Galaxy Gaming revenue increases 38% to $5.9m in Q1, 2022

The leading developer and distributor of casino table games, Galaxy Gaming, released its financial results for the first quarter of 2022. The company said on Monday, that its revenue for the quarter ended March 31 this year hit $5.9 million. This marked a significant 38% increase when compared to the same period in 2021.

Similarly, adjusted EBITDA hit $2.7 million. This result marked another increase of 58% when compared to the $1.7 million from the same quarter the prior year. On the other hand, Galaxy Gaming's cash hit $17.2 million, up 7% when compared to the same period in 2021.

Complementing the positive results, Galaxy's long-term debt decreased. The company said that its long-term debt in Q1, 2022 hit $60.2 million, marking a decrease from the $60.5 million in long-term debt recorded for the same period the prior year.

In a statement released on Monday, the company's CFO, Harry Hagerty, said that Galaxy paid $0.3 million from its debt, while at the same time added $1.2 million to its cash for Q1, 2022. He said: "We expect to continue to build cash over the course of the year to keep net leverage as low as possible."

Hagerty added: "With respect to fiscal 2022, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $23.5 to $25.0 million to a range of $24.0 to $25.0 million, and we are increasing the guidance for Adjusted EBITDA from a range of $11.5 to $12.5 million to a range of $11.8 to $12.5 million."

Galaxy Gaming's CEO and president, Todd Cravens, said that the company has seen a good start for the year. He outlined: "Even though some our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7 million in the quarter."

Speaking about the retail sector, Cravens explained that the company's new baccarat games have got the attention of the customers. Moreover, he pointed out that Galaxy's iGaming segment continues to grow and its revenues continue to increase.

Cravens revealed that the company's iGaming segment hit $2.8 million in gross revenue this year, marking a 58% increase when compared to Q1, 2021. Not unexpectedly, the iGaming gross revenue this year increased 35% when compared to Q4, 2021 as well. Last but not least, Cravens predicted further growth for the Galaxy's retail and online operations and said that new products will launch later this year.

Headquartered in Las Vegas, Nevada, Galaxy Gaming is among the leading table games developers globally. By now the company introduced its products to more than 6,000 gaming tables in more than 600 casinos around the world.

As a leading independent provider of proprietary casino table games content, Galaxy Gaming offers its partners innovative and entertaining games.

Image credit: GlobeNewswire