Table Trac reports decrease in overall revenue to $1.8m for Q3
Maintenance revenue has risen 48% annually for the quarter, however, and year-to-date gross profit is still up despite Q3 drop.
Table Trac has released its Q3 financial report, showing a 48% increase in maintenance revenue to $1.3m. However, overall revenue has decreased from $2.3m in the third quarter of 2022 to $1.8m in Q3 of this year.
For the nine months ended September 30, overall revenue has also decreased 18.9% to $6.6m. Table Trac reported that as of now it has “six customer contracts in backlog as of September 30 2023” and “anticipates that the majority of these contracts will be installed in the next two quarters.”
Third-quarter gross profit decreased annually by 2% to $1.4m, with the year-to-date figures showing an increase year-on-year from just under $5m to $5.2m. Net income decreased from $290,126 in Q3 last year to $171,998 in Q3 of 2023, year-to-date net income also dropped 21.3% annually to $1.1m.
The financial statement also commented, “As of the filing date of this report, the company has signed two new contracts.”
Just before the start of Q3, Table Trac signed a deal in June with Koin Payments and Marker Trax to develop and supply the KTMobile cashless payment app to players.
In August, the company approved a cash dividend on stock of $0.01 per share. The current TableTtrac share price is $3.85, with Q3’s highest price reaching $4.99 in mid-August, and the year-to-date high reaching $5.35 at the end of January.
In September, Table Trac installed its CMS at Wisconsin’s Legendary Waters Resort and Casino, and in the beginning of the fourth quarter Table Trac expanded in Nevada with installation at Carson City’s Cactus Jack Casino.
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