costs, net		7,994			8,370
Intangible assets, net		11,561			12,358
Operating lease right-of-use assets, net		4,048			4,340
Other assets		5,432			5,895
Total assets	$	81,403		$	87,504

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	6,715		$	6,971
Accrued compensation and benefits		7,281			7,849
Accrued content license fees		1,865			4,024
Liabilities to users		10,159			10,185
Current operating lease liabilities		801			804
Other current liabilities		6,365			6,891
Total current liabilities		33,186			36,724

Deferred income taxes		3,364			3,793
Long-term debt		43,332			42,189
Non-current operating lease liabilities		3,282			3,577
Other liabilities		7,161			5,825
Total liabilities		90,325			92,108
Commitments and contingencies (Note 14)		-			-
Shareholders’ equity (deficit)
Ordinary shares, $0.01 par value, 100,000,000 shares authorized, 45,385,942 and 45,071,578 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		454			451
Additional paid-in capital		337,158			336,552
Accumulated deficit		(313,465	)		(309,305	)
Accumulated other comprehensive loss		(33,069	)		(32,302	)
Total shareholders’ deficit		(8,922	)		(4,604	)
Total liabilities and shareholders’ equity (deficit)	$	81,403		$	87,504

	2024			2023
	Three Months Ended
	March 31,
	2024			2023

Revenue	$	30,651		$	35,129

Operating costs and expenses
Cost of revenue ⁽¹⁾		9,323			10,161
Sales and marketing		6,017			7,184
Product and technology		9,616			9,578
General and administrative ⁽¹⁾		7,159			10,006
Depreciation and amortization		1,839			4,201
Total operating costs and expenses		33,954			41,130
Operating loss		(3,303	)		(6,001	)
Interest expenses, net		1,132			1,716
Other income, net		(26	)		(9,292	)
(Loss) income before income taxes		(4,409	)		1,575
Income tax (benefit) expense		(249	)		74
Net (loss) income	$	(4,160	)	$	1,501

(Loss) earnings per share, basic and diluted	$	(0.09	)	$	0.03

Weighted average ordinary shares outstanding
Basic		45,134,267			42,982,255
Diluted		45,134,267			47,200,182

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☒

													Accumulated			Total
							Additional						Other			Shareholders’
	Ordinary Shares						Paid-in			Accumulated			Comprehensive			(Deficit)’
	Shares			Amount			Capital			Deficit			Loss			Equity

Balance at January 1, 2024		45,071,578		$	451		$	336,552		$	(309,305	)	$	(32,302	)	$	(4,604	)
Net loss		—			—			—			(4,160	)		—			(4,160	)
Foreign currency translation adjustments		—			—			—			—			(767	)		(767	)
Share-based compensation		—			—			840			—			—			840
Restricted share activity		476,419			4			(5	)		—			—			(1	)
Issuance of ordinary shares upon exercise of share options		5,778			—			—			—			—			—
Repurchase of restricted shares to pay tax liability (Note 7)		(167,833	)		(2	)		(229	)		—			—			(230	)
Balance at March 31, 2024		45,385,942		$	454		$	337,158		$	(313,465	)	$	(33,069	)	$	(8,922	)

													Accumulated			Total
							Additional						Other			Shareholders’
	Ordinary Shares						Paid-in			Accumulated			Comprehensive			(Deficit)
	Shares			Amount			Capital			Deficit			Loss			Equity

Balance at January 1, 2023		42,894,211		$	429		$	328,998		$	(274,861	)	$	(33,798	)	$	20,768
Balance		42,894,211		$	429		$	328,998		$	(274,861	)	$	(33,798	)	$	20,768
Net income		—			—			—			1,501			—			1,501
Net income (loss)		—			—			—			1,501			—			1,501
Foreign currency translation adjustments		—			—			—			—			966			966
Share-based compensation		—			—			1,382			—			—			1,382
Restricted share activity		377,944			4			—			—			—			4
Repurchase of restricted shares to pay tax liability (Note 7)		(49,157	)		(1	)		(78	)		—			—			(79	)
Issuance of ordinary shares upon ESPP purchases		57,960			1			64			—			—			65
Balance at March 31, 2023		43,280,958		$	433		$	330,366		$	(273,360	)	$	(32,832	)	$	24,607
Balance		43,280,958		$	433		$	330,366		$	(273,360	)	$	(32,832	)	$	24,607

	●	Level 1 Quoted prices in active markets for identical assets or liabilities.

