Galaxy Gaming reports further growth in Q1 financials

Developer of casino table games and enhanced systems for land-based casinos Galaxy Gaming has announced its Q1 results.

Against Q1 2022, its revenue has increased 25 per cent to US$7.42m and adjusted EBITDA increased 15 per cent to $3.08m. Net income was $111,000 against a Q1 2002 net loss of $14,000

While cash decreased across the quarter by one per cent to $16.39m, long-term gross debt also decreased from $59.74m to $58.84m.

“2023 is off to a good start,” said Todd Cravens, president and CEO. “Our revenues, which were a record, include approximately $1.3m of perpetual licence purchases from a large customer in GG Core and we expect more of these purchases in the second quarter.

“Without these purchases in Q1 23, our GG core revenues were $3.9m vs $3.8m in Q1 22. In our GG Digital business revenues (net) were $2.3m versus $2.1m in Q1 22.

“We anticipate that Q1 23 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.”