Galaxy Gaming posts impressive Q3 results
The operator Galaxy Gaming has reported a double digit growth in revenue in the third quarter of the year.
US.- Galaxy Gaming has reported a historic third quarter in 2019, as the company experienced double-digit growth in both revenue and adjusted EBITDA. The operator also saw net income top US$1 million during the three-month period.
Revenue in the third quarter totalled US$5.3 million, which is a 12.5% increase year-on-year when compared to the US$4.77 million that the company had registered in 2018. Adjusted EBITDA rose 23.5% to US$2.21 million, up from the US$1.79 million from 2018.
Moreover, in the first nine months of the year, revenue increased 17.9% to US$16.1 million, while adjusted EBITDA increased by 32.9% to US$6.67 million.
“The third quarter showed our ability to continue to execute,” stated Harry Hagerty, Galaxy’s CFO. “We paid down $370K in debt and still added to the cash balance. Most importantly, just after quarter’s end, we were able to sign an amendment to our credit agreement with Nevada State Bank that restructured the leverage covenants to allow us to carry the debt incurred in the redemption transaction.”
We are pleased to continue delivering double-digit growth in both revenue and Adjusted EBITDA,” said Todd Cravens, Galaxy’s President and CEO. “The new licences we have received and are pursuing should give us the opportunity to offer more of our products in underserved markets. However, we do not expect to realize meaningful revenue from the new license opportunities until 2020.”
Q2 results
In the second quarter of the year, Galaxy Gaming increased revenue by 10% to US$5.3 million. Adjusted EBITDA rose 45% to US$2.4 million, while net income totalled US$1 million and net loss was US$596k.
Todd Cravens, Galaxy’s President and CEO, said: “Q2 2019 was a very good quarter for us at both the revenue line and the expense line. As a result, quarterly net income exceeded US$1 million for the first time in our history.”
