Galaxy Gaming hit by losses in 2017

Galaxy Gaming has revealed year-on-year losses across various key financials for the 12 months to December 31, 2017.

Revenue came in at $14.9m (€12.1m), up 19% on the previous year, but adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 3% year-on-year to $5.1m.

Pre-tax income was also down by 78% to $553,000, while net loss came in at $11,000, compared to net income of $1.8m in the previous year.

The full-year results were slightly boosted by a relatively positive performance in the final three months of the year, during which revenue climbed 21% year-on-year to $3.9m.

Adjusted EBITDA was up 26% to $1.5m and pre-tax income rocketed 4,392% to $412,000, but a net loss of $66,000 was down on net income of $112,000 in the fourth quarter of the previous year.

Todd Cravens, president and chief executive of Galaxy, said: “We finished the year well, with year-over-year revenue growth in the quarter of 21%.

“More importantly, revenue growth exceeded expense growth, resulting in year-over-year growth in adjusted EBITDA for the first time this year.

“We will continue to make additions in headcount and other resources to support our long-term growth, but we are hopeful that we can deliver increases in both revenue and adjusted EBITDA in 2018.”

Related article: Galaxy claims revenue growth despite losses in Q3