GAN — Stock Film
STOCK FILMSCENE 1/11GAN · $1.97
Stock Expert AI presents
GAN
GAN Limited
~4 min film100% real numbersplain English
WHAT DOES THIS COMPANY DO?
GAN Limited. What it actually does.

Provides B2B software-as-a-service solutions for online casino gaming and sports betting. Now — the numbers.

on the stock market since 2020
621 employees
$91.5M market value
Revenue last year:
$135M
The loss that same year:
$8M
For every $1 it earns, the company spends $1.1.

The company is still in the product-building phase: its spending runs above its sales. That only changes once the product starts selling at scale.

THE SALES TREND
Sales are growing overall, with a pause along the way.

Average growth of 40% a year over the last 4 years. Red columns mark years that ended in a loss.

$35.2M
2020
2021
2022
2023
$135M
2024
In the vault right now:
$38.7M
DEBT: $50.3M
At this pace, that money lasts about 4.9 years.

At this burn rate the cash pile isn’t the pressing question — for now, time is on the company’s side.

Every quarter, analysts set a profit bar.
How many of the last 8 did the company clear?
2 / 8
EXPECTATIONS MET OR BEATEN
2
Aug 2023
May 2025
2 TIMES IN THE LAST 8 QUARTERS
It misses the bar more often than not.
THE PRICE TAG
MARKET VALUE / ANNUAL SALES
0.7×

This company is not turning a profit, so the market is pricing its sales instead: 0.7× for every dollar of annual revenue.

No analyst target is on record for this company.

THE FIVE-YEAR JOURNEY
A long and steep decline.

An investor who bought at the very peak is down 94% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.

1
THE BRIGHT SIDE · 1/2
Sales keep climbing

Over the last 4 years, sales grew about 40% a year on average.

2
THE BRIGHT SIDE · 2/2
The product is selling

Sales run at $135.0M a year. A small number, but proof the product has real buyers.

1
THE RISKS · 1/2
Running at a loss

A loss of $8.0M against $135.0M in annual sales.

2
THE RISKS · 2/2
The stock has lost its spark

Since the drop from its peak, buyer appetite hasn’t come back.

FINALE · THE GRADE
grade pending

We don’t have a report card for this stock yet — the data isn’t mature enough to grade. No grade is information too: it means the evidence is thin.

One-line summary: few numbers, an untested story. Keep watching.

What would you like to do next?
Open the stock page →

Not covered, because the filings we hold do not carry it: the revenue breakdown.

This was a film — not investment advice.
Data: FMP & company filings
Sep 11, 2026 · stockexpertai.com · Stock Film