AGS reports Q4 revenue of $81.7m
CEO David Lopez optimistic for growth and momentum to continue in 2023.
AGS, supplier of Class II and Class III slots, iGaming and more, has announced its Q4 and year-end results for 2022.
Q4 revenue reached $81.7m, up 16.4% from the previous year, while 2022 total revenue increased by 19.2% to reach $309.4m.
A record net income of $2.5m was generated in Q4, compared to a net loss of $9.1m in Q4 of the previous year.
CEO David Lopez said, “Our record-setting fourth quarter results reflect the accelerating returns we continue to realize on investments made into our R&D, sales and product management teams over the past several years.
“Looking ahead to 2023, I see a set of company-specific growth catalysts forming within all three segments of our business.”
Adjusted EBITDA for the fourth quarter increased approximately 16%, reaching $37.3m, while the full year’s adjusted EBITDA stands at $138.6m. Growth was partially offset by a decline within the interactive segment as AGS continued to incur incremental expenses to further RMG customer account management capabilities.
The supplier said this was to accelerate the flow of new AGS game content into the North American RMG channel, to diversify its online content offering into new game categories, including instant win and table games.
Kimo Akiona, AGS CFO, added, “We exited 2022 with net leverage inside of 4.0x, consistent with the expectations articulated at the start of the year. As we move forward into 2023, our organization remains squarely focused on maximizing free cash flow and further reducing the amount of leverage on our balance sheet.”
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