Las Vegas-based Galaxy Gaming has today announced its financial results for the third quarter of 2021, citing a post-Covid19 recovery as a key reason for revenue growth.
Overall, the developer and distributor of table games and electronic wagering platforms saw significant growth during the period ending September 30, 2021. Q3 revenue saw a year-on-year increase of over $3.5m, rising from $1.7m in 2020 to $5.28m this year. Adjusted EBITDA also saw growth, reaching $2.46m.
“In the third quarter of 2021, the company showed the potential we have been working toward since early 2020,” noted Todd Cravens, Galaxy’s president and CEO.
“Revenue, Adjusted EBITDA and Adjusted EBITDA Margin all set records, even as a meaningful portion of our UK land-based customers remained closed in the quarter. We expect our land-based business to continue to recover from the Covid closures and for our online business to continue to grow in both Europe and North America.”
Net income for the period reached $870,000 compared to a net loss of $1.3m in 2020. Consequently, net income per share has also seen an increase, reaching $0.04 vs. a net loss per share of $0.07 in the prior-year period.
“The recovery of our business in the brick-and-mortar space continues, and we are benefitting from strength in the online sector,” said Harry Hagerty, Galaxy’s CFO. “As a result, our liquidity is improving. We’re hopeful that these trends will continue for the balance of 2021 and into 2022.”
In a separate statement, Galaxy Gaming reported the completion of a settlement with Triangulum Partners. This settlement comes after a legal dispute arose between the company and its former CEO and chairman, Robert Saucier.
“The Fortress transaction and the resulting satisfaction of the Settlement Agreement are a major achievement for Galaxy,” stated Cravens.
“The expense and uncertainty of the Triangulum litigation are behind us, allowing us to focus all of our efforts on customers, products and business development. We appreciate the confidence in us that Fortress has shown, and we look forward to a mutually rewarding relationship. Finally, we are very grateful for the support that Nevada State Bank gave us during the three-plus years of our lending relationship with them, and we look forward to continuing our relationship on the treasury side.”
