Galaxy Gaming’s 2021 revenue up 95%
Company issues positive outlook for 2022.
Galaxy Gaming, a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, on Thursday unveiled its financial results for the quarter and fiscal year ending December 31, 2021.
In the fourth quarter of 2021, the company’s revenue was $5.6m, a 73% increase from the same quarter one year earlier. Similarly, adjusted EBITDA for Q4 2021 shot up 93% to $2.4m.
Officials noted net income and adjusted EBITDA in Q4 2021 were impacted by approximately $253,000 in unusual expense items.
Net income in the fourth quarter of 2021 was $598,000, which was down from $1.1m in the year earlier quarter. Galaxy said Q4 2020 and FY 2020 net income include a gain of $840,000 related to forgiveness of the company’s Paycheck Protection Program loan.
For full year 2021, revenue was up 95% over 2020 to $19.9m. Adjusted EBITDA was up 534% to $8.7m, as adjusted EBITDA in 2020 included an addback of $652,000 of legal and other expenses related to litigation.
Net income for 2021 was $2.1m, versus a net loss of $2.2m in 2020.
The company said cash on its balance sheet increased by 168% in 2021 to $16m.
“We finished 2021 with positive momentum,” Todd Cravens, Galaxy Gaming President and CEO, said in a statement, adding the company delivered record Q4 gross revenue and 2021 iGaming gross revenue, despite some of its clients’ properties still affected by pandemic-related restrictions. “We believe, as the impacts of the COVID-19 pandemic continue to subside for our clients, we will experience a strong recovery in our GG Core business (felt and electronics) and continued growth in our iGaming business.”
Harry Hagerty, the company’s CFO, added: “Our financial position is strong. We have significant cash balances and modest debt maturities this year. We are prohibited from paying dividends or repurchasing stock until November of this year due to continuing restrictions imposed by the Main Street Priority Loan repaid last year. While we will remain responsive, we intend to continue to build up our cash position to keep net leverage low. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at year-end.”
For fiscal 2022, Hagerty said the company is forecasting revenue, net of iGaming royalties, in a range of $23.5m to $25m, and adjusted EBITDA in a range of $11.5m to $12.5m.
“This forecast assumes no new lockdowns from Covid-19, no impact to our business from the war in Ukraine, and no economic recession,” Hagerty said.
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