Galaxy Gaming reports improved financial results for H1 of 2021, showing $4m revenue increase
Year-on-year Q2 revenue increased by the same amount.
Land-based systems and casino table games developer, Galaxy Gaming, has today released both its H1 and Q2 results for the period ending June 30, 2021. The financial results show the company making strides to recover from the effects of the Covid-19 pandemic.
Quarterly revenue for Galaxy Gaming increased from $664,000 in 2020 to just below $4.75m for the same period in 2021. Adjusted EBITDA for Q2 also saw large growth, increasing from a loss of $1.4m to over $2.1m. Furthermore, net income per share in Q2 was recorded at $0.03 compared to a loss of $0.12 in 2020.
In regards to H1 results, revenue increased to $9.03m in the first half of 2021 compared to $5.15m in 2020. Similarly, adjusted EBITDA also witnessed a year-on-year increase going from $80,000 to $3.8m. H1 net income per share reflected the same results as Q2.
“The second quarter of 2021 showed a welcome improvement in our land-based business and continued growth in our online business,” said Todd Cravens, Galaxy’s president and CEO.
“Revenue in our land-based business increased from $2.8m in Q1 2021 to $3.1m in Q2 2021 despite casinos in the UK – our largest land-based market – remaining closed until mid-May. In the online business, revenue (net of royalties) increased to $1.5m in Q2 2021 from $1.4m in Q1 2021. We expect an acceleration on online revenue growth in the second half of 2021 as, among other things, live-dealer gaming through our largest client goes live in Michigan.”
“Cash declined modestly in Q2 2021 due primarily to the annual payment of $782,000 in accrued share redemption consideration in Q2 2021,” stated Harry Hagerty, Galaxy’s CFO.
“We were in compliance with the covenants in our bank debt with the exception of minimum EBITDA, and the bank has agreed to forebear enforcement of a violation of that covenant through Q3 of 2021.”
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