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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
GAN
GAN (GAN) investor relations material
GAN has been acquired by Sega Sammy Holdings Inc
GAN Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary9 May, 2025
Executive summary
Revenue declined 4.2% year-over-year to $29.4M, mainly due to the expiration of a major U.S. B2B contract, partially offset by B2C growth in Europe and Latin America.
Net loss widened to $6.8M from $4.2M in the prior year quarter, reflecting lower B2B revenue and higher costs.
Adjusted EBITDA was negative $1.5M, compared to negative $0.6M in the prior year period.
The company is progressing toward a merger with SEGA SAMMY CREATION, expected to close in Q2 2025, pending regulatory approvals.
B2C revenue grew to $24.3M from $18.3M, driven by strong performance in Europe and Latin America.
Financial highlights
Revenue: $29.4M, down from $30.7M year-over-year.
Net loss: $6.8M, compared to $4.2M loss in Q1 2024.
Operating loss: $5.1M, up from $3.3M loss year-over-year.
Cash and cash equivalents: $39.9M as of March 31, 2025.
Adjusted EBITDA: $(1.5)M, compared to $(0.6)M in Q1 2024.
Outlook and guidance
Management expects continued B2C growth in Europe and Latin America, with B2B revenue impacted by the expired U.S. contract.
The company anticipates closing the SEGA SAMMY CREATION merger in Q2 2025, subject to final regulatory approvals.
Mitigation plans include cost reductions, exiting negative margin geographies, and headcount reductions to achieve cash flow targets.
Forward-looking statements highlight expectations for improved profitability and continued B2C growth.
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Frequently asked questions
GAN Limited is a technology company that provides software-as-a-service solutions for the online gaming and sports betting industries. The company offers a full suite of platform services, including account management, payment processing, and game content, to casino operators and sportsbooks. GAN Limited is headquartered in Irvine, California, and its shares are listed on the NASDAQ.