Galaxy’s fourth quarter swings loss to profit

March 25, 2024 12:01 PM
Photo: Galaxy
  • David McKee, CDC Gaming Reports
March 25, 2024 12:01 PM
  • David McKee, CDC Gaming Reports

Las Vegas-based game-maker Galaxy Gaming recorded a profit of $55,000 in the fourth quarter of 2023. The company sustained an $820,000 loss the year before. Gross revenue was up 25 percent to almost $8.4 million. Net revenue climbed 13 percent to $6.7 million. Cash flow slimmed by 10 percent to $2.8 million.

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The company grew cash on hand to $16.7 million against long-term debt of $58.4 million, down from $59.7 million.

For the 2023 fiscal year, gross revenue was up 23 percent to $31.7 million and net revenue climbed 19 percent to $27.8 million. Galaxy posted a net loss of $1.8 million and cash flow of $10.6 million, a one percent increase.

Galaxy CEO Matt Reback said the fourth-quarter numbers “marked a substantial improvement in operating results as compared to the previous quarter. We saw gross revenue increases of 25 percent and 23 percent in the quarter and the year, respectively, and our gross revenue in Q4 of 2023 was a record at $8.4 million.

“We believe that the opportunistic sales of perpetual licenses peaked in 2023,” Repack resumed, “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 business in 2024.”