Galaxy Gaming Sees Fourth Quarter Revenue Increase
Galaxy Gaming, the developer and distributor of casino and iGaming content, saw an increase in Q4 revenue last year, while there was a significant rise in net loss for the quarter and full year results in 2023.
In a breakdown of the trading figures for the fourth quarter of 2023, gross revenue was $8,382K, up 25%, and net revenue increased 13% to $6,737K when compared to the same period in the previous year. However, the company showed a net loss in Q4 of 2023 of $(820)K compared to net income of $55K achieved in the same quarter in 2022.
LISTEN TO THIS ARTICLE:Related: Galaxy Gaming Sets Sights on iGaming and Digital Growth
Q4 of 2023 marked a substantial improvement in operating results as compared to the previous quarter. We saw gross revenue increases of 25% and 23% in the quarter and the year, respectively, and our gross revenue in Q4 of 2023 was a record at $8.4 million. We believe that the opportunistic sales of perpetual licenses peaked in 2023 and that we will return to a sustainable growth model relying principally on recurring revenue generated from our robust library of core and premium felt products, our emerging line of GOS products, and our iGaming business in 2024.
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The statement outlined the full year results in 2023 with Gross Revenue up to $31,729K a 23% increase year on year. This led to a Net revenue rise of 19% for 2023 up to $27,789K from the previous year in 2022.
The Net loss for the year saw a slight increase to $(1,808)K, up from $(1,773)K for the full-year results in 2022. With Adjusted EBITDA achieving a nominal year-on-year increase of 1% in 2023 which amounted to $10,635K.
EZ Baccarat Q4 Revenue
Highlights in the year for Galaxy Gaming saw the change of senior management, with Matt Reback becoming the new CEO of the company. Additionally, a positive change in the impact of the company’s EZ Baccarat service in Q4 of 2023, with the firm boasting of a surge in licensing revenues.
There were some issues during the rollout of the EZ Baccarat platform in 2023, and senior management stated these problems would be addressed in the early part of 2024 and should be reflected in revenue figures throughout the year.
We had a full quarter of license revenue from EZ Baccarat® in the fourth quarter. However, we were not able to complete the entire installation backlog of our EZ Baccarat Trend Displays, on which we pay no royalties, until February 2024. We expect these displays will help grow revenue on both a gross and net basis in 2024.
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