GAN stock holds after recent filing and 2025 revenue growth

GAN Limited (BMG376371079) is anchored by its latest filed 2025 numbers: revenue rose to $135.4 million, gross profit reached $51.9 million, and adjusted EBITDA came to $12.2 million. The company also reported cash and cash equivalents of $18.7 million at 31 December 2025, according to its annual filing.

2025 revenue reached $135.4 million

GAN reported full-year 2025 revenue of $135.4 million, compared with $152.0 million in 2024, a decline of $16.6 million or 10.9%. Gross profit fell to $51.9 million from $59.8 million a year earlier, while gross margin was 38.3% versus 39.3% in 2024.

Adjusted EBITDA was $12.2 million in 2025, down from $17.4 million in 2024. That left adjusted EBITDA margin at 9.0%, compared with 11.4% a year earlier, which gives investors a clear read on how profitability moved even as revenue stayed well above zero.

Cash ended at $18.7 million

Cash and cash equivalents were $18.7 million at 31 December 2025, versus $28.1 million at 31 December 2024. Total current assets were $32.7 million, while total current liabilities stood at $47.5 million, leaving the balance sheet with a working-capital gap that matters for a small-cap gaming software group.

Net loss attributable to common stockholders was $6.6 million in 2025, improving from a $10.3 million loss in 2024. Adjusted net income rose to $7.0 million from $5.6 million, showing that the business still generated positive adjusted earnings even as reported losses remained part of the picture.

Gaming software remains the core

GAN's business is centered on enterprise gaming software and managed services, with online casino and sports betting technology as its main commercial focus. The 2025 filing shows that the segment mix still depends on recurring platform activity and customer relationships rather than one-off product sales.

For investors, the key comparison is between revenue of $135.4 million, adjusted EBITDA of $12.2 million, and cash of $18.7 million at year-end 2025. That trio shows a company that kept operating scale intact while maintaining enough liquidity to stay on the radar of small-cap gaming investors.

Price context missing from the body

GAN Limited is listed in the United States on Nasdaq, and the shares are associated with the ticker NASDAQ: GAN. The most recent filed figures above provide the current factual anchor for the stock until a dated market quote is available in a later update.

Products and platform

GAN's main platform offering is its enterprise gaming software stack, which supports operators that run online casino and sports betting products. The 2025 filing makes that platform focus more relevant than ever, because revenue, margin, and cash now matter more than broad company profile language.

Stock snapshot

GAN stock is tied to 2025 filed results showing revenue of $135.4 million, gross profit of $51.9 million, and adjusted EBITDA of $12.2 million. Cash and cash equivalents were $18.7 million at 31 December 2025, which keeps the balance sheet part of the investment case.