AGS reports Q3 revenue increase of 16%
The company’s EGM division made the majority of its $78.2m revenue this quarter.
AGS has announced its results for Q3 this year, reporting a 16% annual total revenue increase to $78.2m. Revenue from gaming operations made up $56.6m of this sum, while equipment sales totaled $21.6m.
Electronic gambling machines (EGM), the field the company specializes in, saw revenue of $71.6m, reflecting a 16% increase from the same prior-year period. Meanwhile, Table Products grew 30% year-over-year to $4m, while its Interactive division grew a slight 1% to $2.6m.
Total adjusted EBITDA also grew by 8% year-over-year to $34.5m, in contrast to the $31.9m generated in Q3 of 2021.
AGS CEO and President David Lopez commented: “Our third quarter financial results further reflect the people, product and process-driven operating momentum building within our business.
“Given the encouraging initial customer response to the broader and more diverse new product lineup we recently unveiled at the Global Gaming Expo, I am even more excited about what lies ahead for our company and its key stakeholders.”
Net income results were also positive for AGS, as it reported $476,000 in net income this quarter, compared to the net loss of $1.8m it experienced in Q3 of 2021. Strong revenue growth also contributed to Q3 2022 operating income of $9m, a 22.2% decrease when compared to $7m in the third quarter of 2021.
This is the second consecutive quarter in which AGS has enjoyed positive net income.
AGS CFO Kimo Akiona commented: “I am extremely pleased with the balance sheet deleveraging progress we have made year-to-date, as we ended the third quarter with net leverage at four times.
“Supported by the stable operating trends we continue to observe within the business, I remain confident in our ability to deliver on our year-end net leverage target of fewer than four times and look forward to further reducing leverage in the years ahead.”
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