Mission Statement, Vision, & Core Values (2024) of GAN Limited (GAN)

An Overview of GAN Limited (GAN)

General Summary of GAN Limited (GAN)

GAN Limited (GAN) is a leading technology provider in the online gaming industry, offering innovative solutions to both business-to-business (B2B) and business-to-consumer (B2C) markets. Founded in 2002, the company has expanded its operations across various jurisdictions, particularly in the United States and Europe. GAN specializes in providing a comprehensive range of products and services, including online casino games, sports betting technology, and a robust platform for managing online gambling operations.

As of 2024, GAN's sales have shown significant growth, with total revenue reaching $103.3 million for the nine months ended September 30, 2024, an increase of $4.6 million compared to the same period in 2023. The company’s innovative technology and strategic partnerships have positioned it as a key player in the rapidly evolving online gaming landscape.

Company's Financial Performance in the Latest Financial Reports

GAN Limited's financial performance for the nine months ended September 30, 2024, indicates a robust growth trajectory. The company reported total revenue of $103.3 million, reflecting a 4.7% increase from $98.7 million in the same period of 2023. This growth was primarily driven by an expansion of B2B operations in Nevada and increased player activity in Europe, which contributed to higher margins.

The following table summarizes key financial metrics for GAN Limited:

GAN’s B2B segment revenue increased by 33.0% to $41.7 million, mainly due to the successful launch of operations in Nevada and revenue recognition from migration services in Michigan. In contrast, B2C revenue experienced a decline of 8.5% to $61.6 million, attributed to reduced player activity in Latin America and unfavorable exchange rates.

Introduction to GAN Limited as a Leader in the Industry

GAN Limited has established itself as one of the leading companies in the online gaming technology sector. With a strong emphasis on innovation and customer satisfaction, GAN continues to enhance its product offerings and expand its market presence. The company's unique technology solutions and strategic partnerships have enabled it to maintain a competitive edge in an increasingly crowded marketplace.

GAN's commitment to growth is evident in its focus on expanding operations into newly regulated jurisdictions and enhancing its existing product lines. The company is well-positioned to leverage its scalable technology to drive future profitability and growth in the online gaming industry.

Mission Statement of GAN Limited (GAN)

Company's Mission Statement Overview

The mission statement of GAN Limited (GAN) serves as a strategic guide for the company, reflecting its commitment to providing innovative technology solutions for the gaming industry. This mission is pivotal in steering the company towards achieving its long-term objectives, ensuring that all stakeholders are aligned in purpose and direction. GAN’s focus is on delivering high-quality products and services that enhance the gaming experience for both businesses and consumers.

Core Component 1: Innovation

GAN emphasizes innovation as a core component of its mission. The company is dedicated to advancing its proprietary technology, particularly its GameSTACK platform, which integrates comprehensive gaming solutions for operators. As of September 30, 2024, GAN has invested significantly in technology development, with capitalized software development costs amounting to $8.03 million. This investment underscores the company's commitment to continuous improvement and adaptation in a rapidly evolving market.

Core Component 2: Customer-Centric Solutions

GAN's mission highlights its dedication to providing customer-centric solutions. The company aims to meet the diverse needs of its clients, ranging from B2B casino operators to B2C consumers. For the nine months ended September 30, 2024, GAN reported total revenue of $103.3 million, reflecting a 4.7% increase from $98.7 million in the same period of 2023. This growth is attributed to enhanced player activity and the expansion of services in regulated markets, demonstrating GAN's ability to adapt its offerings based on customer demand.

Core Component 3: Responsible Gaming

GAN is committed to promoting responsible gaming practices as part of its mission. The company recognizes the importance of safeguarding player welfare and ensuring a fair gaming environment. To support this commitment, GAN has implemented various measures, including compliance with regulatory standards across multiple jurisdictions. The company also aims to leverage its technology to enhance player safety and security, thereby strengthening trust with its user base and stakeholders.

GAN's mission statement encapsulates its strategic focus on innovation, customer-centric solutions, and responsible gaming. The company's financial performance reflects its commitment to these principles, as evidenced by significant growth and positive shifts in profitability metrics in 2024 compared to the previous year.

Vision Statement of GAN Limited (GAN)

Vision Statement Overview

GAN Limited (GAN) aims to redefine the gaming experience by providing innovative and comprehensive gaming solutions. The company's vision emphasizes leadership in technology, customer engagement, and sustainable growth within the gaming industry.

