Matt Reback Becomes New Galaxy Gaming President and CEO
LISTEN TO THIS ARTICLE:iGaming software developer Galaxy Gaming has announced the appointment of Matt Reback as its new President and Chief Executive Officer.
Before taking on the new position, Reback served as the Founder and President of Bravery Gaming. He has also held senior management roles in product management, sales, marketing, and operations at AGS, Konami Gaming, Red Rock Casino (formerly Station Casinos), and Caesars Entertainment.
I am looking forward to joining the Galaxy team and continuing what has been a great story in the gaming industry. I intend to quickly get up to speed and make sure our 2023 year-end goals and 2024 plans remain on track, while also taking a fresh look at our opportunities. There is a team of talented people at Galaxy who have demonstrated their ability to compete effectively against companies with more resources as well as their success in forming strong industry partnerships. I expect that one of my goals with the Board will be to build on those successes.
Reback will replace Todd Cravens, who had been the CEO of the company for six years. The Board of Directors at Galaxy appreciated his contributions to the company's growth, including "navigating successfully the difficult pandemic period."
The company plans to work through a brief transition with Cravens. It expects Harry Hagerty, the current CFO of the company, to step in as interim President and Chief Executive Officer if necessary before Reback fully resumes on November 13, 2023.
Anticipated Q3 Figures
Galaxy Gaming is also set to release its third-quarter results on Monday, November 13. The company is expected to report revenue of $6.1 million, Adjusted EBITDA of $1.5 million for the quarter and revenue of $21.1 million, and Adjusted EBITDA of $7.8 million for the nine months ended September 30, 2023.
Related: Galaxy Gaming Sets Sights on iGaming and Digital Growth
Additionally, in the third quarter, the group's revenues from perpetual license sales dipped by approximately $1 million compared to the first and second quarters of 2023. During the same period, the company significantly increased its allowance for doubtful accounts, primarily due to financial challenges at a single customer. It also incurred substantial legal expenses related to global intellectual property registrations.
The firm will also issue fourth-quarter guidance of $7.0-$7.5 million in revenue and $2.8 million to $3.2 million in Adjusted EBITDA.
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