Small update on where I think GAN is at the moment for anyone who went in following my tweets.
Although judging by the share price, everyone has sold!
Although judging by the share price, everyone has sold!
They did £6.6m of recurring revenue in 1H19, of this:
- Simulated is £2.3m and this will have gone up. GAN has won three new clients since then (JACK, Agua Caliente, Snoqualmie).
No reason people being home wouldn't cause this to increase on like-for-like basis anyway.
- Simulated is £2.3m and this will have gone up. GAN has won three new clients since then (JACK, Agua Caliente, Snoqualmie).
No reason people being home wouldn't cause this to increase on like-for-like basis anyway.
- Sports betting was £0.7m. In the first two months of 2020 they likely got close to this. Assume the rest of H1 is a write off.
- Real money casino gaming was the last £3.6m. Who knows what happens to that. Italy (£1.2m revenue) was tracking +14% in late Feb/early March.
Cost base for 1H19 was £10.5m. So likely GAN will be slightly loss making in 1H20 and this market is not forgiving of that.
However, they likely have £10m of cash and will certainly survive.
However, they likely have £10m of cash and will certainly survive.
Full year results next week. Don't know what's happening with the NASDAQ move at this point. No reason it shouldn't go ahead but who knows at this point.
Won't tweet on GAN again for a while, but thought I should share my thoughts. Haven't sold any shares and actually have added more.
Let's see how this all shakes out and stay safe out there!
Let's see how this all shakes out and stay safe out there!
