PlayAGS posts Q1 revenue of $83.2m

May 10, 2023
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Sales of electronic gaming machines and revenue both rise as the company's net loss decreases.

PlayAGS (AGS), gaming industry equipment developer, has posted its Q1 2023 financial results. The company has reported a 14% revenue increase, reaching $83.2m, showing a consecutive rise over the last nine quarters.

AGS reported a net loss of $12.6m in Q1 last year, which the company also improved upon year-over-year, posting a net loss of only $334,000 this quarter.

Table products revenue specifically increased 18% to $4.1m, due to “accelerating customer demand” for AGS’ PAX S single deck shuffler, growth within table game progressives and further adoption of the AGS Arsenal site license offering.

Gaming operations rose 10% year-on-year to $58.6m and make up over 70% of AGS’ consolidated Q1 revenue mix. Global electronic gaming machine (EGM) sales were over 1,100 Units.

The quarterly report states, “Our growing premium game mix, the expanded depth and diversity of our core content offering and a stable domestic gaming macroeconomic backdrop supported our record Q1 2023 Domestic EGM recurring revenue performance.”

Total adjusted EBITDA rose 11.4% to $36.5m, with the company’s EBITDA margin slightly dropping year-over-year from 45% to 43.9%. This was due to both revenue growth and approximately $8.5m worth of non-recurring costs related to the prior year’s debt refinancing.

Recovery was also cited in Mexico gaming operations, with revenue increasing over 15% from Q1 2022.

AGS President and CEO David Lopez said, "Our record-setting first-quarter revenue and adjusted EBITDA performance is another testament to the way the strategic investments we have made in our people and products over the years have strengthened the underlying resiliency and vibrancy of our business.

“Supported by what I view as the strongest team and most compelling new product lineup in AGS' history, I am extremely excited about what lies ahead for the company and our shareholders."

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