Galaxy Gaming, a casino table game manufacturer, has announced its Q3 results, reporting a 12% annual revenue increase to $5.9m. Its revenue for the first three quarters of 2022 amounted to $17.5m, representing a 22% year-on-year rise.
Meanwhile, its adjusted EBITDA fell from $2.4m in 2021 to $2.3m, a slight decline of 5%, for the third quarter of this year. Galaxy Gaming’s adjusted EBITDA for the year-to-date increased 17% to $7.4m, softening the blow of the Q3 drop.
It was a solid quarter for Galaxy Gaming, with a cash flow increase of 20% to $19.2m while its total long-term debt decreased from $60.5m to $59.5m. The company’s stockholder deficit increased from $17.2m to $18.5m.
Galaxy Gaming President and CEO Todd Cravens commented: “Despite the continued strengthening of the US dollar, we had an excellent quarter.
“As compared to Q2 2022, sequential revenue growth was 6% on a constant currency basis. But the most newsworthy event happened after the end of the quarter at G2E – the gaming show held annually in Las Vegas. We introduced several new games and new technologies that were very well received by clients. In fact, we already have several commitments to trial some of these new products."
The supplier conducted good business this quarter, signing an online agreement with Oddsworks, an online casino company. It created Galaxy Gaming Digital in July, cementing its move into the iGaming market.
Cravens remarked: “Finally, at the end of the quarter, in consideration of a $2m cash payment, we eliminated the obligation to make contingent consideration payments to the original seller of the intellectual property supporting our Bonus Craps side bet.
"Based on the run rate in Q3, this should save us around $315K on an annual basis and potentially more as Bonus Craps deployments increase.”
