Galaxy Gaming is confident that despite a challenging Q3, it will achieve record financial year results in 2023. Although the company reported a net loss and a lower adjusted EBITDA in Q3, it remains focused on achieving full-year revenue growth.

The Q3 results indicate that revenue at Galaxy Gaming increased by 3.4% to $6.1 million. However, higher costs led to a wider net loss, and adjusted EBITDA for the three months to 30 September was down.

In a noteworthy development, Todd Cravens stepped down as president and CEO, with Matt Reback taking over. Despite the challenges faced in Q3, Cravens expressed confidence in the company’s prospects.

The land-based operating segment posted a revenue of $4.3 million, up 3.3% from the previous year. However, digital revenue declined by 10.0% due to contract renegotiations with a customer.

Geographically, the Americas contributed the most revenue, generating $3.9 million, up by 25.8%. Conversely, revenue in Europe, the Middle East, and Africa dropped by 21.4% to $2.2 million.

Operating expenses for Q3 increased by 17.4% to $5.4 million, leading to a net loss of $1.4 million, almost double the loss reported the previous year.

Despite Q3 challenges, the year-to-date performance showed a revenue increase of 20.6% to $21.1 million. Operating costs for the period were 16.1% higher, resulting in a pre-tax loss that was an improvement from the previous year.

Looking ahead to Q4, Galaxy Gaming expects a revenue range of $7.0 million to $7.5 million and an adjusted EBITDA range of $2.8 million to $3.2 million. These forecasts are based on a variety of factors, including currency exchange rates and economic conditions.

In conclusion, Galaxy Gaming remains optimistic about its future financial performance, and it aims to finish the year on a positive note.

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