Galaxy Gaming posts consolidated net revenue of $8m; 8% rise
The supplier also saw record consolidated gross revenue figures and increases in EBITDA and net income.
Galaxy Gaming has announced the financial results for the company’s first quarter of 2024, having ended March 31. The supplier reported record amounts in consolidated net revenue as well as consolidated gross revenue. Its net revenue was reported at just over $8m, an increase of 8% from the comparable quarter, while gross revenue rose 18% to slightly over $9.6m.
“The first quarter of 2024 showed continued growth at the top and bottom lines. Both gross and net revenue were records, and by significant margins,” Galaxy Gaming President and CEO Matt Reback said.
“And our adjusted EBITDA was just shy of the record achieved in Q2 2023, when we had $1.6m in perpetual license sales as compared to $805k in Q1 2024. While sales of perpetual licenses were higher than we had planned in Q1 2024, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 2024 as compared to 85% in Q1 2023.”
Adjusted EBITDA increased by a small margin of 3%, rising to $3.17m for the first quarter of 2024. As Reback stated, however, the supplier’s sale of perpetual licenses decreased, dropping 37% from the first quarter of 2023.
While Galaxy Gaming’s revenue totals don’t reach as high as some competitors, its percentage growth indicates the supplier may be catching up quicker than some anticipated. Other suppliers such as Inspired reported a Q1 2024 revenue total of $63.1m, significantly higher than Galaxy Gaming, but this represented a decrease for Inspire of nearly $2m.
Inspired also saw an 18% decrease in adjusted EBITDA while Galaxy Gaming nearly reported a new record. Everi saw a decrease in its adjusted EBITDA of over $10m, though Galaxy Gaming is still aspiring to hit Everi’s revenue total of $189m.
As revenue continues to grow for Galaxy Gaming, Reback believes product development is the sector in which his company will continue to find success, commenting “We have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months,”
“This has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.”
Galaxy Gaming has a long road to travel before the supplier sees revenue totals of which its competitors report each quarter, but based on percentage growth, it seems as if Galaxy Gaming is only pressing the pedal down as others struggle to keep a leading pace.
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