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Galaxy Gaming






Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.

Financial Highlights

Q1 2024 vs. Q1 2023

  • Revenue (net) increased 8% to $8,001K, a record
    • Revenue (gross) increased 18% to $9,660K, a record
  • Net income increased 89% to $209K
  • EBITDA increased 7% to $3,009K
    • Adjusted EBITDA increased 3% to $3,171K

Balance Sheet Changes (vs. December 31, 2023)

  • Cash increased 5% to $17,487K
  • Total long-term debt1 (gross) decreased to $58,187K from $58,431K
  • Stockholders’ deficit decreased to $(17,899)K from $(18,243)K

Executive Comments

“The first quarter of 2024 showed continued growth at the top and bottom lines,” said Matt Reback, President and CEO. “Both gross and net revenue were records, and by significant margins.   And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.


“In the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ Baccarat®, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.

“We have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.” concluded Reback. “This has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.”

We were cash flow positive in the quarter and ended with $17.5 million in cash,” added CFO Harry Hagerty. “Our loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.

Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.”


Galaxy Gaming

Galaxy Gaming Welcomes Michael Ratner as Executive Vice President of Product





Galaxy Gaming has 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 US, 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,” Matt Reback, President and CEO of Galaxy Gaming, said.


“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,” Ratner said.

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Galaxy Gaming

Galaxy Gaming and Pragmatic Play Expand Licensing Agreement





Galaxy Gaming has announced that it has signed an agreement with leading content provider Pragmatic Play extending the existing term for the licensing of Galaxy table game content across its portfolio of Live Casino and RNG gaming experiences.

Expanding on the existing success of 21+3 and Perfect Pairs configured on Pragmatic Play’s Blackjack titles, this agreement will also extend Perfect Pairs across Pragmatic Play’s Baccarat titles and enable further expansion across Galaxy’s catalog of games. These additions to Pragmatic Play’s portfolio will provide an exciting enhancement to its already popular offerings.

Matt Reback, President and CEO of Galaxy Gaming, said: “We’re thrilled to be extending and expanding our partnership with Pragmatic Play. They deliver a first-class Live and RNG casino environment experience enhanced by our world-famous side bets. Our continued partnership aligns with our long-term strategy to deliver the best table game content to operators and players everywhere.”

Irina Cornides, COO of Pragmatic Play, said: “Pragmatic Play has enjoyed a successful partnership with Galaxy Gaming, and we’re delighted to deepen our cooperation as part of our continued product expansion.”

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Galaxy Gaming






Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, announced that its Board of Directors has appointed a new President and Chief Executive Officer of the Company. The Company’s Board of Directors has appointed Matt Reback, who will join Galaxy on November 13, 2023.

“We are excited to welcome Matt as the Company’s new President and CEO. The Board carefully considered this change, examined multiple candidates, and ultimately believed it was the right decision to bring a new perspective into the Company as we embark on our next phase of growth,” stated Mark Lipparelli, Chairman of Galaxy’s Board of Directors. “Matt brings to Galaxy a combination of 20 years of leadership skills acquired in the gaming industry from both operator and technology companies. On a positive note, we are making this change with a solid foundation intact, and we are well-positioned going into the 2024 fiscal year.”

“I am looking forward to joining the Galaxy team and continuing what has been a great story in the gaming industry,” stated Matt Reback. “I intend to quickly get up to speed and make sure our 2023 year-end goals and 2024 plans remain on-track, while also taking a fresh look at our opportunities. There is a team of talented people at Galaxy who have demonstrated their ability to compete effectively against companies with more resources as well as their success forming strong industry partnerships. I expect that one of my goals with the Board will be to build on those successes.”

Prior to accepting this role, Mr. Reback served as the founder and President of Bravery Gaming. Prior thereto Mr. Reback held senior management positions in product management, sales, marketing and operations with AGS, Konami Gaming, Red Rock Casinos (formerly Station Casinos) and Caesars Entertainment. Mr. Reback is a graduate of UCLA and University of San Diego School of Law.


Lipparelli added, “We are appreciative of Todd Cravens’ material contributions to the development of Galaxy over the past six years, including navigating successfully the difficult pandemic period. We wish him well in his next endeavor.”

The Company intends to work through a brief transition with Mr. Cravens and expects Harry Hagerty to serve as an interim President and Chief Executive Officer should such a need arise.

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