PlayAGS posts Q1 revenue of $83.2m

May 10, 2023
Leer en Español

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."


Product Spotlight


Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

The top 5 properties that changed Las Vegas

Regular Gaming America contributor Oliver Lovat joins Tim Poole on the Huddle to discuss his 5 properties that changed Las Vegas - giving every resorts an influence rating out of 10. The question is: do you agree?


Peter Schoenke - Sports betting is here... but fantasy sports keeps growing

Peter Schoenke joins Tim Poole on the Huddle to discuss all things fantasy sports. His brand, RotoWire, is at the intersection of the affiliate and fantasy worlds, generating revenue from subscriptions, providing APIs to operators and via affiliate marketing. We discuss:

Within the states of Florida and California, Tribal gaming finds itself in a fascinating position. In Florida, only the Seminole Tribe, and Hard Rock, can provide mobile sports betting, with continued legal challenges f...

Viewpoints: Discussing the use of player loyalty programs
Industry experts answer Gaming America's burning questions on all things related to Tribal operators and player loyalty programs, including Rymax, CasinoTrac, OIGA, Mohegan and Choctaw Nation of Oklahoma.
Sports betting regulation in Brazil: What can we expect?
Mattos Filho's Fabio Kujawski speaks to Gaming America about the uncertainty surrounding Brazil's roadmap to regulation and the need for a singular gaming authority.
Going private: Gaming's new standard?
A state of neo-IPO: Gaming America investigates, as more and more companies come off the public market.
Soloviev Group CEO: Moving to New York
The Soloviev Group, in collaboration with Mohegan, continues to wait on the NYGC for approval on its Freedom Plaza project. Gaming America spoke with Soloviev Group CEO Michael Hershman to learn more.