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.
