Press Releases
GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS
![GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS](https://gamingamericas.com/wp-content/uploads/2023/11/galaxy-gaming.png)
Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.
Financial Highlights
Q1 2024 vs. Q1 2023
- Revenue (net) increased 8% to $8,001K, a record
- Revenue (gross) increased 18% to $9,660K, a record
- Net income increased 89% to $209K
- EBITDA increased 7% to $3,009K
- Adjusted EBITDA increased 3% to $3,171K
Balance Sheet Changes (vs. December 31, 2023)
- Cash increased 5% to $17,487K
- Total long-term debt1 (gross) decreased to $58,187K from $58,431K
- Stockholders’ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
“The first quarter of 2024 showed continued growth at the top and bottom lines,” said Matt Reback, President and CEO. “Both gross and net revenue were records, and by significant margins. And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.
“In the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ Baccarat®, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.
“We have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.” concluded Reback. “This has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.”
“We were cash flow positive in the quarter and ended with $17.5 million in cash,” added CFO Harry Hagerty. “Our loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.
“Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.”
Africa
Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory
![Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory](https://gamingamericas.com/wp-content/uploads/2024/09/SA.jpg)
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Latest News
DiffusionData Releases Diffusion 6.11
![DiffusionData Releases Diffusion 6.11](https://gamingamericas.com/wp-content/uploads/2024/09/maxresdefault.jpg)
Community feedback has major impact on new enhancements in latest version of Diffusion
DiffusionData, the pioneer and leader in real-time data streaming and messaging solutions, today announced the release of Diffusion 6.11. The latest developer-centric enhancements to the framework aim to speed and simplify development, reduce operational costs, and ensure reliable and efficient delivery of real-time data.
Grethe Brown, CEO of DiffusionData, said: “Many of the enhancements we’ve introduced in 6.11 have been driven by an ongoing dialogue with our Diffusion community. It’s important for us to understand the evolving requirements of our clients and address those when introducing improvements to our framework. The enhancements reflect some of the daily challenges faced by developers and are intended to improve operational productivity. The feedback from our amazing customers continues to fuel our innovations in real-time data.”
Enhancements in Diffusion 6.11 include:
Major Improvement in Distributed Update Performance
In previous releases the performance of updates in a clustered environment was significantly slower than that of a single server. With this release, asynchronous operations are applied to bring cluster performance comparable to a single server.
Usage Monitor
In 6.11, a new usage monitoring feature has been introduced. This provides customers with the ability to collect certain usage statistics in files that can then be sent to DiffusionData periodically so that their usage of the framework can be assessed. This allows DiffusionData to have a far better view on how Diffusion is being used and provide customers with feedback on their usage to improve the overall technology experience.
Other enhancements in 6.11 include:
- Cluster-aware Session Event Listener: a new API has been added to replace the previous session properties listener. This brings the ability to listen for events related to sessions across a cluster of servers, as well as new filtering capabilities.
- Topic View Scalar Path Mapping Extension: an enhancement to allow topic views to include parent paths when creating views of the topic tree.
- New ‘Environment’ Session Property: a new fixed session property has been added to provide additional information about connecting clients, and enable more powerful filtering of sessions.
- New ‘Matches’ Comparison for Session Filtering: session filters can now make use of regular expressions for matching sessions.
- Ability to Turn Delta Compression Off for Update Streams: users can now suppress delta generation in update streams. Disabling delta compression can reduce the CPU workload at the client at the cost of increased bandwidth.
- Fetching Topic Sizes: it is now possible to fetch the sizes of topics without transferring the topic payload. Sizes are also displayed in the Diffusion Management Console.
- Diffusion Management Console Improvements: the Diffusion Management Console has had several improvements. These include a new intuitive way to define and manage topic views, and a new structural browser for JSON values.
Latest News
Altenar releases new Ganagol tool as key differentiator for LatAm markets
![Altenar releases new Ganagol tool as key differentiator for LatAm markets](https://gamingamericas.com/wp-content/uploads/2024/09/ganagol.jpg)
Altenar, the leading sportsbook and iGaming software supplier, has upgraded its compelling betting tools offering with the introduction of a new Ganagol game.
The latest addition to Altenar’s software is an alternative form of sports betting which boosts engagement and brand loyalty for operators. Rather than betting on individual events, Ganagol allows players to pay an entry fee for the chance to predict the outcome of a series of events for prizes.
By using the new tool, which is also known as Toto in some parts of the world, players can predict the result of a series of football fixtures, with a clean sweep of correct outcomes winning a large prize, while a specific number of results lands them smaller rewards.
Altenar’s operator partners will also be able to choose the format of the game, including match results or correct scores, to meet their needs, as well as customising the payout structure to allow for weekly prizes or rollover jackpots.
A percentage of the entry fee can be added to the category payments, meaning the prize pot increases in line with the number of participants, adding a sense of anticipation as the potential winnings rise. To add further interest, players can also predict the range of goals scored in the same set of fixtures.
This new release serves as a significant differentiator for operators with an eye on global expansion, with the product particularly popular in LatAm.
Dinos Doxiadis, Sportsbook Product Development Manager at Altenar, said: “This is an uplift of a product that has had great adoption in LatAm.
“The new functionalities give our operators more options to increase user engagement, retention and acquisition. We believe that it is by far the most sophisticated tool of its kind across the industry.”
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