Galaxy Gaming has praised “a welcome improvement” in its land-based operations, as well as sustained online growth, as it looks back on the second quarter of the year.
Revenue climbed to $4.79 million from $664,000 a year ago, with adjusted EBITDA rebounding from a loss of $1.42 million to $2.14 million and net income ending up at $550,000 vs a loss of $2.2 million.
Galaxy Gaming’s president and chief executive officer, Todd Cravens, stated of the company’s success: “Revenue in our land-based business increased from $2,826K in Q1 2021 to $3,183K in Q2 2021 despite casinos in the UK – our largest land-based market – remaining closed until mid-May.
“In the online business, revenue (net of royalties) increased to $1,566K in Q2 2021 from $1,457K in Q1 2021. We expect an acceleration on online revenue growth in the second half of 2021 as, among other things, live-dealer gaming through our largest client goes live in Michigan.”
First half success
Additionally, the creator and distributor of casino table games and technologies for land-based casinos and igaming has reported on its first-half success.
Revenue increased from $5.15 million to $9.03 million, adjusted EBITDA increased from $80,000 to $3.84 million, and net income increased from a loss of $2.09 million to $639,000 at the end of the period.
Harry Hagerty, Galaxy Gaming’s chief financial officer said: “Cash declined modestly in Q2 2021 due primarily to the annual payment of $782K in accrued share redemption consideration in Q2 2021.
“We were in compliance with the covenants in our bank debt with the exception of minimum EBITDA, and the bank has agreed to forebear enforcement of a violation of that covenant through Q3 of 2021.”