6480 Cameron Street
Suite 305
Phone: 7029381753

Key Personnel

Phylicia Middleton - Director of Marketing
Loreal Gates - Regional Sales Manager
Dean Barnett - Vice President of Sales
David Schwartz - Regional Sales Manager
Gary Saul - Sales Consultant
Gavin Wright - Sales Consultant - Europe

About Galaxy Gaming

Galaxy Gaming is the industry’s most customer-centric partner. We are casino game and iGaming experts delivering innovative games and technologies proven to perform.

Galaxy Gaming Videos and Product Demos

Latest News

GALAXY GAMING ANNOUNCES COMPLETION OF SETTLEMENT WITH TRIANGULUM

Fortress Credit Agreement

On November 15, 2021, the Company entered into a Term Loan Credit Agreement (the “Fortress Credit Agreement”) with Fortress Credit Corp. as administrative agent, collateral agent and lender (and other related agreements). Pursuant to the Fortress Credit Agreement, the Company borrowed $60.0 million of senior secured term loans, the gross loan proceeds being used as follows: approximately $39.5 million was paid to Triangulum as full payment of the settlement amount pursuant to the Settlement Agreement, approximately $11.1 million was used to repay in full the Company’s Main Street and Nevada State Bank loans, and approximately $4.1 million was used to pay fees and expenses. The remaining approximately $5.3 million was added to the Company’s cash on hand.

The loans under the Fortress Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) LIBOR (or a successor rate, determined in accordance with the Fortress Credit Agreement) plus 7.75%, subject to a reduction to 7.50% upon the achievement of a net leverage target or (b) a base rate determined by reference to the greatest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by reference to The Wall Street Journal’s “Prime Rate” and (iii) the one-month adjusted LIBOR rate plus 1.00%, plus 6.75%, subject to a reduction to 6.50% upon the achievement of a net leverage target. The loan has a final maturity of November 15, 2026. The obligations under the Fortress Credit Agreement are guaranteed by the Company’s subsidiaries and are secured by substantially all of the assets of the Company and its subsidiaries. The Fortress Credit Agreement requires, among other things, amortization payments of $150,000 per quarter and includes an annual sweep of 50% of excess cash flow.

In connection with entering into the Fortress Credit Agreement, the Company also issued warrants to purchase a total of up to 778,320 shares of the Company’s common stock to certain affiliates of Fortress at a price per share of $0.01. The warrants are exercisable at any time, subject to certain restrictions.

The foregoing is qualified in its entirety by reference to the Fortress Credit Agreement and the warrants, copies of which will be filed as exhibits to the 8-K filed in connection with this press release.

Macquarie Capital acted as financial advisor to Galaxy in connection with the financing.

Executive Comments

“The Fortress transaction and the resulting satisfaction of the Settlement Agreement are a major achievement for Galaxy,” stated Todd Cravens, Galaxy’s President and CEO. “The expense and uncertainty of the Triangulum litigation are behind us, allowing us to focus all of our efforts on customers, products and business development. We appreciate the confidence in us that Fortress has shown, and we look forward to a mutually rewarding relationship. Finally, we are very grateful for the support that Nevada State Bank gave us during the three-plus years of our lending relationship with them, and we look forward to continuing our relationship on the treasury side.”

“Galaxy has demonstrated resilience and discipline through the challenges of COVID, and we believe the company is well-positioned to capitalize on opportunities for growth and value creation in the gaming space,” said Josh Pack, Fortress Managing Partner and co-CIO of its Credit business. “We are very pleased to provide Galaxy with a capital solution that will resolve litigation and related uncertainty, positioning the company for meaningful upside as the recovery from COVID closures continues.”

GALAXY GAMING REPORTS Q3 2021 FINANCIAL RESULTS

LAS VEGAS, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming (the “Company”), announced today its financial results for the fiscal quarter ended September 30, 2021.

