Galaxy Gaming break revenue records

Reporting its financial results for the quarter ending March 31, 2024, Galaxy Gaming revealed that it had set new records for both its net and gross revenue.

Gross revenue was US$9.66m, up 18 per cent against Q1 2023, while net revenue came in at $8m, up eight per cent.

Net income was up 89 per cent to $209,000, while Adjusted EBITDA was up three per cent to $3.17m.

Matt Reback, president and CEO, said: “Both gross and net revenue were records, and by significant margins. And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6m in perpetual license sales as compared to $805,000 in Q1 24.

“While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92 per cent of gross revenue in Q1 24 as compared to 85 per cent in Q1 23.

“Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate.”