Galaxy Gaming, Inc. has released its Q1 2022 financial results. During its first quarter, the company reported a rise in total revenue by 38%, which reached more than $5.9m.
The report reflected a net loss of $14,000. Adjusted EBITDA climbed by 58% when compared to the previous year’s quarter and reached $2.7m.
Galaxy Gaming President and CEO Todd Cravens said: “We got off to a good start for 2022. Even though some our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7m in the quarter. In the land-based sector, our new baccarat games are being well-received.
“Our iGaming business continues to grow, with iGaming gross revenues of $2.8m in Q1, an increase of 58% from Q1 2021 and 35% from Q4 2021. In both the land-based and iGaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”
Galaxy Gaming CFO Harry Hagerty commented: “We paid down $300,000 in debt and added $1.2m to cash in the quarter. We expect to continue to build cash over the course of the year to keep net leverage as low as possible.”
Hagerty went on to comment about the company’s financial projections for the rest of this year.
He said: “With respect to fiscal 2022, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $23.5m to $25m to a range of $24m to $25m, and we are increasing the guidance for adjusted EBITDA from a range of $11.5m to $12.5m to a range of $11.8m to $12.5m.
“This forecast assumes no new lockdowns from Covid-19, no impact to our business from the war in Ukraine, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the first quarter.”
Galaxy Gaming develops and distributes games, technology systems and bonusing systems to both online and land-based casinos around the world. The company is based in Las Vegas, Nevada.
Its Progress Gaming Partners subsidiary is a global licensor of proprietary tables games for the online gaming industry.
Galaxy Gaming is currently developing its next iteration of Triton Casino Systems and anticipates that additional updates will be available later this year.