Financial Highlights

Q3 2021 vs. Q3 2020

  • Revenue increased to $5,282K from $1,798K
  • Adjusted EBITDA1 increased to $2,463K from $36K
  • Net income of $874K vs. a net loss of $(1,298)K
  • Net Income per share (diluted) of $0.04 vs net loss per share (diluted) of $(0.07)

9 Months 2021 vs. 9 Months 2020

  • Revenue increased to $14,314K from $6,956K
  • Adjusted EBITDA2 increased to $6,303K from $116K
  • Net income of $1,513K vs. a net loss of $(3,387)K
  • Net Income per share (diluted) of $0.07 vs net loss per share (diluted) of $(0.18)

Balance Sheet Changes (vs. December 31, 2020)

Cash increased 23.5% to $7,402K
Total debt (gross) decreased to $50,215K from $51,914K
Stockholders’ deficit decreased to $(22,231)K from $(24,797)K

Executive Comments

“In the third quarter of 2021, the Company showed the potential we have been working toward since early 2020,” said Todd Cravens, Galaxy’s President and CEO. “Revenue3, Adjusted EBITDA and Adjusted EBITDA Margin all set records, even as a meaningful portion of our UK land-based customers remained closed in the quarter. We expect our land-based business to continue to recover from the COVID closures and for our online business to continue to grow in both Europe and North America.”

“The recovery of our business in the brick-and-mortar space continues, and we are benefitting from strength in the online sector,” said Harry Hagerty, Galaxy’s CFO. “As a result, our liquidity is improving. We’re hopeful that these trends will continue for the balance of 2021 and into 2022.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

Non-GAAP Financial Information

Adjusted EBITDA includes adjustments to net income to exclude interest, income taxes, depreciation, amortization, share based compensation, foreign currency exchange loss, 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 the Adjusted EBITDA metric offers investors, regulators and other stakeholders a view of our operations in the same manner management evaluates our performance. When combined with U.S. GAAP results, management believes Adjusted EBITDA provides a comprehensive understanding of our financial results. 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. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating our performance.

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 the land-based, riverboat, and cruise ship 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 FacebookYouTube and Twitter.

1 Adjusted EBITDA excludes expenses related to our litigation with Triangulum of $96K in Q3 2021 and $183K in Q3 2020.
2 Adjusted EBITDA excludes expenses related to our litigation with Triangulum of $426K in 9 Months 2021 and $836K in 9 Months 2020.
3 Revenue before deducting royalty expenses in the online business was $5,762K in Q3 2021.

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

 

Reconciliation of Net Income to Adjusted EBITDA

    Three Months Ended September 30,     Nine Months Ended September 30,  
Adjusted EBITDA Reconciliation:   2021     2020     2021     2020  
Net income (loss)   $ 874,236     $ (1,297,499 )   $ 1,513,428     $ (3,387,475 )
Interest expense     129,422       162,082       450,474       506,922  
Share redemption consideration     195,482       195,482       586,446       586,446  
Interest income     (392 )     (1,412 )     (1,163 )     (25,313 )
Depreciation and amortization     722,475       575,637       2,160,217       1,499,927  
Share-based compensation     449,564       178,553       1,207,649       512,818  
Foreign currency exchange loss (gain)     33,781       (20,014 )     31,511       95,976  
Change in fair value of interest rate swap liability           (55,330 )     (66,009 )     (21,650 )
(Benefit) provision for income taxes     (21,186 )     133,708       7,000       (492,807 )
Other non-recurring income     (25,000 )     (15,320 )     (25,000 )     (15,320 )
Severance expense     8,846       (3,243 )     12,596       20,058  
Special project expense     95,894       183,059       425,540       836,415  
Adjusted EBITDA   $ 2,463,122     $ 35,703     $ 6,302,689     $ 115,997  

Galaxy Gaming Executes Settlement Agreement with Former Chairman and CEO Triangulum Partners LLC

LAS VEGAS, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ) (“Galaxy” or the “Company”), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, announced today that it entered into Settlement Agreement with its former Chairman and Chief Executive Officer, Robert Saucier (“Saucier”), and Triangulum Partners LLC (“Triangulum”) on October 7, 2021.

The Settlement Agreement is conditioned upon the Company paying Triangulum and Saucier $39.1 million plus interest accrued at 2% per annum from May 6, 2021, through the date of actual payment. The Company has retained Macquarie Capital (USA) Inc. to assist it in raising funds for the settlement. The Settlement Agreement allows the Company until December 31, 2021, to complete its fundraising and pay the settlement amounts to Triangulum and Saucier.

