Galaxy Gaming has reflected on what is hailed as a “solid quarter” in ending the past year “on a good trajectory,” despite encountering a number of headwinds from exchange, interest and inflation rates.
The developer and distributor of casino table games and enhanced systems for land-based casinos and igaming firms saw fourth quarter revenue reach $5.94m, up five percentage points from $5.67m year-on-year.
However, net income slid from 2022’s $598,000 to $55,000, while adjusted EBITDA, courtesy of a one-time payroll tax benefit of $575,000, increased 30 per cent to $3.15m (2021: $2.43m).
Todd Cravens, Galaxy’s President and CEO, explained: “At constant currency, revenues for both the quarter and the year would have been new records for Galaxy.
“We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy operating system progressives beginning in Q2.
“We expect double-digit revenue increases in our online business in 2023, and expect revenue growth in the GG core business to accelerate over the course of the year as GoS systems get installed, along with new content.”
On a full-year basis, revenue and AEBITDA rose 17 per cent and 21 per cent to $23.44m (2021: $19.98m) and $10.53m (2021: $8.73m), respectively. Net loss hit $1.71m compared to income of $2.11m recorded one year earlier.
“Some adjustments need to be made to our reported numbers to make them more comparable to the respective 2021 figures,” said Harry Hagerty, Galaxy’s CFO.
The developer and distributor of casino table games and enhanced systems for land-based casinos and igaming firms saw fourth quarter revenue reach $5.94m, up five percentage points from $5.67m year-on-year.
However, net income slid from 2022’s $598,000 to $55,000, while adjusted EBITDA, courtesy of a one-time payroll tax benefit of $575,000, increased 30 per cent to $3.15m (2021: $2.43m).
Todd Cravens, Galaxy’s President and CEO, explained: “At constant currency, revenues for both the quarter and the year would have been new records for Galaxy.
“We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy operating system progressives beginning in Q2.
“We expect double-digit revenue increases in our online business in 2023, and expect revenue growth in the GG core business to accelerate over the course of the year as GoS systems get installed, along with new content.”
On a full-year basis, revenue and AEBITDA rose 17 per cent and 21 per cent to $23.44m (2021: $19.98m) and $10.53m (2021: $8.73m), respectively. Net loss hit $1.71m compared to income of $2.11m recorded one year earlier.
“Some adjustments need to be made to our reported numbers to make them more comparable to the respective 2021 figures,” said Harry Hagerty, Galaxy’s CFO.
