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Galaxy Gaming Reports Q3 2022 Financial Results

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LAS VEGAS, Nov. 14, 2022 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced today its financial results for the quarter and nine months ended September 30, 2022.

Financial Highlights

Q3 2022 vs. Q3 2021

  • Revenue increased 12% to $5,907K
  • Adjusted EBITDA decreased 5% to $2,350K
  • Net loss of $(699)K vs. net income of $874K

9 Months 2022 vs. 9 Months 2021

  • Revenue increased 22% to $17,502K
  • Adjusted EBITDA increased 17% to $7,382K
  • Net loss of $(1,828)K vs. net income of $1,513K

Balance Sheet Changes (vs. December 31, 2021)

  • Cash increased 20% to $19,275K
  • Total long-term debt1 (gross) decreased to $59,550K from $60,500K
  • Stockholders’ deficit increased to $(18,506)K from $(17,286)K

Executive Comments

“Despite the continued strengthening of the US dollar, we had an excellent quarter,” said Todd Cravens, President and CEO. “On a constant currency basis, revenue increased by 19% in the quarter and 27% in the first nine months vs. the same periods in 2021. As compared to Q2 2022, sequential revenue growth was 6% on a constant currency basis. But the most newsworthy event happened after the end of the quarter at G2E – the gaming show held annually in Las Vegas. We introduced several new games and new technologies that were very well received by clients. In fact, we already have several commitments to trial some of these new products.

“Finally, at the end of the quarter, in consideration of a $2 million cash payment, we eliminated the obligation to make contingent consideration payments to the original seller of the intellectual property supporting our Bonus Craps™ side bet. Based on the run rate in Q3, this should save us around $315K on an annual basis and potentially more as Bonus Craps deployments increase.”

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_____________________

1 Includes current portion.

“Exchange rates, interest rates and inflation rates worsened in Q3,” stated Harry Hagerty, Galaxy’s CFO. “The dollar continued to appreciate versus the Euro and the British Pound, and the floating rate upon which our interest expense is calculated increased by 138 basis points in the quarter.   Inflation continues to affect us as most of our expenses are denominated in US dollars, and the current quarter reflects a higher-than-normal level of professional services expenses as we strengthen our financial systems and our intellectual property protection. But despite the challenges, the Company is performing well, as Todd’s comments about revenue in constant currency and our G2E performance attest. Our balance sheet improved in the quarter with increased cash balances and modestly reduced debt balances, and we were comfortably in compliance with the financial covenant in our Fortress credit agreement.

“The worsening rates environment requires us to modestly modify our guidance for the remainder of the current year,” Hagerty added. “We now forecast revenue in the midpoint of the previously expressed range of $22.5-$23.5 million and Adjusted EBITDA at the low end of the previously expressed range of $10-11 million.   This forecast assumes no new lockdowns from COVID-19 or the equivalent, no worsening of the impact to our business from the war in Ukraine, and no economic recession.”

On November 11, 2022, the Board of Directors reauthorized repurchases of the Company’s common stock of up to $750,000, subject to the Company remaining in compliance with the provisions of the Term Loan Credit Agreement and, in particular, the $750,000 restricted payments basket.

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Forward-Looking Statements

This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections.  All forward-looking statements are based on current expectations and projections of future events.

These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations, in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, have its games approved by relevant jurisdictions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events, or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.

About Galaxy Gaming

Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, and cruise ship and casinos worldwide. In addition, through its wholly owned subsidiary, Progressive Games Partners LLC, Galaxy licenses proprietary table games content to the online gaming industry. Connect with Galaxy on Facebook, YouTube   and Twitter.

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Non-GAAP Financial Information

Adjusted EBITDA includes adjustments to net loss/income to exclude interest, taxes, depreciation, amortization, share based compensation, gain/loss on extinguishment of debt, foreign currency exchange gains/losses, change in estimated fair value of interest rate swap liability and severance and other expenses related to litigation. Adjusted EBITDA is not a measure of performance defined in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). However, Adjusted EBITDA is used by management to evaluate our operating performance. Management believes that disclosure of Adjusted EBITDA allows investors, regulators, and other stakeholders to view of our operations in the way management does. Adjusted EBITDA should not be considered as an alternative to net income or to net cash provided by operating activities as a measure of operating results or of liquidity. Finally, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