The Settlement Agreement provides broad mutual releases to the Company, the Company’s officers and directors, Triangulum and Saucier related to all claims against each other. The parties agree to stay the litigation pending payment of the settlement funds. In addition, among other terms, Saucier and Triangulum have agreed not to compete with the Company for a period of five years from the date of payment of funds.

“The execution of this Settlement Agreement is a significant development for Galaxy,” stated Mark Lipparelli, Chairman of Galaxy’s Board of Directors. “We are active in our efforts to raise the funding necessary to complete our obligations under the Agreement and will provide updates, if any, as those plans develop. Our Board believes this is an appropriate settlement of the litigation between us and Mr. Saucier and his entity. Further, we are pleased to see steady progress in the Company’s results as our casino and online gaming partners emerge from the shutdowns associated with the COVID pandemic. We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”

Background

On May 6, 2019, the Company redeemed the shares of its common stock held by Triangulum (an entity controlled by Saucier) by a note in the amount of $39.1 million. As required, the Company made its annual interest only payments to Triangulum. Prior to the redemption, Triangulum held approximately 58% of the Company’s outstanding common stock. Also on May 6, 2019, the Company filed a lawsuit against Triangulum and Saucier. Shortly thereafter, Triangulum and Saucier countersued the Company and certain of its board members. The redemption and the litigation are described in more detail in the Company’s periodic SEC filings.

Galaxy Gaming Announces New Games, Solutions, and Big iGaming Numbers

LAS VEGAS, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced major milestones in its commitment to best-in-class omnichannel table game content and solutions.

“At Galaxy Gaming, we’re hyper-focused on developing innovative table game content that performs both online and on the casino floor and continues to delight the player, wherever they may be,” said Todd Cravens, President and CEO of Galaxy Gaming. “This G2E season, we are thrilled to premiere a suite of brand new table game content and solutions and announce some big wins in iGaming.”

Debuting New Comprehensive Baccarat Portfolio

 

In response to the need for customizable Baccarat games and tools, Galaxy Gaming unveils its Baccarat collection this October. Traditionally, the industry featured a variety of baccarat side bets offered separately. After listening to their partners, Galaxy developed a series of games that allow for one-of-a-kind combinations that solve this challenge and an engaging trend board solution.

Galaxy Gaming is proud to launch Rising Phoenix, Golden Talons, and Mystic Baccarat, and the elegant Baccarat trend board solution, Lunar Table Display.

  • The bet combinations of Rising Phoenix and Golden Talons mark the first time players will have the opportunity to take advantage of both styles of side bets on one table.

  • In addition to this combination, all of Galaxy’s Baccarat side bets can be mixed. Also, new to the Prime Membership portfolio, Mystic Baccarat presents three additional side bets and allows the option to add Golden Talons.

  • All games are available as both commission and commission-free and with the option of adding single or multi-denom progressives.

  • The Lunar Table Display transforms the typical trend board offering support for most industry intelligent shoes and displaying comprehensive game results. The user-friendly dealer interface makes the dealer’s job streamlined, allowing more hands to be dealt.

Launching Innovative High Action Table Games

Galaxy Gaming is also thrilled to announce a suite of exciting high-action games joining the Prime Membership Portfolio: Split to Double Blackjack, Super Omaha Poker, Three Card Pick’em, and High Roller Hold’em.

  • All five of these games are designed for high action while maximizing the player’s time on the table.

  • Each title offers a reasonable house edge while providing the players with several opportunities to raise.

  • Galaxy Gaming acquired the rights to this game portfolio from High Variance Games, LLC.

Announcing One Billion Online Bets Annually and Counting

In the last twelve months, over one billion wagers worldwide have been made online on Galaxy Gaming side bets alone. Galaxy Gaming’s well-known and trusted titles in brick-and-mortar casinos continue to shine in the iGaming space as well.

  • Of the top seven side bets online, Galaxy iGames make up five including the world’s number one side bet, 21+3, Perfect Pairs, Buster Blackjack, Lucky Ladies, and Lucky Lucky.

  • Galaxy iGames can be found across over 750 of the world’s leading online casino iGaming sites.

