- Legal States
Silvia Pavlof August 16, 2022 3 min read
Galaxy Gaming Posts Increased Q2 Revenue Year-On-Year And Major Net Losses
Las Vegas-based casino table games and electronic wagering systems distributor Galaxy Gaming reported its results for the first half of 2022 and the second quarter of 2022 both ending on June 30.
Galaxy Gaming Reported a 20% Increase in Revenue in Q22022 Year-On-Year
Despite external factors driving expenses up, Galaxy Gaming still managed to achieve good financial results during the first six months of 2022. The company posted both first half and second quarter results.
In the second quarter of 2022, Galaxy Gaming succeeded in collecting revenue of $5,7 million, which marked a 20% increase compared to the revenue reported in the second quarter of 2021. Adjusted EBITDA was also on the rise with a 10% increase to $2,4 million in the second quarter of 2022 in comparison to the $2,1 million from the second quarter of 2021. However, the company reported net losses of $1,1 million, which was a significant decrease from the $550,455 income that the company posted in 2Q2021.
Things looked pretty similar for the results from the first half of 2022 compared to those reported in the first half of 2021. There was a 28% boost in revenue in Q22022 to $11,6 million year-on-year. Adjusted EBITDA also increased by 31% to $5 million in the second quarter of 2022 from the $3,8 million posted in the same period the previous year. In the first six months of 2022 Galaxy Gaming also reported net losses of $1,1 million compared to the net income in H12021 of $639,192.
Upcoming Exciting Developments in the Second Half of 2022
Galaxy Gaming CEO Todd Cravens was excited to announce that one of their leading UK customers is going to launch the first-of-its-kind £100 top side bet.
Additionally, Galaxy Gaming is going to present its platform Triton 2.0 at the Global Gaming Expo taking place in Las Vegas. The company is already rolling out the Triton 1.0 in the United States.
Galaxy Gaming’s online business Galaxy Digital is also fairing well. Together with partner SPIN Games the company has started the world’s first 21+3 Progressive.
Furthermore, Galaxy Gaming is releasing new game products in the second half of the year with roulette and baccarat to be distributed online. These will add to the company’s strong presence in terms of blackjack side bets.
Cravens also highlighted that Galaxy Gaming is focusing solely on its business and is trying not to fret too much about the external conditions, which are outside of anyone’s control.
Lowered Guidance for the Full Year
Still, the troubling state of the world economy and the major changes in exchange, interest, and inflation rates have led Galaxy Gaming CEO Todd Cravens to announce that the company is changing its guidance for the full year. This is also due to the increasing overall costs and salary pressures that Galaxy Gaming is experiencing. The new forecast is for revenue of $22.5-$23.5 million and Adjusted EBITDA somewhere around $10-11 million.