Commitment to Innovation

GAN's vision underscores a strong commitment to innovation. The company invests heavily in research and development, focusing on enhancing its GameSTACK technology, which supports online gaming and sports betting applications. In the nine months ending September 30, 2024, GAN reported capitalized software development costs of $8.033 million, demonstrating its dedication to technological advancement.

Customer-Centric Approach

GAN's vision includes a customer-centric approach, aiming to provide unparalleled service to its clients. For the three months ended September 30, 2024, GAN generated $37.098 million in total revenue, reflecting increased customer engagement and satisfaction compared to $29.817 million in the same period in 2023. This growth illustrates the effectiveness of its customer-focused strategies.

Sustainable Growth and Market Expansion

The vision statement of GAN also emphasizes sustainable growth and market expansion. The company’s revenue from the B2B segment reached $41.711 million for the nine months ended September 30, 2024, compared to $31.352 million for the same period in 2023. The B2C segment contributed $61.598 million, up from $67.352 million year-over-year.

Global Presence and Regulatory Compliance

GAN's vision encompasses a robust global presence, particularly in regulated markets. By September 30, 2024, GAN had expanded its operations into various jurisdictions, with significant revenue contributions from the United States, Europe, and Latin America. In the third quarter of 2024, the company reported revenue of $14.082 million from the U.S. alone.

Financial Performance Metrics

Focus on Compliance and Ethical Standards

GAN's vision incorporates a commitment to compliance and ethical standards. The company operates in jurisdictions with strict regulatory frameworks, ensuring that its practices align with industry standards. This focus on compliance is crucial for maintaining trust and reputation in the gaming sector.

Future Aspirations

Looking ahead, GAN aims to solidify its position as a leader in the gaming technology space. The company plans to explore new markets and enhance its product offerings, driven by insights gained from customer feedback and market analysis. The anticipated growth in the online gaming sector is expected to further bolster GAN's strategic initiatives and financial performance.

Core Values of GAN Limited (GAN)

Integrity

Integrity is a foundational value at GAN Limited, reflecting the company's commitment to transparency, honesty, and ethical practices in all its operations.

GAN demonstrates this core value through its adherence to regulatory standards across various jurisdictions. For instance, the company maintains compliance with gaming regulations in the United States and Europe, ensuring that all gaming activities meet legal and ethical standards. As of September 30, 2024, GAN reported total revenues of $37.1 million, including $16.4 million from its B2B segment and $20.7 million from its B2C segment, showcasing its integrity in financial reporting and operations.

Innovation

Innovation is at the heart of GAN's mission, driving the development of cutting-edge technology solutions for the gaming industry.

The launch of GameSTACK, a proprietary technology platform, exemplifies GAN's commitment to innovation. This platform offers comprehensive solutions for online gambling and sports betting, facilitating seamless user experiences. As of September 30, 2024, GAN's capitalized software development costs reached $13.1 million, reflecting ongoing investments in innovative technology.

Customer Focus

GAN Limited prioritizes customer satisfaction, striving to exceed client expectations through tailored solutions and responsive service.

The company has implemented client feedback mechanisms to enhance its offerings continually. For example, the B2C segment, operating under the Coolbet brand, has maintained a strong market presence in Northern Europe and Latin America, achieving a 62% increase in revenue year-over-year, highlighting its focus on delivering value to customers.

Collaboration

Collaboration is vital for GAN, fostering teamwork internally and with external partners to drive success.

GAN's strategic partnerships with various gaming operators have enhanced its market offerings. In the nine months ended September 30, 2024, GAN reported a segment contribution of $73.8 million across its B2B and B2C operations, underscoring the effectiveness of collaborative efforts.

Accountability

GAN Limited embodies accountability by taking responsibility for its actions and decisions, both financially and operationally.

The company has a comprehensive governance structure in place, which includes regular audits and performance reviews. For the three months ended September 30, 2024, GAN achieved a net income of $2.1 million, a significant improvement compared to a net loss of $8.2 million for the same period in 2023, demonstrating its commitment to responsible financial management.

Updated on 16 Nov 2024

Resources:

1. GAN Limited (GAN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of GAN Limited (GAN)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View GAN Limited (GAN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.