  • Currently, Galaxy iGaming titles produce 2% of Gross Gaming Revenue in the U.S., and Galaxy expects that percentage to grow as new markets and products become available.

Coming Soon: 21+3 Progressive Blackjack with Lucky Ladies in Partnership with Spin Games LLC

Bringing two of Galaxy Gaming’s most successful titles together, Spin Games will launch 21+3 Progressive Blackjack. A leader in Remote Gaming Server technology and interactive content, Spin Games specializes in designing and developing world-class gaming content and best-in-class interactive technologies for regulated B2B social and real money gaming markets.

  • 21+3 Progressive Blackjack’s upcoming launch will be the first time 21+3 and Lucky Ladies will appear as dual bets in the market.

  • This also marks the first time a 21+3 Progressive will launch an RNG casino game.

  • 21+3 and Lucky Ladies are two of the most popular side bets in the world in both physical and online casinos.

GALAXY GAMING REPORTS Q2 2021 FINANCIAL RESULTS

LAS VEGAS, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB:GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, announced today its financial results for the fiscal quarter ended June 30, 2021.

Financial Highlights Q2 2021 vs. Q2 2020

  • Revenue increased to $4,749K from $664K
  • Adjusted EBITDA1 increased to $2,147 from a loss of $(1,420)K
  • Net income of $550K vs. a net loss of $(2,207)K
  • Net Income per share (diluted) of $0.03 vs net loss per share (diluted) of $(0.12)

H1 2021 vs. H1 2020

  • Revenue increased to $9,032K from $5,158K
  • Adjusted EBITDA2 increased to $3,840K from $80K
  • Net income of $639K vs. a net loss of $(2,090)K
  • Net Income per share (diluted) of $0.03 vs net loss per share (diluted) of $(0.12)

Balance Sheet Changes (vs. December 31, 2020)

Cash decreased 4% to $5,780K
Total debt (gross) decreased to $50,767K from $51,914K Stockholders’ deficit decreased to $(23,431)K from $(24,797)K

Executive Comments

“The second quarter of 2021 showed a welcome improvement in our land-based business and continued growth in our online business,” said Todd Cravens, Galaxy’s President and CEO. “Revenue in our land-based business increased from $2,826K in Q1 2021 to $3,183K in Q2 2021 despite casinos in the UK – our largest land-based market – remaining closed until mid-May. In the online business, revenue (net of royalties) increased to $1,566K in Q2 2021 from $1,457K in Q1 2021. We expect an acceleration on online revenue growth in the second half of 2021 as, among other things, live-dealer gaming through our largest client goes live in Michigan.”

“Cash declined modestly in Q2 2021 due primarily to the annual payment of $782K in accrued share redemption consideration in Q2 2021,” stated Harry Hagerty, Galaxy’s CFO. “We were in compliance with the covenants in our bank debt with the exception of minimum EBITDA, and the bank has agreed to forebear enforcement of a violation of that covenant through Q3 of 2021.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward- looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

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, cruise ships and online casinos worldwide. Through its iGaming partner Games Marketing Ltd., Galaxy Gaming licenses its proprietary table games to the online gaming industry. Galaxy’s games can be played online at FeelTheRush.com. Connect with Galaxy on FacebookYouTube and Twitter.

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

1 Adjusted EBITDA excludes expenses related to our litigation with Triangulum of $80K in Q2 2021 and $480K in Q2 2020.
2 Adjusted EBITDA excludes expenses related to our litigation with Triangulum of $330K in 1H 2021 and $653K in 1H 2020.

Galaxy Gaming Acquires High Variance Games, LLC Game Portfolio

LAS VEGAS, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced they have acquired the rights to the game portfolio of High Variance Games, LLC, including Super Blackjack, Super Texas Hold’em, Super Pai Gow, Three Card Stud Triple Draw, and Super Omaha Poker.

“Galaxy Gaming has the distribution network I was looking for in a partner and an impressive, forward-thinking management team,” said Jeff Hwang, President and CEO of High Variance Games, LLC. “I see an organization with a ton of upside.”

