Key stats:
Total revenue up 33% year-on-year
EBITDA up to $3.2m
Net income of $356,769
Galaxy Gaming has posted its Q2 2023 report, showing that it made $7.5m in total revenue a 33% rise on Q2 2022.
Breaking down its Q2 revenue since 2020, the chart below shows that Q2 2023 has been Galaxy’s best year post-Covid, with Q2 2020 posting a sum of $663,972 – in the three quarters since, Galaxy has massively improved on that low figure.
Meanwhile, looking at its adjusted EBITDA, in Q2 2023 Galaxy recorded $3.2m against Q2 2022’s $2.4m – another 33% increase.
During the past four quarters, Galaxy’s adjusted EBITDA has (much like its revenue) increased dramatically post-Covid. For Q2 2021, Galaxy posted an adjusted EBITDA sum of $2.1m, while its Q2 2020 adjusted EBITDA was recorded at negative $1.4m.
Furthermore, Galaxy’s net income was significantly up on the Q2 2022 loss of $1.1m – totalling $356,769.
Looking at the net income in Q2 2021 and Q2 2020, the results have proven uneven for Galaxy – with Q2 2021 making a profit of $550,455, while Q2 2020 saw a $2.2m loss.
Over the course of the year so far, Galaxy Gaming has seen its share price remain mostly steady, with the price rising more significantly in recent weeks.
Currently, the company’s market cap is valued at $83.1m – meanwhile, at the time of writing, the price sits at $3.39, a yearly high for the company.
Todd Cravens, President and CEO of Galaxy Gaming, said of the Q2 results: “Q2 2023 was a record quarter for us in revenue, adjusted EBITDA and cash on hand. Q2 was meaningful for more than just the numbers. We announced a ten-year agreement with Evolution, cementing the relationship with our largest customer well into future.
“We also announced that, in September, we will become the exclusive distributor for EZ Baccarat in the US, Canada, the UK and online, an opportunity that we think can generate several million dollars in new revenue for us.”
