GAN Ltd
GANTechnology · Services-Computer Programming, Data Processing, Etc. · D0 · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|
| Revenue | $135.0M | $129.4M | $141.5M | $124.2M | $35.2M |
| Operating income | −$3.6M | −$30.3M | −$192.5M | −$31.2M | −$19.5M |
| Net income | −$8.0M | −$34.4M | −$197.5M | −$30.6M | −$20.2M |
| Total assets | $77.1M | $87.5M | $103.1M | $260.9M | $173.2M |
| Total liabilities | $88.3M | $92.1M | $82.3M | $36.9M | $17.7M |
| Equity | −$11.1M | −$4.6M | $20.8M | $224.0M | $155.6M |
| EPS (diluted) | $-0.18 | $-0.78 | $-4.66 | $-0.73 | — |
| Shares out. | 45.1M | 43.1M | 42.3M | 42.3M | 36.6M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2024- Operating margin
- −2.7%
- Net margin
- −5.9%
- Return on equity
- 71.4%
- Return on assets
- −10.3%
- Return on capital (ROCE)
- −7.8%
- Liabilities / assets
- 114.4%
- Debt / equity
- —
- Book value / share
- $-0.25
- Revenue growth (YoY)
- 4.3%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2024- Altman Z″ (distress)
- -12.01distress
- Accruals / assets
- −17.9%clean
- Piotroski F-Score
- 6/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 3 severe● 3 warning● 4 good- Negative shareholder equity
- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- High leverage (liabilities > 70% of assets)
- Strong return on equity (>15%)
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Apr 3, 2023
- NT 10-Kmissed a reporting deadline ↗Apr 1, 2022
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Goldman Sachs Group IncPassive (13G)May 9, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Green Eric JDirector | May 27, 2025 | D | 153,089 | $1.97 |
| Nesset EndreOfficer — President, B2C | May 27, 2025 | D | 110,201 | $1.97 |
| Roos JanOfficer — Chief Technology Officer | May 27, 2025 | D | 59,747 | $1.97 |
| Goldberg DavidDirector | May 27, 2025 | D | 137,411 | $1.97 |
| Gardali GiuseppeOfficer — President, B2B | May 27, 2025 | D | 82,507 | $1.97 |
| Tiscareno SylviaOfficer — Chief Legal Officer | May 27, 2025 | D | 207,669 | $1.97 |
| Chang Brian POfficer — CFO | May 27, 2025 | D | 91,690 | $1.97 |
| Mcgill Seamus MOfficer — Chief Executive Officer | May 27, 2025 | D | 144,256 | $1.97 |
| Bracey SusanDirector | May 27, 2025 | D | 100,686 | $1.97 |
| Nesset EndreOfficer — President, B2C | May 8, 2025 | Option exercise | 14,166 | $0.01 |
| Green Eric JDirector | Apr 28, 2025 | Option exercise | 23,674 | — |
| Goldberg DavidDirector | Apr 28, 2025 | Option exercise | 23,674 | — |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2025 | 298,510 | 1.9 | +68.0% |
| Apr 30, 2025 | 177,631 | 2.4 | -27.1% |
| Apr 15, 2025 | 243,664 | 1.0 | +245.6% |
| Mar 31, 2025 | 70,501 | 1.0 | +24.2% |
| Mar 14, 2025 | 56,776 | 1.0 | -54.1% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Completed an acquisition or disposition · Delisting / listing-standard notice · Modified shareholder rights · Change in control · Director / officer change · Amended charter or bylaws · Regulation FD disclosureMay 27, 2025
- Regulation FD disclosureMay 19, 2025
- Results of operationsMay 9, 2025
- Item 5.08Apr 11, 2025
- Results of operationsMar 14, 2025
- Entered a material agreementFeb 7, 2025
- Delisting / listing-standard noticeJan 21, 2025
- Results of operationsNov 8, 2024
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (2)
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