The company, which designs and develops equipment and services solutions for the global gaming industry, made considerable gains in 2021, ending the year with solid Q4 growth when compared to 2020.
However, AGS’ fourth quarter revenue remained below the same three-month period in 2019 by nearly 10%.
The company supplies electronic gaming machines (EGM), including slot machines and video bingo machines, to land-based operators, but this area was hit hard by closures introduced in response to Covid-19.
Consequently, AGS’ total Q4 2020 revenue amounted to $46.6m, an almost 67% decrease from fourth quarter 2019, but as of the latest reporting period, the company has seemingly managed to turn things around.
Nevertheless, while its revenue growth is back on track, AGS posted a net loss of $9m for Q4 2021, an improvement over the prior-year period’s loss of $17m, but a marked decline from the $1.4m income for fourth quarter 2019.
In what AGS President and CEO David Lopez called “a year of transition,” the company set itself on the path to recovery from Covid-19, though based on its fourth quarter results, still has a way to go.
“If 2020 was the year of resiliency within our business, 2021 was the year of transition,” he said, adding: “With our improved 2021 financial results behind us, our attention has shifted to ensuring we are best positioned to achieve even greater success in 2022.
“To that end, I would characterise 2022 as a year of acceleration for AGS; one in which we will look to further leverage the continuous improvement in our people, products and processes to strengthen our financial performance.”
