Q2 and H1 figures soar for Galaxy Gaming compared to pandemic-hit 2020

Galaxy Gaming has announced its Q2 and H1 financial results for the fiscal quarter ending 30 June 2021

Galaxy Gaming has proclaimed its Q2 and H1 financial results for the fiscal billet ending 30 June 2021.

The land-based systems and cassino tabulate games developer's second quarter highlights demonstrate an increment in every quarter revenue of $4.7m from $664,000 the previous year. Adjusted EBITDA figures saw a large increase, growing to $2.1m from a previous red of $1.4m.

Moreover, the company's mesh income was $550,000 for Q2 this year, compared to a sack up deprivation of $2.2m Q2 last year. Net income per deal in the secondly canton was reported at $0.03, inward comparing to 2020 results, when deprivation was $0.12.

Todd Cravens, Galaxy President and CEO, said: “The 2nd quarter of 2021 showed a welcome advance inwards our land-based byplay and continued maturation in our online business,

“Revenue inwards our land-based concern increased from $2.8m inwards Q1 2021 to $3.2m in Q2 2021 despite casinos in the UK – our largest land-based market – remaining shut until mid-May.

“In the online business, revenue (net of royalties) increased to $1.6m inward Q2 2021 from $1.4m in Q1 2021. We wait an speedup on online revenue maturation in the endorse half of 2021 as, among other things, live-dealer gaming through our largest client goes live inwards Michigan.”

Galaxy Gaming’s H1 results saw revenue step-up up to $9.3m from $5.16m inwards 2020.

Its familiarised EBIDTA saw a year-on-year increment to $3.8m from the previous year’s results showing $80,000. The H1 account also shows network income of $639,000 inwards counterpoint to a net red ink of $2.9m, with a net income per portion out showing $0.03 compared to meshing deprivation per share of $0.12 the previous year, similarly to its Q2 results.

Harry Hagerty, Galaxy’s CFO, commented: “Cash declined modestly inward Q2 2021 due in the first place to the annual defrayment of $782,000 inward accrued divvy up buyback consideration in Q2 2021,  

“We were inward compliance with the covenants inwards our bank building debt with the elision of lower limit EBITDA, and the bank building has agreed to forbear enforcement of a infringement of that compact through and through Q3 of 2021.”

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