Table Trac, developer and provider of casino information management systems, has announced financial results for the year ended December 31, 2022. Table Trac’s product CasinoTrac automates and monitors the real-time operations of table games across a casino floor.
After reporting a 59% annual revenue increase for Q3, Table Trac has continued to see success with a year-end ‘record’ result of $11m in total revenue, an increase of 58% from 2021. Income reached $2.2m before taxes.
Table Trac’s CasinoTrac system was installed in 16 different locations during the past year including StageCoach Casino, Jail House Motel and Casino and both Bighorn and Longhorn Casino, to name a few. At the end of 2022, the company had ongoing support and maintenance contracts with 100 casino operators in over 280 casinos across the globe.
The $11m total revenue reflected a system sales increase of 103%, with other sales rising 10%. Recurring revenue represented 31.7% of the total yearly revenue.
Table Trac CFO, Randy Gilbert, commented, “2022 was a very strong year for Table Trac. We ended the year having installed 16 new systems, expanding one of our current customers and we currently have eight projects in our backlog.
“We expect most of the backlogged projects to be installed by the end of Q2 2023. Other sales, which included DataTrac and kiosk-related products grew 92% compared to 2021.”
Table Trac's share price briefly experienced a 4% drop of 20 cents since the publishing of the results, dropping to $4.80.
President and CEO of Table Trac, Chad Hoehne, said, “I wish to express my gratitude to the great group of Table Trac employees, whose focus and dedication made this a record year for Table Trac.
“It is your attention to customer service, quality product design and responsiveness to customer needs that makes me optimistic about Table Trac’s continued success into the future.”
