Meanwhile, its adjusted EBITDA fell from $2.4m in 2021 to $2.3m in 2022 – representing a 5% decrease.
When looking at the year for Galaxy up until the month ending September, revenue has increased by 22% to $17.5m – while adjusted EBITDA has also risen 17% to $7.3m, up from $6.3m in 2021.
Overall, the results represent a solid quarter for Galaxy Gaming, with the only down note being the fall in adjusted EBITDA for Q3; however, for the year so far, adjusted EBITDA has still grown.
Todd Cravens, President and CEO of Galaxy, commented on the results: “Despite the continued strengthening of the US dollar, we had an excellent quarter.
“As compared to Q2 2022, sequential revenue growth was 6% on a constant currency basis. But the most newsworthy event happened after the end of the quarter at G2E – the gaming show held annually in Las Vegas. We introduced several new games and new technologies that were very well received by clients. In fact, we already have several commitments to trial some of these new products."
Cravens continued: “Finally, at the end of the quarter, in consideration of a $2m cash payment, we eliminated the obligation to make contingent consideration payments to the original seller of the intellectual property supporting our Bonus Craps side bet.
"Based on the run rate in Q3, this should save us around $315K on an annual basis and potentially more as Bonus Craps deployments increase.”