PlayAGS, Inc. (AGS) has released its Q1 2022 financial results. AGS reported significant company growth for the fifth consecutive quarter, with a total consolidated revenue of $72.9m for Q1 2022.
Revenue from gaming operations reached $53.2m, rising by almost $10m from the previous quarter. The company reported an overall Q1 net loss of $12.6m.
However, the company showed a rise in total adjusted EBITDA, which rose from $26.3m in Q1 2021 to $32.8m during this year’s first quarter.
The total adjusted EBITDA margin for the first quarter reached 45%.
AGS President and Chief Executive Officer David Lopez commented: "I am encouraged by the degree to which the operating momentum we established throughout 2021 continued into the first quarter. We have heavily invested in strengthening the foundation of our Company over the past couple of years and are beginning to realize accelerating returns on these investments.
“To that end, I believe our solid first quarter performance simply foreshadows what our laser-focused organization can accomplish in the quarters and years ahead."
AGS Chief Financial Officer Kimo Akiona said: "Supported by the operational momentum we continue to see within the business, the approximately $10m of annualized cash interest expense savings we have started to realize as a result of the refinancing transaction, and our organizational commitment to maximizing free cash flow, we remain confident in our ability to deliver upon our year end 2022 net leverage target of less than 4.0x."
AGS is an international company that focuses on product diversity is rooted in the Class II tribal gaming market.
