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Galaxy Gaming's revenue increases in Q1 202315 May 2023(PRESS RELEASE) -- Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced today its financial results for the quarter ended 31 March 2023. Financial Highlights: Q1 2023 vs. Q1 2022:
“2023 is off to a good start” said Todd Cravens, President, and CEO. “Our revenues, which were a record, include approximately $1.3 million of perpetual license 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 $3.9 million vs $3.8 million in Q1 22. In our GG Digital business revenues (net) were $2.3 million vs $2.1 million 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.” “We paid down $733K of principal on the Fortress loan in Q1, and Net Leverage was 3.9x at the end of the quarter, comfortably below the 6.0x maximum” said Harry Hagerty, the Company’s CFO. “We saw an increase in receivables from some of our largest customers and a decrease in payables to one of our largest vendors, with the result that we saw a decrease in cash in the quarter. We believe that our liquidity will remain strong through the balance of the year, and we continue to target a refinancing of our debt in late 2023.” Hagerty added, “With respect to fiscal 2023, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $26-$27 million to a range of $27.5-$28.5 million, and we are increasing the guidance for Adjusted EBITDA from a range of $12-13 million to a range of $13.0-13.25 million. This forecast assumes no impact to our business from the war in Ukraine, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the first quarter.” |