Online gambling technology outfit GAN says it’s weathering the impact of COVID-19 better than some, while pimping the imminent signing of a new ‘Tier-1’ US client.

Figures released Tuesday show GAN’s revenue in the three months ending March 31 fell by one-fifth to just under $7.7m, although the company was quick to note that Q1 2019 benefited from $4.9m from hardware sales and the licensing of the company’s ‘strategic US patent.’  

Adjusted earnings fell nearly one-third to $2.6m while net income fell over three-quarters to $500k, thanks in part to costs associated with preparing for the company’s initial public offering last month.

Real-money internet gaming (RmiG) software revenue more than doubled year-on-year to $4.7m in Q1 while RmiG service revenue shot up 63% to $1.5m. The company’s ‘Simulated Gaming’ aka free-play social gaming revenue suffered a 4.6% fall to $1.4m.