Q2 and H1 figures soar for Galaxy Gaming, in comparison to pandemic-hit 2020

Q2 and H1 figures soar for Galaxy Gaming, in comparison to pandemic-hit 2020 post thumbnail image

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

The land-centered systems and on line casino table online games developer’s second quarter highlights display an boost in quarterly profits of $4.7m from $664,000 the prior yr. Modified EBITDA figures observed a huge maximize, escalating to $2.1m from a earlier decline of $1.4m.

Furthermore, the firm’s net earnings was $550,000 for Q2 this year, when compared to a web loss of $2.2m Q2 previous 12 months. Web profits for each share in the 2nd quarter was claimed at $.03, in comparison to 2020 benefits, when reduction was $.12.  

Todd Cravens, Galaxy President and CEO, claimed: “The 2nd quarter of 2021 showed a welcome improvement in our land-centered organization and ongoing progress in our on the net business, 

“Revenue in our land-primarily based organization amplified from $2.8m in Q1 2021 to $3.2m in Q2 2021 inspite of casinos in the United kingdom – our largest land-centered market place – remaining shut right until mid-May perhaps. 

“In the on the web organization, revenue (web of royalties) improved to $1.6m in Q2 2021 from $1.4m in Q1 2021. We expect an acceleration on on the web income progress in the 2nd fifty percent of 2021 as, between other factors, stay-supplier gaming by way of our most significant consumer goes stay in Michigan.” 

Galaxy Gaming’s H1 benefits saw profits increase up to $9.3m from $5.16m in 2020.

Its altered EBIDTA saw a 12 months-on-year improve to $3.8m from the past year’s outcomes exhibiting $80,000. The H1 report also shows web cash flow of $639,000 in contrast to a net decline of $2.9m, with a web cash flow per share exhibiting $.03 compared to web loss for each share of $.12 the prior calendar year, likewise to its Q2 outcomes. 
 
Harry Hagerty, Galaxy’s CFO, commented: “Cash declined modestly in Q2 2021 due mainly to the annual payment of $782,000 in accrued share redemption consideration in Q2 2021,  
 
“We had been in compliance with the covenants in our financial institution financial debt with the exception of minimal EBITDA, and the financial institution has agreed to forebear enforcement of a violation of that covenant as a result of Q3 of 2021.” 

 

 

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