Las Vegas casino table games and systems developer Galaxy Gaming reversed its loss, announced record revenue in the first quarter, and raised its full-year revenue guidance.
In a statement. Galaxy Gaming said its net income was $111,000 for the three months ended March 31, reversing a year-earlier net loss of $13,962. The company didn’t report earnings per share.
Adjusted earnings before interest, taxes, depreciation, and amortization, a cash-flow measure that excludes one-time costs, rose 14.8% to $3.1 million from $2.7 million.
Revenue rose 89.7% to $7.4 million from $5.9 million.
“2023 is off to a good start,” Galaxy Gaming President and CEO Todd Cravens said.
Chief Financial Officer Harry Hagerty said Galaxy paid down $733,000 of principal on its Fortress loan in the first quarter and had net leverage at 3.9x, below the 6.0x maximum. “We believe that our liquidity will remain strong through the balance of the year and we continue to target a refinancing of our debt in late 2023,” Hagerty said.
Galaxy increased 2023 revenue guidance (net of igaming royalties) to a range of $27.5 million to $28.5 million from a range of $26 million to $27 million.
On Wednesday, Galaxy said it extended its licensing agreement with Sweden-based Evolution Group by 10 years. Financial terms weren’t disclosed. Evolution provides casino games and live game shows to international markets.
On May 8, Galaxy Gaming launched Galaxy Operating System, its next-generation game-management system, featuring progressive jackpot options, light-emitting-diode sensors, and digital tracking.
Galaxy Gaming shares fell 1 cent, or 0.41%, Wednesday to close at $2.40 on the Over-the-Counter Bulletin Board. The share price has risen 3% in 2023.