Galaxy Gaming posts 25% boost in first-quarter revenue

May 15, 2023
By
Leer en Español

President and CEO, as well as CFO, satisfied as net income rises.

Galaxy Gaming has published its Q1 2023 financial report. Both its quarterly revenue and adjusted EBITDA grew by more than 15% year-over-year.

Revenue during the first quarter increased by 25% to reach $7.4m.  Adjusted EBITDA climbed by 15% when compared to last year’s corresponding quarter and totaled $3.08m.

Net income during Q1 reached $111,000 when compared to last year’s Q1 net loss of $14,000.

Company President and CEO Todd Cravens described the fiscal year as “off to a good start.”

He commented: “Our revenues, which were a record, include approximately $1.3m of perpetual license purchases from a large customer in GG Core and we expect more of these purchases in the second quarter.

“We anticipate that Q123 will be the last quarter in which year-over-year comparisons are adversely affected by exchange rates. In April, our GOS platform was approved by the testing lab and we are now receiving the necessary approvals to sell GOS in jurisdictions where such approval is required.”

Group CFO Harry Hagerty discussed the company’s debt refinancing plans for this year.

He said: “We saw an increase in receivables from some of our largest customers and a decrease in payables to one of our largest vendors, with the result that we saw a decrease in cash in the quarter.

“We believe that our liquidity will remain strong through the balance of the year and we continue to target a refinancing of our debt in late 2023.”

Galaxy Gaming develops and distributes games, technology systems and bonusing systems to both online and land-based casinos around the world. The company is based in Las Vegas, Nevada.

Its Progress Gaming Partners subsidiary is a global licensor of proprietary tables games for the online gaming industry.

Galaxy Gaming is currently developing its next iteration of Triton Casino Systems and anticipates that additional updates will be available later this year.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #089

Brian Uran - AI has shown casinos new ways to think about business

GA HUDDLE #088

Adam Wexler: PrizePicks almost went out of business during Covid - but now...

Roughly six years after speaking to Gambling Insider as an upcoming start-up, PrizePicks CEO Adam Wexler joins the Huddle to reflect on huge growth since - which almost ground to a halt during the Covid-19 pandemic.

We cover:

- Entrepreneurship, regulatory changes and the pandemic

- Offering a different customer experience and differentiating by product

- Fantasy sports being strong enough without sports betting

- Barriers to entry in the fantasy market

- Opposition from FanDuel and DraftKings

- Targets, plans and the Philippines

- US markets and the future of fantasy


Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.