PlayAGS Q3 revenue up 16%
PlayAGS has reported revenue of $78.2m for the third quarter of 2022, a 16% increase from the prior-year period.
Revenue from gaming operations was $56.6m, with equipment sales revenue totalling $21.6m.
EGM revenue represented the majority of total revenue at $71.6m, reflecting a 16% increase from the prior-year period.
Table products revenue climbed 30% year-on-year to $4m, with Interactive revenue climbing 1% year-on-year to $2.6m.
“Our third quarter financial results further reflect the people, product and process-driven operating momentum building within our business,” said AGS President and CEO David Lopez.
“Given the encouraging initial customer response to the broader and more diverse new product lineup we recently unveiled at the Global Gaming Expo, I am even more excited about what lies ahead for our company and its key stakeholders.”
The group reported $476,000 of net income in Q3 2022, compared to a net loss of $1.8m in the prior-year period. This was largely driven by strong year-on-year revenue growth, which contributed to Q3 2022 operating income of $9m compared to $7m in Q3 2021.
The third quarter of 2022 marked the second consecutive quarter in which AGS was able to generate positive net income.
AGS CFO Kimo Akiona commented: “I am extremely pleased with the balance sheet deleveraging progress we have made year-to-date, as we ended the third quarter with net leverage at 4.0 times.
“Supported by the stable operating trends we continue to observe within the business, I remain confident in our ability to deliver on our year-end net leverage target of less than 4.0 times and look forward to further reducing leverage in the years ahead.”
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