“With our focus on innovative, omnichannel content, Jeff’s games are a natural fit. They’re unique, exciting games that add to the breadth of our portfolio,” shared Steve Cvetkoski, Galaxy Gaming’s Director of Product Development. “Super Blackjack and Super Texas Hold’em, in particular, really heighten the most exciting parts of blackjack and poker by offering unique mechanisms, multiple betting rounds, and opportunities to raise. Players can gamble and be aggressive, but with a house edge that will keep them in action longer. That’s the case with all of these games and a big reason why we’re so excited to get them into the land-based and digital spaces quickly. We expect high action while maximizing a player’s 'time on device' – certainly a real win-win for both players and operators.”

“We’re are thrilled to work with Jeff Hwang to add these new titles to our content portfolio and Prime Membership catalog,” stated Todd Cravens, Galaxy Gaming’s President and CEO. “What excites us about these new games is that we believe they will resonate with casino players and add even more diversity and strength to our catalog of world-famous titles.”

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. Through its subsidiary, Progressive Games Partners, Galaxy Gaming 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 High Variance Games, LLC

High Variance Games, LLC is the brainchild of Jeff Hwang, a gaming industry consultant, poker player, and the best-selling author of Pot-Limit Omaha Poker: The Big Play Strategy and the three-volume Advanced Pot-Limit Omaha series. With the rapid expansion of land-based casino gaming over the past three decades, along with the poker boom and online gaming explosion of the 2000s, more people have been exposed to gambling games than ever before. And with the great advancements in in-game knowledge and game strategy over this time period, more gamblers – millennials in particular – are more sophisticated and more knowledgeable about gambling than at any point in the history of mankind. High Variance Games, LLC was formed to bring a new brand of high-action, low-edge games designed to meet the demands of the modern gambler to the casino floor and beyond.

Galaxy Gaming Delivers First Terrestrial Perfect Pairs Progressive with Aspers Casino in the United Kingdom

LAS VEGAS, JULY 9, 2021 (GLOBE NEWSWIRE) – Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced that they have installed the first Perfect Pairs live gaming dual progressive jackpots across 11 tables with Aspers Westfield, Stratford. Galaxy Gaming delivered this new progressive as part of their partnership agreement with John Wicks, creator of Perfect Pairs, to exclusively provide a Perfect Pairs live gaming progressive jackpot on land-based table games in the United Kingdom.

When asked about the project, Gavin Wright, Galaxy Gaming’s Europe Sales Consultant commented, “Aspers have seen the value that a Perfect Pairs Progressive can bring to their casino floor, together with the initiative to go all-in with a dual jackpot offering.  This new and exciting product adds to the player experience and builds on the value of the Perfect Pairs brand that Galaxy has first-hand knowledge and understanding of through its partnership with John Wicks in the iGaming space.” Gavin added “As a result of Galaxy’s omnichannel expertise, we hold a wealth of experience when it comes to game and paytable design.  Galaxy Gaming delivers solutions that work for both the casino and player.”

Steve Bailey, General Manager at Aspers Casino, Westfield Stratford City, London shared “We are excited to work together with both Galaxy Gaming and their new partnership with John Wicks to introduce the first Perfect Pairs progressive in a land-based UK casino. Having always offered the Perfect Pairs side bet since the opening of our Stratford casino in December 2011 and working with Galaxy Gaming over the years with various other games and side bets,  I feel this is a really exciting time to bring together such a popular side bet in a progressive format and look forward to adding this unique offering for our guests.”

 

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. Through its subsidiary, Progressive Games Partners, Galaxy Gaming is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on FacebookYouTubeInstagram, and Twitter.

Contact:

Media:

Phylicia Middleton (702) 936-5216

Investors:         

Harry Hagerty (702) 938-1753

SPIN GAMES’ AND GALAXY GAMING ANNOUNCE I-GAMING CONTENT LICENSING AGREEMENT

Agreement Enables Spin to Deploy Galaxy’s Premium Table Game Content across Spin’s ROC™ Remote Gaming Server (RGS) Platform in North America

RENO, NV — (May 10, 2021) Spin Games LLC, a North American leader in Remote Gaming Server (RGS) technology and interactive content, announced today that it has entered into a content licensing agreement with Galaxy Gaming, Inc (OTCQB: GLXZ) to deploy Galaxy’s popular table game content via Spin’s ROC™ Remote Gaming Server platform to customers in North America. Under the terms of the agreement, Spin will integrate Galaxy’s premium table game titles for “play for money” deployment in North American i-Gaming markets.

