Galaxy Gaming revenue rises 25% in Q1 2023
First quarter revenue reached $7.4m.
US.- Galaxy Gaming has published its financial report for the quarter ended March 31, 2023. Revenue increased by 25 per cent to $7.4m.
Ajusted EBITDA totaled $3.08m, up 15 per cent when compared to the same quarter in 2022. Net income was $111,000 compared to a 2022 Q1 net loss of $14,000.
Galaxy Gaming president and CEO Todd Cravens said: “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 added: “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.”
Based in Las Vegas, Nevada Galaxy Gaming develops and distributes games, technology systems and bonusing systems for casinos. Through its subsidiary, Progressive Games Partners, it licences proprietary table games content to the online gaming industry.
Last week, Galaxy Gaming announced the launch of Galaxy Operating System (GOS), a new game management system with progressive jackpot options, LED sensors, and digital tracking for Galaxy’s Roulette Up Progressive and Make’em All Progressive, and the Two-Way Dice Progressive.
GOS can run multiple jackpots on a range of table games with a variety of multi-game, tier, and denom progressive options. Operators may link multiple tables on a floor or across several casinos with progressive jackpots. The system’s sensors instantly register bets when chips are placed and tables can be fitted with single, dual, or triple progressive sensor bet spots.
