US – Galaxy Gaming reports 52 per cent 2020 revenue fallBy Lewis - 1 April 2021
Galaxy Gaming has announced a 52 per cent year-on-year revenue fall to $10,230K in 2020.
Adjusted EBITDA decreased 84 per cent to $1,377K with a net loss of $2,209K compared to net income of $2,943K.
Cash decreased 38 per cent to $5,993K, total long-term liabilities (gross) increased $4,033K to $52,015K and stockholders’ deficit decreased to $(24,797)K.
“2020 imposed great stresses on our industry, and Galaxy was not immune,” stated Todd Cravens, Galaxy’s President and CEO. “However, I think we turned some of those stresses to our advantage.
“We were able to accommodate our clients during their closures and provide timely service to help them reopen, earning very high net promoter scores in an especially challenging time.
“From a product perspective, we used the downtime to develop new games and a new technology platform, and we will be launching these in 2021 as they are approved by our regulators.
“Finally, and most significantly, our acquisition of PGP in August made iGaming a much more important part of our business. We expect iGaming to be one of the major growth areas going forward, and we are well-positioned to benefit from those trends.”
In Q4, revenue decreased 37 per cent to $3,274K, adjusted EBITDA fell 41 per cent to $1,261K. Net income amounted to $1,179K with net income at $848K.
“Our motto in the pandemic was “Survive then Thrive,” said Harry Hagerty, the Company’s CFO. “And thanks to the great cooperation and assistance from our friends at Nevada State Bank and the availability of certain government relief programs, we came through 2020 intact.
“We hope that the first half of 2021 will mark the end of the Survive phase and that the great things that Todd mentioned in his comments will allow us to start Thriving in the second half of 2021 and accelerating into 2022.”