Galaxy Gaming revenue increases 33% in Q2 2023
Revenue reached $7.5m in the second quarter, according to the company’s report.
US.- Galaxy Gaming has announced its financial results for the second quarter and the six months ended June 30, 2023. Revenue for both periods increased by more than 25 per cent.
Q2 revenue reached $7.5m, up 33 per cent from Q2 2022. Adjusted EBITDA increased by 36 per cent. Galaxy reported net income of $467,463 compared to a net loss of $1.1m in the same quarter last year.
For the first six months, revenue totalled $14.9m, up 29 per cent year-over-year. Galaxy reported adjusted EBITDA of $6.3m, an increase of 25 per cent when compared to H1 2022.
Todd Cravens, Galaxy president and CEO, said: “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.
“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. And 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.”
In June, Galaxy Gaming reached an agreement with The Talisman Group for the exclusive distribution rights of the EZ Baccarat table game in the US, Canada and the United Kingdom. As of September 9, Galaxy will also become the exclusive online distributor globally.
