Galaxy Gaming has announced its financial results for the quarter and fiscal year ended December 31, 2020.
Financial Highlights
Q4 2020 vs. Q4 2019
- Revenue decreased 37% to $3274K
- Adjusted EBITDA decreased 41% to $1261K
- Net income of $1179K vs. net income of $848K
Full Year 2020 vs. Full Year 2019
- Revenue decreased 52% to $10,230K
- Adjusted EBITDA decreased 84% to $1377K
- Net loss of $(2209)K vs. net income of $2943K
Balance Sheet Changes (vs. December 31, 2019)
- Cash decreased 38% to $5993K
- Total long-term liabilities (gross) increased $4033K to $52,015K
- Stockholders’ deficit decreased to $(24,797)K
Executive Comments
Todd Cravens, President and CEO of Galaxy Gaming, said: “2020 imposed great stresses on our industry, and Galaxy was not immune. However, I think we turned some of those stresses to our advantage. We were able to accommodate our clients during their closures and provide timely service to help them reopen, earning very high net promoter scores in an especially challenging time. From a product perspective, we used the downtime to develop new games and a new technology platform, and we will be launching these in 2021 as they are approved by our regulators. Finally, and most significantly, our acquisition of PGP in August made iGaming a much more important part of our business. We expect iGaming to be one of the major growth areas going forward, and we are well-positioned to benefit from those trends.”
Harry Hagerty, CFO of Galaxy Gaming, said: “Our motto in the pandemic was ‘Survive then Thrive.’ And thanks to the great cooperation and assistance from our friends at Nevada State Bank and the availability of certain government relief programs, we came through 2020 intact. We hope that the first half of 2021 will mark the end of the Survive phase and that the great things that Todd mentioned in his comments will allow us to start Thriving in the second half of 2021 and accelerating into 2022.”
