Stock GAN GAN LIMITED
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Financials GAN Limited

Equities

GAN

BMG3728V1090

Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-05-20 pm EDT 		5-day change 1st Jan Change
1.38 USD +2.99% Intraday chart for GAN Limited -0.72% -12.66%
May. 09 Earnings Flash (GAN) GAN LIMITED Posts Q1 Revenue $30.7M, vs. Street Est of $40M MT
Apr. 02 GAN Names Brian Chang as CFO MT

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 742.8 387.7 63.11 70.65 62.64 - -
Enterprise Value (EV) 1 590.1 348.3 45.35 74.26 69.54 67.58 60.11
P/E ratio -27 x -15.6 x -0.32 x -2.03 x -5 x -10.2 x -66.2 x
Yield - - - - - - -
Capitalization / Revenue 21.1 x 3.09 x 0.45 x 0.55 x 0.48 x 0.41 x 0.36 x
EV / Revenue 16.8 x 2.78 x 0.32 x 0.57 x 0.53 x 0.44 x 0.35 x
EV / EBITDA -261 x 253 x 7.51 x -8.85 x 30.5 x 7.1 x 3.83 x
EV / FCF -48,105,523 x -18,211,198 x -3,159,846 x - - - -
FCF Yield -0% -0% -0% - - - -
Price to Book 4.65 x 1.69 x 3.06 x -15.5 x -6.9 x -8.9 x 197 x
Nbr of stocks (in thousands) 36,625 42,192 42,075 44,714 45,390 - -
Reference price 2 20.28 9.190 1.500 1.580 1.380 1.380 1.380
Announcement Date 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 30 35.16 125.4 141.5 129.4 130.7 152.4 172
EBITDA 1 8.4 -2.264 1.377 6.042 -8.395 2.283 9.514 15.68
EBIT 1 2.474 -19.47 -25.52 -24.73 -30.31 -8.686 -1.655 4.277
Operating Margin 8.25% -55.38% -20.34% -17.47% -23.42% -6.64% -1.09% 2.49%
Earnings before Tax (EBT) 1 2.4 -19.86 -25.11 -192.5 -34.31 -13.25 -6.555 -1.02
Net income 1 1.788 -20.22 -24.9 -197.5 -34.44 -12.5 -6.185 -0.963
Net margin 5.96% -57.5% -19.85% -139.55% -26.61% -9.56% -4.06% -0.56%
EPS 2 - -0.7500 -0.5900 -4.660 -0.7800 -0.2758 -0.1349 -0.0208
Free Cash Flow 3.353 -12.27 -19.12 -14.35 - - - -
FCF margin 11.18% -34.89% -15.25% -10.14% - - - -
FCF Conversion (EBITDA) 39.92% - - - - - - -
FCF Conversion (Net income) 187.53% - - - - - - -
Dividend per Share 2 - - - - - - - -
Announcement Date 3/25/20 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 15.04 30.48 37.49 34.97 32.12 36.95 35.13 33.76 29.82 30.72 30.65 34.75 32.34 33 35.93 40.13
EBITDA 1 - -5.004 2.971 1.346 2.093 -0.368 0.039 -2.029 -2.522 -3.884 -0.569 2.361 0.0185 0.4728 1.096 3.375
EBIT 1 2.41 -12.35 -4.122 -37.77 -5.148 -8.322 -6.001 -8.561 -7.17 -8.582 -3.303 -0.3654 -2.726 -2.291 -1.668 0.5924
Operating Margin 16.02% -40.52% -10.99% -108.01% -16.03% -22.52% -17.08% -25.36% -24.05% -27.94% -10.78% -1.05% -8.43% -6.94% -4.64% 1.48%
Earnings before Tax (EBT) 1 - -11.94 -4.113 -38.58 -6.585 -144.3 1.575 -17.82 -8.434 -9.623 -4.409 -1.509 -3.87 -3.434 -2.858 -0.644
Net income 1 - -8.531 -4.499 -38.35 -6.941 -147.7 1.501 -18.41 -8.16 -9.376 -4.16 -1.424 -3.651 -3.24 -2.696 -0.6077
Net margin - -27.99% -12% -109.67% -21.61% -399.79% 4.27% -54.53% -27.37% -30.53% -13.57% -4.1% -11.29% -9.82% -7.5% -1.51%
EPS 2 - -0.2000 -0.1100 -0.9100 -0.1600 -3.460 0.0300 -0.4200 -0.1800 -0.2100 -0.0900 -0.0314 -0.0804 -0.0712 -0.0590 -0.0133
Dividend per Share 2 - - - - - - - - - - - - - - - -
Announcement Date 3/25/20 3/22/22 5/16/22 8/15/22 11/14/22 3/30/23 5/10/23 8/9/23 11/9/23 3/13/24 5/9/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 3.61 6.91 4.95 -
Net Cash position 1 10.1 153 39.5 17.8 - - - 2.53
Leverage (Debt/EBITDA) - - - - -0.4301 x 3.025 x 0.5199 x -
Free Cash Flow 3.35 -12.3 -19.1 -14.4 - - - -
ROE (net income / shareholders' equity) - -23.7% -12.9% -161% - - - -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 - 4.370 5.440 0.4900 -0.1000 -0.2000 -0.1600 0.0100
Cash Flow per Share 2 - -0.2400 -0.3300 -4.110 -0.2400 -0.1100 0.0300 0.1500
Capex 0.18 5.92 14.7 13.1 - - - -
Capex / Sales 0.59% 16.83% 11.74% 9.26% - - - -
Announcement Date 3/25/20 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for GAN Limited

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
2
Last Close Price
1.38 USD
Average target price
1.97 USD
Spread / Average Target
+42.75%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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