Supplier News
US – Galaxy Gaming up by 38 per cent in Q1
By Phil - 23 May 2022
Galaxy Gaming, a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, saw its revenue increase by 38 per cent to $5,919K for the quarter ended March 31, 2022.
“We got off to a good start for 2022,” said Todd Cravens, President and CEO. “Even though some our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7m in the quarter. In the land-based sector, our new baccarat games are being well-received. Our iGaming business continues to grow, with iGaming gross revenues of $2.8 million in Q1, an increase of 58 per cent from Q1 2021 and 35 per cent from Q4 2021. In both the land-based and iGaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”
“We paid down $0.3m in debt and added $1.2m to cash in the quarter,” said Harry Hagerty, the Company’s CFO. “We expect to continue to build cash over the course of the year to keep net leverage as low as possible. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at quarter-end.”
Hagerty added: “With respect to fiscal 2022, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $23.5 to $25m to a range of $24m to $25m, and we are increasing the guidance for Adjusted EBITDA from a range of $11.5 to $12.5m to a range of $11.8 to $12.5m. This forecast assumes no new lockdowns from COVID-19, no impact to our business from the war in Ukraine, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the first quarter.”
