Image: Shutterstock

Galaxy Gaming has lauded “a welcome improvement” in its land-based operations, as well as continued online growth, as the group reflects on its performance through the year’s second quarter.

Revenue through the period ending June 30, 2021, increased to $4.79m from $664,000 one year earlier, with adjusted EBITDA recovering from a loss of $1.42m to reach $2.14m, and net income finishing up at $550,000 as opposed to a loss of $2.2m.

Todd Cravens, Galaxy Gaming’s president and chief executive officer, said of the group’s performance: “Revenue in our land-based business increased from $2,826K in Q1 2021 to $3,183K in Q2 2021 despite casinos in the UK – our largest land-based market – remaining closed until mid-May. 

“In the online business, revenue (net of royalties) increased to $1,566K in Q2 2021 from $1,457K in Q1 2021. We expect an acceleration on online revenue growth in the second half of 2021 as, among other things, live-dealer gaming through our largest client goes live in Michigan.”

Furthermore, the developer and distributor of casino table games and systems for land-based casinos and igaming has also documented its performance through the first half of the year.

This has seen revenue surge from $5.15m to $9.03m, with adjusted EBITDA at $3.84m from $80,000, and net income closing the period at $639,000 from a loss of $2.09m

“Cash declined modestly in Q2 2021 due primarily to the annual payment of $782K in accrued share redemption consideration in Q2 2021,” stated Harry Hagerty, Galaxy Gaming’s chief financial officer

“We were in compliance with the covenants in our bank debt with the exception of minimum EBITDA, and the bank has agreed to forebear enforcement of a violation of that covenant through Q3 of 2021.”