Casino table game and systems developer Galaxy Gaming announced its financial results for the second quarter (Q2 2023) and six months ending June 30 (H1 2023).
The supplier raised full-year revenue guidance for its 2023 financial year after record performance in Q2 2023.
Galaxy Gaming CEO Todd Cravens said the success was driven by growth in both its US online gambling and land-based businesses. The provider also saw improvement in Europe, the Middle East and Africa.
Galaxy Gaming develops and delivers its products and services to land-based and online casinos with games, bonus systems, and technology systems.
Galaxy Gaming revenue goes 33% up in Q2 2023
Cravens said that Q2 2023 was a record quarter in terms of revenue, adjusted EBITDA and cash on hand.
According to Galaxy Gaming’s press release, the company reported year-over-year highlights, including:
- Revenue reaching $7.5 million, which represents a 32.6% increase compared to Q2 2022
- Adjusted EBITDA going 36% up to $3.2 million in Q2 2023
- Net income of $357K vs. net loss of $ 1.1 million
Meanwhile, 1H 2023 vs. 1H 2022 financial highlights included:
- Revenue increasing 29% to $14.9 million
- Adjusted EBITDA rising 26% to $6.3 million
- Net income of $467,643 vs. net loss of $1.1million
Cravens explained that Q2 was meaningful for more than just the numbers. In the company’s press release, he said:
“We announced a 10-year agreement with Evolution, cementing the relationship with our largest customer well into future.
We also announced that, in September, we will become the exclusive distributor for EZ Baccarat in the US, Canada, the UK and online, an opportunity that we think can generate several million dollars in new revenue for us.
And after the quarter, we saw the first installations of our GOS platform in the US and UK and we are very pleased with the results.”
Galaxy Gaming is extending its presence in the US market
Galaxy Gaming inked a deal with The Talisman Group in June, gaining distribution rights for the EZ Baccarat table game in the US, Canada and the UK. Cravens said the opportunity could generate several million dollars in new revenue for the company.
The distribution rights go into effect on Sep.9, when Galaxy will get exclusive global rights to deliver the online version of EZ Baccarat. The famous baccarat brand has over 830 tables in 140 casinos worldwide.
Galaxy Gaming also announced a 10-year agreement with Evolution Group to license its table game content across Evolution’s studios.