“We are pleased to be partnering with Galaxy Gaming to expand our content portfolio with their premium table game content,” commented Kent Young, Spin Games’ Chief Executive Officer and Chairman. “As i-Gaming continues to expand throughout North America, we are focused on expanding the game options we provide to our customers and look forward to integrating Galaxy’s games with our RGS.”

“We’re thrilled to now offer two of the most popular side bets in the world, 21+3 and Lucky Ladies, on Spin’s ROC™ Remote Gaming Server platform,” stated Todd Cravens, Galaxy Gaming’s President and CEO. “This is the first time 21+3 and Lucky Ladies with appear as dual bets in the market. This partnership with Spin Games aligns with our focus to engage and delight players with our proven content wherever they are – at a casino or online”

- - -

ABOUT SPIN GAMES

A leader in Remote Gaming Server technology and interactive content, Spin Games specializes in designing and developing world-class gaming content and best-in-class interactive technologies for regulated B2B social and real money gaming markets. Produced in HTML5 format and compatible across desktop and multiple mobile applications, the Spin content 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.

Founded in Reno, Nevada in 2012, Spin Games has content and RGS licensing agreements with numerous top-tier gaming content providers including Konami Gaming, Everi, and Incredible Technologies. Additional information about Spin Games is available online at www.spingames.net.

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. Through its subsidiary, Progressive Games Partners, Galaxy Gaming is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on FacebookYouTubeInstagram, and Twitter.

Released May 10, 2021

GALAXY GAMING REPORTS Q1 2021 AND FINANCIAL RESULTS

LAS VEGAS, May 17, 2021 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming operators, announced today its financial results for the quarter ended March 31, 2021.

Financial Highlights

Q1 2021 vs. Q1 2020

  • Revenue decreased 4.7% to $4,283K
  • Adjusted EBITDA increased 12.8% to $1,692K1
  • Net income of $89K vs. net income of $117K

Balance Sheet Changes (vs. December 31, 2020)

Cash increased 1.5% to $6,081K
Total long-term liabilities (gross) decreased $569K to $51,483K
Stockholders’ deficit decreased to $(24,460)K

Executive Comments

“The COVID pandemic continued to affect our business in Q1,” stated Todd Cravens, Galaxy’s President and CEO. “Casinos in the UK, our largest brick-and-mortar market, were shuttered for the entire quarter, and we continued to see capacity limitations in other important markets. However, as was the case in Q4 2020, our iGaming business made up most of the difference. iGaming went live in Michigan in February, and volumes were very strong. We expect additional increases in activity when our live dealer clients open up there. In addition to iGaming, new installations of our games and progressives in new markets continue to add to the top line.”

Cravens added, “I am happy to see progress in Q1, and am looking forward to getting all our customers up and going, as well as bringing new clients into the Galaxy.”

Despite the continued effects of COVID, we managed to make modest headway in Q1,” said Harry Hagerty, the Company’s CFO. “While revenue was slightly down versus Q1 of 2020, Adjusted EBITDA was up and we had positive cash flow. We are hopeful that COVID-related closures and limitations continue to recede through the remainder of 2021, allowing us to have normalized results in both the brick-and-mortar and online channels in 2022.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

Non-GAAP Financial Information

Adjusted EBITDA includes adjustments to net income to exclude interest, income taxes, depreciation, amortization, share based compensation, foreign currency exchange loss, 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 the Adjusted EBITDA metric offers investors, regulators and other stakeholders a view of our operations in the same manner management evaluates our performance. When combined with U.S. GAAP results, management believes Adjusted EBITDA provides a comprehensive understanding of our financial results. 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. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating our performance.

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. Through its subsidiary, Progressive Games Partners, Galaxy Gaming is the world’s leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on FacebookYouTubeInstagram, and Twitter.

________________________
1 See the related 10-Q for a reconciliation of Net Income to Adjusted EBITDA.