Galaxy Gaming raises FY expectations following record Q1 revenue

Galaxy Gaming has increased its financial guidance for the current year after the group detailed that it got off to a “good start” through the first three months of 2022.

This, said the company, came “even though some [of] our high-end customers in London remain affected by worldwide travel disruptions”.

Despite this, Galaxy Gaming reports record gross revenue through the year’s first of $5.91m, which represents a 39 per cent increase from the $4.28m recorded one year earlier.

Adjusted EBITDA increased 58 per cent during the quarter to $2.67m (2021: $1.69m), with net income swinging from $89,000 one year ago to a loss of $14,000 during Q1.

Todd Cravens, President and CEO,” commented “In the land-based sector, our new baccarat games are being well-received. Our igaming business continues to grow, with igaming gross revenues of $2.8m in Q1, an increase of 58 per cent from Q1 2021 and 35 per cent from Q4 2021. 

“In both the land-based and igaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”

Following this, Galaxy Gaming has also increased its expectations for the year, with revenue projected to reach a range of $24m to $25m from $23.5m to $25m. 

The company has also increased the guidance for adjusted EBITDA from a range of $11.5m to $12.5m to between $11.8m to $12.5m.

Harry Hagerty, Galaxy Gaming’s CFO, noted: “This forecast assumes no new lockdowns from COVID-19, no impact to our business from the war in Ukraine, and no economic recession. 

“Finally, the forecast is based on currency exchange rates that we experienced in the first quarter.”