GAN today reported its unaudited financial results for the third quarter ended September 30, 2024.

Total revenue was $37.1 million increased 24% driven by an increase in the B2B segment.B2B segment revenue was $16.4 million versus $10.2 million.

The increase was primarily due to an expansion of our B2B offerings in the state of Nevada and the recognition of revenue related to a partner exit in Michigan.B2C segment revenue was $20.7 million versus $19.6 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.Operating expenses were $25.1 million versus $27.8 million.

The decrease was primarily attributable to the Company’s overall reduction of compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of intangible assets fully amortizing in the prior year.Net income of $2.1 million versus a net loss of $8.2 million improved primarily due to increased revenues and decreased operating expenses.

Total segment contribution was $27.2 million versus $20.6 million, which was driven primarily by increased revenue in the B2B segment.Adjusted EBITDA was $5.4 million versus a loss of $2.5 million. The increase was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.