Everi Achieves Revenues of $200.5M for Q1 2023 a Rise of 14%
LISTEN TO THIS ARTICLE:Everi Holdings, the gaming casino and services provider, has released the results for the first quarter of 2023. The company has achieved a revenues of $200.5 million for the period, a rise of 14% up from $175.6 million when compared to Q1 in 2022.
The Adjusted EBDITA for the group is up from $89.6 million to $92.5 million for Q1 2023 which shows a rise of 3% in a year-on-year comparison. In a closer look at the figures, Everi attributed the rise in revenues for the group to several acquisitions made by the company throughout 2022.
Related: Everi Holdings in a deal to acquire Intuicode Gaming.
Everi gave details of the success and plans for its suite of cabinet products for 2023. The quarter saw the launch of the Dynasty Vue cabinet lead the way to increased sales of gaming equipment, and lease versions of the Dynasty cabinet are expected to bolster revenues for the rest of the year.
The report flagged the company’s Historic Horse Racing offering as one of the key markets where there are opportunities for growth in 2023.
The results highlighted that the Everi Financial Technology (FinTech) segment enjoyed record revenue for the quarter with double-digit growth. Both Software and Hardware sales of FinTech services provided by Everi achieved an increase in revenue of over 30%. The CashClub Wallet product from Everi manages digital transactions for casino customers and has grown to have a presence in 43 gaming outlets in 23 regions worldwide.
Overall, our first quarter results continued to demonstrate our consistent growth profile, as we further execute on our organic growth initiatives and benefit from several acquisitions we completed over the last twelve months. As a result, and despite the uncertainty of the macroeconomic environment and higher interest rates, we continue to be favorably positioned to deliver solid top-line growth that we expect will generate at least $92 million of net income and at least $150 million in Free Cash Flow this year.
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