PlayAGS has reported its operating results for the fourth quarter and full year ended 31 December 2023, showcasing growth in revenue and operational milestones.
In the fourth quarter of 2023, AGS reported total revenue of $94.2m, marking a 15% increase year-over-year, setting a new record and representing the 11th consecutive quarter of double-digit year-over-year growth.
All three operating segments experienced double-digit growth rates, with EGM, Table Products and Interactive revenue increasing by 14%, 24% and over 30%, respectively.
Total adjusted EBITDA reached a record $42.8m, marking the fifth consecutive quarter of double-digit growth.
David Lopez, AGS President and CEO, commented: "The strength in our four quarter results was broad-based, with all three operating segments setting new quarterly records for revenue and adjusted EBITDA.
"The quality and consistency of our recent financial performance is a true reflection of our incredibly talented and focused team, increasingly deep and diverse product offering across all three segments and the improving efficiency and effectiveness of our execution."
For the full year 2023, AGS reported total revenue of $94.2m, reflecting a 15.2% increase year-on-year. Income from operations increased by 19.3%, reaching $16.0m, although net income decreased by 97.4% to just $67,000. Adjusted EBITDA grew by 14.7% to $42.8m, with the total adjusted EBITDA margin exceeding 45%.
AGS's fourth-quarter financial performance was marked by revenue growth across all segments and strong equipment sales revenue.
Gaming operations, or recurring revenue, totalled $59.6m. Equipment sales revenue increased by over 40% year-over-year to a record $34.6m, supported by robust EGM and Table Products sales.
This month, AGS partnered with Caesars Digital, launching the slot game Rakin’ Bacon Odyssey in New Jersey.
