Galaxy Gaming revenue up 33% during Q2 2023

August 14, 2023
By
Leer en Español

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.”

State-by-State

Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

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.