Contact:

Media:  Phylicia Middleton (702) 936-5216
Investors: Harry Hagerty (702) 938-1740

        

    Three Months Ended September 30,   Nine Months Ended September 30,
Adjusted EBITDA Reconciliation:    2022     2021     2022     2021 
Net (loss) income   $ (698,690 )   $ 874,236     $ (1,828,293 )   $ 1,513,428  
Interest expense     1,896,865       129,422       5,281,322       450,474  
Share redemption consideration           195,482             586,446  
Interest income     (18,674 )     (392 )     (23,166 )     (1,163 )
Depreciation and amortization     740,069       722,475       2,189,789       2,160,217  
Share-based compensation     329,140       449,564       954,550       1,207,649  
Foreign currency exchange loss (gain)     255,140       33,781       490,041       31,511  
Change in fair value of interest rate swap liability     —                    (66,009 )
Provision (benefit) for income taxes     (154,944 )     (21,186 )     (101,941 )     7,000  
Other non-recurring income     18,255       (25,000 )     18,255       (25,000 )
Severance expense           8,846       28,477       12,596  
Special project expense (benefit) – Triangulum           116,798       (86,959 )     413,024  
Special project expense – Other     (17,000 )     (20,904 )     459,904       12,516  
Adjusted EBITDA   $ 2,350,161     $ 2,463,122     $ 7,381,979     $ 6,302,689  

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Galaxy Gaming Welcomes Michael Ratner as Executive Vice President of Product

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LAS VEGAS, Feb. 05, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced the appointment of Michael Ratner as the company’s new Executive Vice President of Product. With an illustrious career spanning over three decades, Ratner brings a wealth of experience and expertise to the executive team.

Born and raised in South Africa, Ratner began his gaming career with Sun International, where he held various technical and managerial roles. After establishing himself in gaming, he moved to the USA, where he continued to advance in casino operations, undertaking diverse managerial positions. Ratner developed significant skills in Product Management, focusing on games and casino management systems. His Product Management career includes experience with Atronic, Paltronics, Bally Technologies, Konami, and, most recently, IGT.

The appointment of Ratner represents a significant strengthening for Galaxy Gaming, as the Company looks to leverage its existing portfolio of games and systems to drive the table games industry forward. With a proven track record of success, Ratner is expected to play a pivotal role in developing the next generation industry-leading table games technology.

“We are thrilled to welcome Michael as the latest casino gaming expert to join the Galaxy Gaming team. His experience, leadership, and disciplined approach to Product Management will undoubtedly contribute to our continued growth and success in the gaming industry as we double-down on the products in our library and those in our development pipeline,” said Matt Reback, President and CEO at Galaxy Gaming.

Ratner expressed his enthusiasm about joining Galaxy Gaming, stating, “I am honored and excited to join Galaxy Gaming at this pivotal moment. The Company’s leading position in the gaming industry and commitment to innovation represent a tremendous opportunity. I look forward to contributing my experience to drive the evolution of casino table games and technology, ensuring Galaxy Gaming remains at the forefront of industry excellence.”

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About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games that are proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on Facebook, YouTube, Instagram, and Twitter. 

This press release, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events. These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets, have its games approved by relevant jurisdictions, and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. 

Contact:

Media:
Phylicia Middleton (702) 938-1753
Investors:
Harry Hagerty (702) 938-1740

 

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Galaxy Gaming® Debuts a Smarter Way to Play™ at ICE London 2024

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LAS VEGAS, Jan. 23, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, will showcase their innovative new table game operating system, brand-new table games, and their vast online content portfolio at this year’s ICE London show from February 6 – 8 in stand S8-320 at ExCel London.

Matt Reback, President and CEO of Galaxy Gaming, shared his excitement, stating, “We’re thrilled to showcase our premier table games and innovative solutions at ICE London. I believe in the power of strong brands, and we proudly offer category-leading brands that resonate with players, complemented by cutting-edge technology designed to elevate their gaming experience—whether at the table or online. This powerful combination consistently delivers positive outcomes for operators.”

