PlayAGS reports first net profit since Q4 2019
AGS has reported $1.5m in net income for Q2 2022, the first net profit since Q4 2019, and an increased adjusted EBITDA of 6%.
The company generated $1.5m of net income for Q2 2022, compared to a net loss of $3.9m for the prior-year period. According to the supplier, the rise reflects improvements made in its operating performance.
Total adjusted EBITDA grew almost 6% year-on-year to $34.1m from $32.1m.
In terms of domestic sales of equipment, the company reported a total of 858 domestic EGM units sold in Q2 2022, an increase of 40%.
AGS added that it sold units in 26 US states and two Canadian provinces.
Regarding international sales and installations, AGS installed 6,769 units, showing a decrease of 428 units and sold a total of 76 EGM units in Q2 2022.
In addressing the company’s second-quarter financial performance, AGS President and CEO David Lopez said: “Our second quarter results reflect the growing returns we are realizing as a result of the significant investments made into our R&D, sales, and product management teams over the past 24 months.
“These investments have accelerated the operating momentum we are seeing within the business, as reflected by the material year-over-year growth in our reported Q2 2022 net revenues, net income and adjusted EBITDA.”
Lopez continued: “Despite swirling uncertainty over the health of the consumer and the direction of the global economy, we have been encouraged by the incredible consistency demonstrated within our business through July.
“Ultimately, our recurring-revenue focused business model and strong liquidity position fortify the underlying resiliency within our business.”
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