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Galaxy Gaming, Inc. reports company developments centered on material agreements, shareholder voting matters, capital-structure disclosures, governance items, risk factors, and operating and financial results. Public updates for GLXZ are framed around corporate actions, security-structure topics, governance changes, and periodic financial performance.
Galaxy Gaming, Inc. (OTCQB: GLXZ) reported its Q1 2021 financial results, showing a 4.7% revenue decline to $4,283K. Adjusted EBITDA rose 12.8% to $1,692K, while net income decreased to $89K from $117K year-over-year. The company noted a 1.5% increase in cash to $6,081K and a reduction in long-term liabilities by $569K.
The COVID pandemic significantly impacted operations, particularly in the UK. However, iGaming growth and new game installations are expected to enhance revenue as restrictions ease.
Galaxy Gaming, Inc. (OTCQB: GLXZ) reported financial results for Q4 and FY 2020, showing significant declines due to industry challenges. Q4 revenue fell 37% to $3,274K, while FY revenue dropped 52% to $10,230K. Adjusted EBITDA was down 41% at $1,261K for Q4 and an 84% decline for the year at $1,377K. A net income of $1,179K in Q4 contrasts sharply with a net loss of $(2,209)K for FY 2020. Despite these figures, management remains optimistic about future growth, particularly in iGaming, following the acquisition of PGP.
Galaxy Gaming, Inc. (OTC:GLXZ) has appointed Paul Omohundro as the new Vice President of Business Development. Omohundro, with over 20 years of experience, aims to expand Galaxy's reach in new markets, particularly in land-based casinos and the rapidly growing iGaming sector. According to CEO Todd Cravens, Omohundro's expertise will be vital in pursuing new product opportunities. Omohundro expressed enthusiasm for joining the company and contributing to its growth. Galaxy Gaming specializes in innovative casino games and technology solutions, serving both physical and online markets worldwide.