	●	Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

	●	Level 3 Valuations are based on the inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

	Life (in years)	2024			2023
	Estimated Useful	March 31,			December 31,
	Life (in years)	2024			2023
Fixtures, fittings and equipment	3 - 5	$	4,922		$	5,052
Platform hardware	5		2,215			2,251
Total property and equipment, cost			7,137			7,303
Less: accumulated depreciation			(3,400	)		(3,144	)
Total		$	3,737		$	4,159

	Period (in years)		Carrying Amount		Accumulated Amortization			Net Carrying Amount
	Weighted Average		March 31, 2024
	Amortization		Gross
	Period (in years)		Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology		5.0	$	33,842	$	(28,414	)	$	5,428
Customer relationships		3.3		6,850		(5,835	)		1,015
Trade names and trademarks		10.0		5,422		(1,977	)		3,445
Gaming licenses		5.2		3,803		(2,130	)		1,673
			$	49,917	$	(38,356	)	$	11,561

	Amount
Remainder of 2024	$	2,530
2025		3,201
2026		2,745
2027		2,156
2028		916
Thereafter		13
Total	$	11,561

	Effective Interest Rate			As of March 31, 2024
Credit Facility
Principal		10.22	%	$	45,538
Less unamortized debt issuance costs					(2,206	)
Long-term debt, net				$	43,332

				Weighted		Weighted
				Average		Average		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding at December 31, 2023		2,680,190		$	5.69		6.43	$	1,877
Granted		50,000			0.01
Exercised		(5,778	)		0.01
Forfeited/expired or cancelled		(227,476	)		4.26
Outstanding at March 31, 2024		2,496,936		$	5.72		6.41	$	1,924,456
Options exercisable at March 31, 2024		1,741,367		$	7.00		5.47	$	912,941

			As of
Leases	Classification		March 31, 2024		December 31, 2023
Assets
Total operating leased assets, net	Operating lease right-of-use assets⁽¹⁾	(1)	$	4,048	$	4,340

Liabilities
Current	Operating lease liabilities		$	801	$	804
Non-current	Operating lease liabilities – non-current			3,282		3,577
Total lease liabilities			$	4,083	$	4,381

	Operating Leases
2024	$	860
2025		1,146
2026		1,146
2027		1,146
2028		644
Total lease payments		4,942
Less: future interest costs		859
Present value of lease liabilities	$	4,083

	●	organic growth of our existing casino operators,
	●	expansion into newly regulated jurisdictions with existing and new customers,
	●	margin expansion driven by the integration of Coolbet’s sports betting technology in our B2B product offerings,
	●	strategically reducing our existing worldwide global workforce to simplify and streamline our organization and strengthen the overall competitiveness of our B2B segment,
	●	revenue expansion from the roll-out of our Super RGS content offering to B2C operators who are not already clients, and
	●	organic growth of our B2C business in existing and new jurisdictions.

	Three Months Ended
	March 31,						Change
	2024			2023			Amount			Percent
(dollars in thousands)
Revenue	$	30,651		$	35,129		$	(4,478	)		(12.7	)%
Operating costs and expenses
Cost of revenue ⁽¹⁾		9,323			10,161			(838	)		(8.2	)%
Sales and marketing		6,017			7,184			(1,167	)		(16.2	)%
Product and technology		9,616			9,578			38			0.4	%
General and administrative ⁽¹⁾		7,159			10,006			(2,847	)		(28.5	)%
Depreciation and amortization		1,839			4,201			(2,362	)		(56.2	)%
Total operating costs and expenses		33,954			41,130			(7,176	)		(17.4	)%
Operating loss		(3,303	)		(6,001	)		2,698			(45.0	)%
Interest expenses, net		1,132			1,716
Other income, net		(26	)		(9,292	)		9,266			(99.7	)%
(Loss) income before income taxes		(4,409	)		1,575			(5,984	)		n.m.
Income tax (benefit) expense		(249	)		74			(323	)		n.m.
Net (loss) income	$	(4,160	)	$	1,501		$	(5,661	)		n.m.

