GAN Limited (GAN) Misses Q1 EPS, Revenues; Reiterates FY Revenue Guidance

GAN Limited (NASDAQ: GAN) reported Q1 EPS of $0.01, $0.03 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $7.7 million versus the consensus estimate of $8.09 million.

Dermot Smurfit, CEO of GAN, stated:

“2020 has been a landmark year for GAN, and our first quarter 2020 results were in line with expectations. During a time when the global pandemic was causing a great deal of tragedy and economic turmoil around the world, we were fortunate not only to continue to operate business as usual due to the online-only nature of our business but also completed a tremendously successful IPO and Nasdaq listing. Building on that positive momentum, we recently announced Cordish Gaming Group as a new real money Internet gambling client in the State of Pennsylvania.

“Substantially all of our land-based casino customers had to close their physical operations in March due to the global pandemic, which helped to drive an increase in online gaming. We saw a notable increase in Internet gaming win in both New Jersey and Pennsylvania for the months of March, April and May, and have seen a similar shift from retail gambling to online gambling in our other key market of Italy. While sports betting has been significantly impacted by the cancellation of most major sporting events, our sports betting business has historically been driven by the NFL season, which is anticipated to return with its first official game in September. Simulated gaming continues to be an immense opportunity for GAN, particularly as many retail gaming properties have been closed. We were pleased to announce new simulated gaming client wins, Penn National Gaming and the Snoqualmie Indian Tribe, and are working to secure several new client opportunities in our pipeline in both real money Internet gambling and simulated gaming in the remainder of 2020. It is an exciting time for GAN, and we look forward to capitalizing on the immense opportunity.”

GUIDANCE:

Gainsco reiterates FY2020 revenue of $37-39 million.

For earnings history and earnings-related data on Gainsco (GAN) click here.

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