Galaxy Gaming Announces First Quarter 2021 Financial Results

 

Galaxy Gaming Inc. has announced its financial results for the first quarter of 2021.

Financial Highlights

Q1 2021 vs. Q1 2020

Revenue decreased 4.7% to $4283K

Adjusted EBITDA increased 12.8% to $1692K

Net income of $89K vs. net income of $117K

Balance Sheet Changes (vs. December 31, 2020)

Cash increased 1.5% to $6081K

Total long-term liabilities (gross) decreased $569K to $51,483K

Stockholders’ deficit decreased to $(24,460)K

Executive Comments

“The COVID pandemic continued to affect our business in Q1. Casinos in the UK, our largest brick-and-mortar market, were shuttered for the entire quarter, and we continued to see capacity limitations in other important markets. However, as was the case in Q4 2020, our iGaming business made up most of the difference. iGaming went live in Michigan in February, and volumes were very strong. We expect additional increases in activity when our live dealer clients open up there. In addition to iGaming, new installations of our games and progressives in new markets continue to add to the top line,” Todd Cravens, President and CEO of Galaxy, said.

“I am happy to see progress in Q1, and am looking forward to getting all our customers up and going, as well as bringing new clients into the Galaxy,” Cravens added.

“Despite the continued effects of COVID, we managed to make modest headway in Q1. While revenue was slightly down versus Q1 of 2020, Adjusted EBITDA was up and we had positive cash flow. We are hopeful that COVID-related closures and limitations continue to recede through the remainder of 2021, allowing us to have normalized results in both the brick-and-mortar and online channels in 2022,” Harry Hagerty, CFO of Galaxy, said.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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