Press Releases
GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS
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 debt1Â (gross) decreased to $58,187K from $58,431K
- Stockholdersâ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
âThe first quarter of 2024 showed continued growth at the top and bottom lines,â said Matt Reback, President and CEO. âBoth 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.
âIn 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 BaccaratÂź, 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.
âWe 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.â concluded Reback. âThis 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.â
âWe were cash flow positive in the quarter and ended with $17.5 million in cash,â added CFO Harry Hagerty. âOur 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.
âOur 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.â
Compliance Updates
INCENTIVE GAMES RECEIVES FULL PAY-TO-PLAY GAMING CERTIFICATION IN BRAZIL
Incentive Games, a leading B2B games provider specialising in player acquisition and retention, today announced it has received full certification from Gaming Laboratories International (GLI) to offer its Pay-to-Play games in the Brazilian market.
This certification encompasses Incentive Games’ entire suite of games, random number generator (RNG), and remote gaming service (RGS), paving the way for the company to expand its reach into the thriving Brazilian gaming market.
Stewart Gove, COO of Incentive Games, commented, “This GLI certification is a huge milestone for us, and a testament to the hard work and dedication of the entire Incentive Games team. It demonstrates our commitment to delivering the highest quality and most secure gaming experiences to players worldwide. We are delighted to now offer our P2P games to licensed operators in the dynamic Brazilian market.”
Latest News
Play’n GO announce exclusive US release of hit title Piggy Blitz Disco Gold
Piggy Blitz sequel now exclusively available with DraftKings and Golden Nugget in Michigan, New Jersey, West Virginia, Pennsylvania, and Connecticut
Playân GO, the worldâs leading casino entertainment provider, has announced the exclusive US network release of its hit title, Piggy Blitz Disco Gold.
Piggy Blitz Disco Gold is a sequel to Piggy Blitz, which took the US by storm in 2024. Piggy Blitz Disco Gold sees the piggies move from breaking piggy banks to busting disco moves on the dance floor in a bid to collect Cash Coins and pile up Instant Rewards in a high-stakes dance-off.
The game is now exclusively available with DraftKings and Golden Nugget in the states of Michigan, New Jersey, West Virginia, Pennsylvania, and Connecticut until February 5th.
Anna Mackney, Head of Regional Sales US at Playân GO added âPiggy Blitz was such a hit in the US last year, we couldnât wait to release this eagerly anticipated sequel. Piggy Blitz Disco Gold has already hit the ground running since its release last week, and weâre excited to expand our US games portfolio with such a high-quality title.â
Compliance Updates
FBMDS obtains certification to operate in Brazil
FBMDS proudly announces its certification to operate in the Brazilian iGaming market, marking a significant milestone in its global expansion strategy. This achievement reinforces FBMDSâs leadership in the video bingo category and its commitment to deliver spotless quality, innovation and compliance to Brazilian operators and players.
With this certification, FBMDS becomes one of the few iGaming providers authorized to deliver certified, high-quality games tailored to the Brazilian market in which the brand is deeply enrooted because of its cultural background. This development not only strengthens the brandâs position in a rapidly growing sector but also offers Brazilian players and operators access to a portfolio of games that combine cutting-edge technology, cultural match, and world-class security standards.
âThis certification represents a pivotal moment in our journey,â said Renato Almeida, Director at FBMDS. âIt demonstrates our commitment to the Brazilian market, ensuring a safe, exciting, and fully compliant gaming experience for players, while empowering operators with premium certified content that drives engagement and growth.â
For FBMDS, this milestone aligns with its 2025 narrative: a roadmap focused on market expansion, innovation, and leadership in key iGaming segments. Brazilâs rapidly expanding market provides a prime opportunity to bring FBMDSâs renowned expertise in video bingo to a whole different level.
For operators, FBMDSâ certified games provide assurance of compliance with Brazilian regulations, while its innovative products and collections are designed to captivate players and drive business growth.
On what Brazilian players is concerned, online casino gaming enthusiasts can look forward to a personalized gaming experience that reflects their culture, preferences, and expectations, underpinned by the highest standards of excellence and safety.
Following this certification, FBMDS will launch a series of targeted marketing campaigns, event participations such as the SBC Summit Rio, in Rio de Janeiro, this February, and direct engagements with new clients. In the first quarter, FBMDS plans to strengthen its partnerships with operators and expand its footprint in Brazil through strategic initiatives and localized offerings.
FBMDS has long been a pioneer in the video bingo category, delivering innovative, culturally relevant titles that resonate with global audiences. Certification in Brazil is simply the recognition of its expertise and dedication to raising the bar in iGaming. By aligning its operations with local regulatory requirements, FBMDS ensures that its games offer a seamless, enjoyable experience while meeting the marketâs unique demands.
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