Benzinga | Aug 17, 2021 01:53PM EDT

Gan Shares Plummet After Mixed Q2 Results

* Gan Ltd (NASDAQ:GAN) reported second-quarter FY21 revenue growth of 316% year-on-year, to $34.63 million, beating the analyst consensus of $31.88 million. Revenue grew 24% sequentially.

* B2B revenue increased 27.9% Y/Y to $10.6 million, and B2C sales totaled $23.9 million.

* Operating expenses more than doubled to $36.37 million.

* The operating loss narrowed to $(1.7) million.

* The company held $52.1 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA of $4.6 million increased by 183.4% Y/Y.

* EPS of $(0.07) missed the analyst consensus of $(0.05).

* Outlook: Gan has reaffirmed its FY21 revenue guidance of $125 million - $135 million, versus the consensus of $129.76 million.

* Price Action: GAN shares traded lower by 17.5% at $13.44 on the last check Tuesday.