Net loss increased to $1.5m for Galaxy Gaming for Q3 2023 – a number almost double that of last year when net loss sat at $700,000.
Q3 2023 was particularly challenging when compared to the overall year so far.
While revenue was only up 3% this quarter, in the nine months of 2023 so far, revenue had increased overall by 20% when compared to this time last year.
Moreover, while adjusted EBITDA for Q3 was down 36%, across the whole year adjusted EBITDA was up, if by just 6%.
Despite this quarter's results, Galaxy Gaming has been involved in several deals and partnerships that indicate business is still going well for the company. Back in September, Galaxy Gaming signed a deal with Carnival Corporation to help manage casino operations on over 50 of the cruise ships in the company's fleet, and earlier that month also announced an iGaming licensing agreement with Konquer, which will see the developer build games for the omnichannel table games company.
As of writing, Galaxy Gaming stock prices sit at $1.75, having fallen dramatically from last Monday’s stock price of $2.75.
When looking at the year-to-date (YTD), Galaxy Gaming has experienced overall growth. While net loss may have doubled in Q3 2023, across the year overall net loss has reduced to $1m, a $800,000 decrease from YTD 2022. Moreover, YTD adjusted EBITDA is operating at an increase as opposed to a decrease.
It seems that, overall, despite the lack of substantial growth this quarter for Galaxy Gaming, 2023 is showing promise for the company.
On Q3 2023, President and CEO of Galaxy Gaming Todd Cravens said: “Despite some challenges in the third quarter, 2023 is shaping up to be a record year for Galaxy.”
Time will tell and Q4 could provide an interesting inflection point.
