Galaxy Gaming releases FY2022 results; revenue up 17%

The report found that revenue for the full year had increased by 17% to $23.4m.

Adjusted EBITDA was up 21%, to $10.5m, for 2022.

Todd Cravens, Galaxy President and CEO, said: “In spite of the headwinds from exchange rates, interest rates and inflation rates, we had a solid quarter and ended 2022 on a good trajectory.

“At constant currency, revenues for both the quarter and the year would have been new records for Galaxy.

“We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy Operating System (GoS) progressives beginning in Q2.”

However, Q4 2022 saw a net income decline from $598,000 to $55,000 when compared to Q4 2021.

Galaxy Gaming also reported a cash increase of 14% to $18m in its balance sheet changes.

Harry Hagerty, Galaxy Gaming CFO, said: “For 2023, we are forecasting revenue in a range of $26-$27m and adjusted EBITDA in a range of $12-13m.

“This forecast assumes exchange rates that existed in Q4 2022 and is based on economic conditions as they existed at the beginning of 2023.

“We have not repurchased any common stock under the authorisation we received in November and will not be able to do any repurchases until after the current blackout period expires after the filing of our Q1 10-Q on May 15, 2023.”

Last year, Galaxy Gaming announced a new online division, called Galaxy Gaming Digital.

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