	Three Months Ended
	March 31,				Percentage of Revenue						Change
	2024		2023		2024			2023			Amount			Percent
(dollars in thousands)
United States	$	9,092	$	8,516		29.7	%		24.2	%	$	576			6.8	%
Europe		11,604		12,677		37.9	%		36.1	%		(1,073	)		(8.5	)%
Latin America		6,896		11,270		22.5	%		32.1	%		(4,374	)		(38.8	)%
Rest of the world		3,059		2,666		9.9	%		7.6	%		393			14.7	%
Total revenue	$	30,651	$	35,129		100.0	%		100.0	%	$	(4,478	)		(12.7	)%

	Three Months Ended				Percentage of Segment
	March 31,				Revenue						Change
	2024		2023		2024			2023			Amount			Percent
(dollars in thousands)
B2B
Revenue	$	12,347	$	11,279		100.0	%		100.0	%	$	1,068			9.5	%
Cost of revenue ⁽¹⁾		2,081		1,995		16.9	%		17.7	%		86			4.3	%
B2B segment contribution	$	10,266	$	9,284		83.1	%		82.3	%	$	982			10.6	%
B2C
Revenue	$	18,304	$	23,850		100.0	%		100.0	%	$	(5,546	)		(23.3	)%
Cost of revenue ⁽¹⁾		7,242		8,166		39.6	%		34.2	%		(924	)		(11.3	)%
B2C segment contribution	$	11,062	$	15,684		60.4	%		65.8	%	$	(4,622	)		(29.5	)%

	Three Months Ended
	March 31,						Change
	2024			2023			Amount			Percent
B2B Gross Operator Revenue (in millions)	$	632.0		$	422.8		$	209.2			49.5	%
B2B Take Rate		2.0	%		2.7	%		(0.7	)%		(27.6	)%
B2C Active Customers (in thousands)		222			257			(35	)		(13.6	)%
B2C Marketing Spend Ratio		23.2	%		21.0	%		2.2	%		10.3	%
B2C Sports Margin		5.7	%		7.1	%		-1.4	%		(19.7	)%

		Incorporated by Reference
Exhibit Number	Description of Document	Form	Exhibit Number	Date Filed
2.1	Agreement and Plan of Merger dated November 7, 2023 among SEGA SAMMY CREATION INC., Inc., Arc Bermuda Limited and the Company	8-K	2.1	November 8, 2023
2.2	Amendment to Agreement and Plan of Merger dated December 14, 2023 among SEGA SAMMY CREATION INC., Inc., Arc Bermuda Limited and the Company	8-K	2.2	December 15, 2023
3.1	Memorandum of Association of GAN Limited	F-1	3.1	April 17, 2020
3.2	By-Laws of GAN Limited	F-1	3.2	April 27, 2020
31.1*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	Inline XBRL Document set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of the Quarterly Report on Form 10-Q.
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*	Filed herewith.
**	Furnished herewith.

	GAN Limited

Date: May 9, 2024	By:	/s/ SEAMUS MCGILL
		Seamus McGill
		Chief Executive Officer
		(Principal Executive Officer)

		/s/ BRIAN CHANG
		Brian Chang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

1.	I have reviewed this quarterly report on Form 10-Q of GAN Limited;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ SEAMUS MCGILL
	Seamus McGill
	Chief Executive Officer
	(principal executive officer)

	/s/ BRIAN CHANG
	Brian Chang
	Chief Financial Officer
	(principal financial officer)

	●	The Quarterly Report on Form 10-Q of GAN Limited (the “Company”) for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

	●	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.