The leading casino table games and electronic betting systems distributor, Galaxy Gaming, released its financial results for the third quarter of 2022.
Galaxy Gaming Posted Its Third Quarter Results
Judging by the recent figures, the company’s revenue hit $5.9 million for the three months ended September 30 this year. When compared to the corresponding period in 2021, this year, a strong increase of 12% is observed. While the revenue increased in Q3, adjusted EBITDA dipped. Details released by Galaxy Gaming reveal that its adjusted EBITDA in Q3 decreased by 5% to $2.4 million when compared to the same period in 2021.
“On a constant currency basis, revenue increased by 19% in the quarter and 27% in the first nine months vs. the same periods in 2021.“
Todd Cravens, president and CEO at Galaxy Gaming
Todd Cravens, Galaxy’s president and CEO, pointed out that the company posted excellent results despite the “continued strengthening of the US dollar.” He explained that the revenue in Q3 increased by 19% on a constant currency basis. Similarly, according to Cravens, a strong increase of 27% was observed in revenue on a constant basis for the first nine months of this year when compared to the same period last year.
The Company Reported Growth in Revenue for the First Nine Months
According to Cravens, besides the strong results in Q3, the company enjoyed significant success after the quarter during the Global Gaming Expo (G2E) that was held in Las Vegas, Nevada. He outlined that during the G2E, Galaxy Gaming presented new technologies and games that caught the attention of the company’s clients. What’s more, he said that the company already committed to trial some of the products presented at the gaming show.
“Finally, at the end of the quarter, in consideration of a $2 million cash payment, we eliminated the obligation to make contingent consideration payments to the original seller of the intellectual property supporting our Bonus Craps side bet. Based on the run rate in Q3, this should save us around $315K on an annual basis and potentially more as Bonus Craps deployments increase,“
added Cravens
In addition to its Q3 results, Galaxy Gaming posted an update regarding its performance for the first nine months until September 30, 2022. Those results showed further growth in revenue which increased by 22% to $17.5 million when compared to last year. In the first nine months this year, the company’s adjusted EBITDA increased as well, hitting $7.4 million or 17% more than the same period in 2021.