Galaxy Gaming revenue up 33% during Q2 2023

August 14, 2023
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The company reported a net income increase in both its second quarter and first six months of the year.

Galaxy Gaming has published its financial and business results for both the second quarter of 2023 and the first six months of the fiscal year. Revenue for both periods, according to the report, reflected more than 25% growth.

During the second quarter, revenue increased by 32%, compared to Q2 2022, reaching $7.5m. Galaxy reported a net income during Q2 2023 of $356,769 when compared to the previous year’s second-quarter net loss of $1.1m.

Adjusted EBITDA in Q1 jumped by 36% and climbed to $3.2m in Q2.

The company posted similar results during the first half of 2023. Revenue during the first six months totaled $14.9m, reflecting a 29% boost year-over-year.

Furthermore, for Q2 2023, net income reached $467,463 versus a net loss in last year's Q2 of $1.1m.

Galaxy reported an adjusted EBITDA of $6.3m for H1, an increase of 26% when compared to H1 2022. 

Company President and CEO Todd Cravens commented, “Q2 2023 was a record quarter for us in revenue, adjusted EBITDA and cash on hand.

“But Q2 was meaningful for more than just the numbers. We announced a ten-year agreement with Evolution, cementing the relationship with our largest customer well into the future.”

Cravens went on to further discuss the company’s business results for the quarter.

He said in closing, “We also announced that, in September, we will become the exclusive distributor for EZ Baccarat in the US, Canada, the UK and online, an opportunity that we think can generate several million dollars in new revenue for us.

“After the quarter, we saw the first installations of our GOS platform in the US and UK and we are very pleased with the results. It has been a very busy six months for us and I want to publicly thank all my fellow Galaxians for their loyalty and dedication.”


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