Galaxy Gaming has released its financial figures for the fourth quarter and the full year of 2023, showing a mixed set of results.
Q4 2023
In the fourth quarter of 2023, the company saw increases in its revenue. Gross revenue grew 25% year-on-year to $8.4m, while net revenue also went up by 13%, to $6.7m.
However, net loss was valued at $819,891 for Q4, compared with a net income figure of $55,104 during the same period in 2022.
Adjusted EBITDA also decreased during the quarter, by 10%, to a sum of $2.8m, although excluding Employee Retention Tax Credits in Q4 2022, it actually rose by 10%.
FY 2023
For the full year 2023, Galaxy Gaming also saw growth in its revenue, with gross revenue increasing 23% to $31.7m and net revenue climbing 19% to $27.8m.
As it was during Q4, the full year saw net loss increase, from $1.77m in 2022 to $1.81m for 2023.
Nonetheless, adjusted EBITDA during 2023 did improve, up 1% to $10.6m. But if Employer Retention Tax Credits are excluded for 2022, adjusted EBITDA for the full year of 2023 went up by 7%.
Total long-term debt decreased to $58.4m in 2023 from $59.7m in 2022.
Comments
President and CEO of Galaxy Gaming Matt Reback gave some thoughts on the results: “Q4 of 2023 marked a substantial improvement in operating results as compared to the previous quarter.
“We believe that the opportunistic sales of perpetual licenses peaked in 2023, and that we will return to a sustainable growth model relying principally on recurring revenue generated from our robust library of core and premium felt products, our emerging line of GOS products and our iGaming products in 2024.
“I am now 4 ½ months into my tenure at Galaxy, and I am very excited about the prospects for the company. The addition of Michael Ratner as our EVP of Product will help us execute more crisply on product innovation, new product development, and efficient product release.
“Over the intermediate term, we will develop a strategic plan that will allow us to continue to deliver double-digit revenue growth rates through a combination of organic growth and potential tuck-in acquisitions.”
Galaxy Gaming today also announced that its annual meeting of stockholders will be held virtually on 29 May 2024, for stockholders of record as of 2 April 2023.
