Galaxy Gaming has reported a record Q4 gross revenue figure of $8.4m for 2024, up 25 per cent against the previous year.
Net revenue was up 13 per cent to $6.7m against the previous year, while the net total was a loss of $(820,000) against a net income of $55,000. Adjusted EBITDA decreased 10 per cent to $2.8m.
For the whole financial year, gross revenue increased 23 per cent to $31.7m, net revenue increased 19 per cent to $27.8m, and the net total was a loss of $(1.8m). Adjusted EBITDA increased 1 per cent to $10.6m.
“Q4 of 2023 marked a substantial improvement in operating results as compared to the previous quarter,” said Matt Reback, president and CEO. “We believe that the opportunistic sales of perpetual licences peaked in 2023, and that we will return to a sustainable growth model relying principally on recurring revenue generated from our robust library of core and premium felt products, our emerging line of GOS products, and our igaming business in 2024.
“We had a full quarter of licence revenue from EZ Baccarat in the fourth quarter. However, we were not able to complete the entire installation backlog of our EZ Baccarat Trend Displays, on which we pay no royalties, until February of 2024. We expect these displays will help grow revenue on both a gross and net basis in 2024.
“I am now 4.5 months into my tenure at Galaxy, and I am very excited about the prospects for the company. The addition of Michael Ratner as our EVP of Product will help us execute more crisply on product innovation, new product development, and efficient product release.
“Over the intermediate term, we will develop a strategic plan that will allow us to continue to deliver double-digit revenue growth rates through a combination of organic growth and potential tuck-in acquisitions.”
