GAN Shares Up 17% On Q2 Preliminary Results

(RTTNews) - Shares of GAN Ltd. (GAN) jumped 17% in after-hours trading on Wednesday after the company reported a preliminary second-quarter results, which is expected to beat Street's current estimates.

Second-quarter revenue is expected to be between $34 million and $35 million, with adjusted EBITDA ranging from $3.0 million to $7.0 million. Analysts polled by Thomson Reuters currently expect revenues of $23.98 million.

The company said its results were primarily driven by stronger than expected performance from its B2C offering in Latin America and Northern Europe, with sports results benefiting from higher-than-expected sports betting margin of 9.7% for the quarter as compared to 6.8% in the first quarter, while also maintaining marketing spend efficiency.

The company also lifted its full-year revenue guidance to range of $125 to $135 million. Analysts currently estimate revenues of $106.21 million for the year.

GAN closed Wednesday's trading at $15.15, down $1.29 or 7.85%, on the NYSE. The stock, however, gained $2.60 or 17.16%, in the after-hours trading.