At a special general meeting of GAN shareholders, the planned merger between the company and Sega Sammy was approved.
It has also received clearance from the Committee on Foreign Investment in the US (CFIUS). The merger’s closing, however, remains subject to remaining regulatory requirements.
GAN made the announcement as it put out its financial report for the three-and 12-month periods ending December 31, 2024. Total revenue for the quarter reached US$31.7m, an increase from $30.7 year-on-year.
Net loss for the quarter was $4.2m, up from a loss of $9.4m. Adjusted EBITDA was $8,000, up from a loss of $3.9m.
For the whole year, total revenue was $135m, up from $129.4m in 2023. Net loss was $8m, up from a net loss of $34.4m. Adjusted EBITDA was $8.6m, up from a loss of $8.4m.
“I'd like to thank our entire global team for continuing to execute and grow our business on a streamlined cost structure. This led to stronger financial performance in 2024 with growth in both the top and bottom line,” said GAN CEO Seamus McGill.
“We are simultaneously working diligently to close our merger with SEGA SAMMY. We continue to work through the remaining regulatory requirements and expect the merger to be successfully completed in the second quarter of 2025."
