Galaxy Gaming Announces Record-Breaking Q1 2024 Results
Galaxy Gaming, the table games developer and distributor, has announced impressive results for the first quarter of 2024, achieving a record Net Revenue of $8,001K, which is a rise of 8% year on year.
Galaxy Gaming reports impressive results for Q1 in 2024.
LISTEN TO THIS ARTICLE:The developer reported a strong performance which saw EBITDA increase by 7% to $3,009K and the Adjusted EBITDA figure rose by 3% to $3,171K. Another performance indicator in the financial results for the first quarter was that Net income increased 89% to $209K. The success of the first quarter follows the Galaxy Gaming revenue rise in Q4 2023.
The EZ Baccarat product has been distributed by Galaxy Gaming since its launch in September last year, and this is starting to make a significant contribution to the revenue stream of the company.
The GOS platform has enjoyed a good start to the year and this has led to more than 100 installations during Q1. The business is continuing to improve the GOS product and has designed a new version that the company will bring to market in the second half of 2024.
The report detailed that the iGaming sector in the company showed an increase in revenue of 14%, gross, and up to 16% when royalty figures are removed.
The first quarter of 2024 showed continued growth at the top and bottom lines, 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 $1.6 million in perpetual license sales as compared to $805 thousand 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% of gross revenue in Q1 24 as compared to 85% in Q1 23.
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Focus on Product Development and Innovation
In the statement, Galaxy says the business will continue to spend the rest of the year focusing on product development, as this is one of the main causes for the successful Q1 figures. The business hopes to utilize current product innovation to launch new products during 2024.
Senior leadership at the developer has outlined that the trading results for the first quarter are in line with the initial guidance given to investors for full-year expectations for 2024. The board at the company will wait until the end of the next quarter and assess the performance of the business for the year before making any adjustments to the forecasts issued at the start of this year.
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