Galaxy Gaming reports a significant 33% increase in both revenue and EBITDA for the second quarter of 2023
Galaxy Gaming has reported its Q2 2023 results, showcasing a record-breaking quarter in revenue, adjusted EBITDA, and cash on hand. With total revenue of $7.5m, a 33% increase from Q2 2022, Galaxy Gaming is successfully thriving post-Covid.
Examining the statistics since Q2 2020, Galaxy’s performance has significantly improved. Adjusted EBITDA for Q2 2023 recorded $3.2m, a 33% rise compared to Q2 2022. In terms of net income, Galaxy achieved a substantial increase of $356,769, surpassing the loss from Q2 2022.
Throughout the year, Galaxy Gaming’s share price has remained relatively stable, experiencing more significant growth in recent weeks. Presently, the company’s market cap is valued at $83.1m, and the current price is $3.39, reaching a yearly high.
Todd Cravens, President and CEO of Galaxy Gaming, expressed his satisfaction with the Q2 results, highlighting the record-breaking revenue, adjusted EBITDA, and cash on hand. Additionally, Galaxy Gaming has secured a ten-year agreement with Evolution, solidifying the relationship with their largest customer. Furthermore, they will become the exclusive distributor for EZ Baccarat, creating potential for several million dollars in new revenue.