GAN a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today reported its unaudited financial results for the first quarter ended March 31, 2025.

B2B segment revenue was $5.1 million versus $12.3 million. The decrease was primarily attributable to the expiration of a multistate B2B commercial contract. B2C segment revenue was $24.3 million versus $18.3 million. The increase was driven by growth in both Europe and Latin America.

Operating expenses were $23.7 million versus $24.6 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.

Net loss of $6.8 million versus $4.2 million. The increase was primarily related to lower B2B revenues partly offset by higher B2C segment contribution and lower operating expenses driven by cost savings initiatives.

Seamus McGill, GAN’s Chief Executive Officer, said, “I’m pleased with the continued progress during the first quarter as we continue to execute on our business plan while refining our cost structure. Our B2C results were particularly strong and underscore the strength of our market position in European and Latin American markets. We are nearing the conclusion of the regulatory requirements to close our merger with Sega Sammy, which we expect to be successfully completed in the second quarter of 2025.”