The land-based systems and casino table games developer's second quarter highlights show an increase in quarterly revenue of $4.7m from $664,000 the previous year. Adjusted EBITDA figures saw a large increase, growing to $2.1m from a previous loss of $1.4m.
Moreover, the company's net income was $550,000 for Q2 this year, compared to a net loss of $2.2m Q2 last year. Net income per share in the second quarter was reported at $0.03, in comparison to 2020 results, when loss was $0.12.
Todd Cravens, Galaxy President and CEO, said: “The second quarter of 2021 showed a welcome improvement in our land-based business and continued growth in our online business.
“Revenue in our land-based business increased from $2.8m in Q1 2021 to $3.2m in Q2 2021 despite casinos in the UK – our largest land-based market – remaining closed until mid-May.
“In the online business, revenue (net of royalties) increased to $1.6m in Q2 2021 from $1.4m in Q1 2021. We expect an acceleration on online revenue growth in the second half of 2021 as, among other things, live-dealer gaming through our largest client goes live in Michigan.”
Galaxy Gaming’s H1 results saw revenue increase up to $9.3m from $5.16m in 2020.
Its adjusted EBIDTA saw a year-on-year increase to $3.8m from the previous year’s results showing $80,000. The H1 report also shows net income of $639,000 in contrast to a net loss of $2.9m, with a net income per share showing $0.03 compared to net loss per share of $0.12 the previous year, similarly to its Q2 results.
Harry Hagerty, Galaxy’s CFO, commented: “Cash declined modestly in Q2 2021 due primarily to the annual payment of $782,000 in accrued share redemption consideration in Q2 2021,
“We were in compliance with the covenants in our bank debt with the exception of minimum EBITDA, and the bank has agreed to forebear enforcement of a violation of that covenant through Q3 of 2021.”
