Galaxy Gaming, a developer and distributor of casino table games and enhanced systems for land-based casinos and igaming content, has announced its financial results for the quarter and nine months ended September 30.
Revenue increased three per cent to $6.1m, adjusted EBITDA decreased 36 per cent to $1.51m and there was a net loss of $1.4m against $699,000 last year.
“Despite some challenges in the third quarter, 2023 is shaping up to be a record year for Galaxy,” said Todd Cravens, president and CEO.
“We had a sequential decline in revenue in Q3 principally because sales of perpetual licences were lower in Q3 than in Q1 and Q2. We expect that future sales of these perpetual licences will make our quarterly results lumpier than in the past.
“However, we will continue to pursue these sales as they result in substantial increases to our installed base and offer additional recurring revenue opportunities.
“Galaxy became the distributor of EZ Baccarat on September 9 and added approximately 500 tables in approximately 120 casinos to our installed base.
“This is a significant step in our strategic plan of penetrating other table games families in addition to blackjack. Based on the existing installed base, we believe that the distribution of EZ Baccarat could add more than $3m to our EBITDA on an annual basis, with upside coming from new installs both in the land-based and online markets.
“Finally, we had our best G2E show ever, setting us up for increased revenue in fiscal 2024,” concluded Cravens.
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