US-based Galaxy Gaming has published its financial results for the fourth quarter and for 2022’s fiscal year. The company reported revenue increases for both periods.
Fourth quarter revenue grew 5% year-over-year and reached $5.9m. The company reported an adjusted EBITDA of $3.2m in Q4, reflecting a 30% boost.
However, the report did not show growth across the board. Galaxy Gaming posted a net income of $55,000, less than 10% of its net income from Q4 2021.
The group report showed similar trends in its results for the year. Annual revenue in 2022 grew by 17% and totaled $23.4m.
During 2022, adjusted EBITDA reached $10.5m, a year-over-year increase of 21%. Galaxy posted a net loss for the year of $1.7m when compared to its net income of $2.1m in 2021.
Company President and CEO Todd Cravens commented: “In spite of the headwinds from exchange rates, interest rates and inflation rates, we had a solid quarter and ended 2022 on a good trajectory.
“At constant currency, revenues for both the quarter and the year would have been new records for Galaxy. We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy Operating System (GoS) progressives beginning in Q2.”
Cravens went on to discuss the company’s goals for 2023.
He concluded by saying: “We expect double-digit revenue increases in our online business in 2023 and expect revenue growth in the GG Core business to accelerate over the course of the year as GoS systems get installed, along with new content.”