This year’s stand will spotlight how Galaxy Gaming titles, progressives, and solutions are the Smarter Way To Play. A few highlights include:

Galaxy Operating System™ – The Smartest Table Management System

Upgrade your table with Galaxy Operating System (GOS), the cutting-edge game management system of the future. Boasting innovative progressive jackpot options, eye-catching LED sensors, and groundbreaking digital tracking capabilities, GOS is a pioneer in table game technology.

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GOS’ flexible electronic bonusing platform powers the world’s first Dynamic Progressive. Unlike any other progressive, Dynamic Progressive blends our most popular games with an exhilarating experience for those players looking for a thrill by adding volatility to the game without changing the play experience on the player-favorite base game. Visit the Galaxy Gaming stand to see the latest version of Dynamic Progressive complete with new themes, animations, and celebrations.

The Smart Bet – Galaxy Gaming’s Ultimate Table Games Library

Boasting the most robust table games library in the industry, Galaxy Gaming fuses established classics with exciting novelties. Level up your casino floor with player favorites like 21+3™, Perfect Pairs™, and EZ Baccarat®, or amp up the excitement with fresh additions like Roulette UP™ and Dynamic Progressive, both powered by GOS™. These titles along with the ever-popular Heads Up Hold’em will be available to play at the stand.

Galaxy Gaming Digital – Over Three Billion Wagers & Counting

Galaxy Gaming is the premier licensor of exclusive casino table games in the live dealer and RNG online gaming realm. Renowned titles like 21+3™, Lucky Ladies™, Perfect Pairs™, Caribbean Stud Poker™, Buster Blackjack, and numerous others are available on over 3,000 of the most popular iGaming sites worldwide. Galaxy’s online titles accounted for over 3.5 billion wagers in the last calendar year alone, a testament to their widespread popularity.

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Operators are invited to explore the possibilities at stand S8-320 and discover how Galaxy can elevate their gaming operations.

About Galaxy Gaming 
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games that are proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on Facebook, YouTube, Instagram, and Twitter. 

This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets, have its games approved by relevant jurisdictions, and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. 

Contact: 

Media: 
Phylicia Middleton (702) 938-1753 

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Investors:
Harry Hagerty (702) 938-1740

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Galaxy Gaming® and ODDSworks Debut Roulette Up™ in North America

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LAS VEGAS, Jan. 04, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, has announced the official online launch of its brand new RNG game, Roulette Up™, through its in-house Galaxy Gaming Digital division.

Now available to play online with Draft Kings, Golden Nugget, and WynnBET in multiple states and coming soon to Canada, this launch marks the debut of Roulette Up in the iGaming space. This inventive game features an optional side bet and progressive wager where players can wager that the outcome will provide an increasing sequence from each spin. The winning payouts are based on the streak length (number of consecutive increasing numbers).

This game launch will soon be followed by additional Galaxy Gaming Digital titles including Split To Double™ Blackjack which will also feature Galaxy’s top performing progressive jackpot. Using its BETguard™ Remote Gaming Server (RGS) platform, ODDSworks is well suited to handle the high volume of play anticipated for these Galaxy Gaming Digital titles.

Matt Reback, President and CEO of Galaxy Gaming commented: “We’re thrilled to partner with ODDSworks to introduce some of our best-in-class table games to online players in North America for the first time. Galaxy Gaming represents the world’s premier collection of table games brands, and this partnership is yet another example of how we are working hard to make our games available to players in casinos, card rooms, and online.”

Larry DeMar, ODDSworks president said: “ODDSworks is humbled and honoured to have the privilege to distribute Galaxy’s world class games online. ODDSworks will do everything in our power to make sure our casino partners and their players, love these games as much as we do.”

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About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games that are proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on Facebook, YouTube, Instagram, and Twitter.

About ODDSworks
A leader in Remote Gaming Server technology and interactive content, ODDSworks specializes in delivering world-class gaming content and best-in-class interactive technologies for regulated and real money gaming markets. The ODDSworks game portfolio includes a versatile range of proprietary and third-party titles, each featuring a unique and engaging theme enhanced with stellar graphics, sounds and features. ODDSworks team brings almost 100 years of gaming experience to the table. ODDSworks is owned and operated by gaming pros who know the industry and its player’s inside out. 

This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.

These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets, have its games approved by relevant jurisdictions, and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Contact:

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Media:
Phylicia Middleton (702) 938-1753
Investors:
Harry Hagerty (702) 938-1740

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