Galaxy Gaming, a leading developer of gaming technologies and proprietary table games, recently released its financial report for the first quarter ended March 31, 2023. The company showcased impressive growth, reporting a 25% increase in revenue along with other positive financial indicators.
Revenue Surge:
Galaxy Gaming’s revenue for the first quarter of 2023 reached a remarkable $7.4 million, representing a substantial 25% increase from the same period in the previous year.
Adjusted EBITDA:
The company’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at $3.08 million, marking a substantial 15% growth compared to Q1 2022.
Net Income Turnaround:
In a significant turnaround, Galaxy Gaming reported a net income of $111,000 for Q1 2023, a notable improvement from the net loss of $14,000 in the same quarter last year.
Record-Breaking Revenues:
The company attributed a portion of its record revenues to approximately $1.3 million from perpetual license purchases by a major customer within GG Core.
Positive Outlook:
Galaxy Gaming’s President and CEO, Todd Cravens, expressed optimism about the future, anticipating further perpetual license purchases and the launch of their GOS platform in April.
Liquidity and Debt Refinancing:
The company’s Group CFO, Harry Hagerty, addressed the balance between increased receivables from major customers and decreased payables to vendors, leading to a cash decrease. Galaxy Gaming maintains confidence in its liquidity throughout the year and aims to refinance its debt later in 2023.
Innovative Launch:
Galaxy Gaming introduced the Galaxy Operating System (GOS) as a novel game management system with innovative features, including progressive jackpots, LED sensors, and digital tracking for popular games like Roulette Up Progressive and Make’em All Progressive.
GOS provides flexibility, allowing the operation of multiple jackpots across various table games with diverse progressive options. It enables seamless jackpot linking across multiple tables and locations, enhancing the gaming experience.
Galaxy Gaming’s Q1 2023 results reflect robust growth with a 25% increase in revenue, setting new records for the company. Their commitment to innovation, as demonstrated by the introduction of the Galaxy Operating System (GOS), aligns with their positive outlook for the future. As the company anticipates further perpetual license purchases and strengthens its financial position, the momentum is in their favor for continued success in the gaming technology industry.