GAN Ltd. stock (NASDAQ:GAN) soared more than 17 percent in Wednesday’s after-hours trading session after the gaming technology provider raised its earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue guidance for the second quarter, as well as its full-year sales forecast.
GAN CEO Dermot Smurfit (left) at a Fantini Research conference in 2017. The company lifted revenue guidance, sending its stock soaring. (Image: YouTube)
That’s a sign the acquisition of European iGaming and sportsbook provider Coolbet, announced last November, is paying off for GAN. The UK-based company paid $175 million in cash and equity for Coolbet.
Based on preliminary financial results, the company currently expects to report second quarter revenue of $34.0 million to $35.0 million and positive Adjusted EBITDA ranging from $3.0 million to $7.0 million, as higher than expected revenue more than offset strategic investments in talent and technology,” according to a statement issued by GAN.