LAS VEGAS, June 21, 2023 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), announced today that they have reached an agreement with The Talisman Group LLC, creators of the EZ Baccarat^® table game, for the exclusive distribution rights for EZ Baccarat, in the United States, Canada, and the United Kingdom beginning on September 9, 2023. Galaxy also will become the exclusive distributor globally for online gaming on that date.

EZ Baccarat is the world's leading no-commission baccarat game, with over 830 table games installed in over 140 casinos worldwide. EZ Baccarat was co-created by Robin Powell and Francisco “TJ” Tejeda of Talisman Group.

“This agreement is another example of our commitment to delivering the best table game content to everyone, everywhere,” said Todd Cravens, President and CEO of Galaxy Gaming. “EZ Baccarat is the world’s leading baccarat brand and we’re thrilled that it will become part of our robust catalogue of games and side bets. To every casino currently offering EZ Baccarat, we commit to a seamless transition and look forward to supporting you with our best-in-class service.”

“We very pleased to have an agreement with Galaxy Gaming as our next distributor and look forward to working closely with them in the future,” said Robin Powell, Principal at Talisman Group.

Galaxy shared that any operators with questions about the transition may reach out to ezbaccarat@galaxygaming.com for a prompt response.

LAS VEGAS, May 16, 2023 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ) has announced that is has signed an agreement with Evolution Group for the licensing of Galaxy table game content across their portfolio of studios. The agreement runs for ten years and strengthens Evolution’s collection of online table games.

This agreement builds upon the existing success of Galaxy’s world-famous table game and side bets available now on Evolution products, including the 21+3™, Perfect Pairs™, Lucky Ladies™, Double Ball Roulette™, Texas Hold’em Bonus Poker™, and Caribbean Stud™.

“Extending our long-standing partnership with Evolution aligns with our focus to deliver the best table game content to everyone, everywhere,” shared Todd Cravens, President and CEO of Galaxy Gaming. “Evolution continues to develop a robust catalogue of top-performing and innovative titles. We are delighted to continue to be a part of this impressive product portfolio and thrill their players with our world-famous games.”

Fredrik Bjurle, Chief Product Officer at Ezugi, part of Evolution Group, commented: "We are thrilled to extend our partnership with Galaxy Gaming. Our continued collaboration is a testament to the success we have achieved together over our decade long partnership. We are looking forward to the future and to continue to offer these amazing games within Evolution Group.”

LAS VEGAS, May 15, 2023 (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 ended March 31, 2023.

Financial Highlights

Q1 2023 vs. Q1 2022

• Revenue increased 25% to $7,423K
• Adjusted EBITDA increased 15% to $3,084K
• Net income of $111K vs. net loss of $(14)K

Balance Sheet Changes (vs. December 31, 2022)

• Cash decreased 10% to $16,386K
• Total long-term debt¹ (gross) decreased to $58,841K from $59,740K
• Stockholders’ deficit decreased to $(17,513)K from $(17,885)K

Executive Comments

“2023 is off to a good start” said Todd Cravens, President, and CEO. “Our revenues, which were a record, include approximately $1.3 million of perpetual license purchases from a large customer in GG Core, and we expect more of these purchases in the second quarter. Without these purchases in Q1 23, our GG Core revenues were $3.9 million vs $3.8 million in Q1 22. In our GG Digital business revenues (net) were $2.3 million vs $2.1 million in Q1 22. We anticipate that Q1 23 will be the last quarter in which year-over-year comparisons are adversely affected by exchange rates. In April, our GOS platform was approved by the testing lab, and we are now receiving the necessary approvals to sell GOS in jurisdictions where such approval is required.”

“We paid down $733K of principal on the Fortress loan in Q1, and Net Leverage was 3.9x at the end of the quarter, comfortably below the 6.0x maximum” said Harry Hagerty, the Company’s CFO. “We saw an increase in receivables from some of our largest customers and a decrease in payables to one of our largest vendors, with the result that we saw a decrease in cash in the quarter. We believe that our liquidity will remain strong through the balance of the year, and we continue to target a refinancing of our debt in late 2023.”

Hagerty added, “With respect to fiscal 2023, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $26-$27 million to a range of $27.5-$28.5 million, and we are increasing the guidance for Adjusted EBITDA from a range of $12-13 million to a range of $13.0-13.25 million. This forecast assumes no impact to our business from the war in Ukraine, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the first quarter.”

The company will update its investor deck to reflect the results this quarter. Investors are encouraged to send questions to management at investors@galaxygaming.com by Wednesday, May 17. Management will record their answers to investors on May 23.

 

			Quarter ended March 31,
Adjusted EBITDA Reconciliation:				2023				2022
Net income (loss)			$	110,694			$	(13,962	)
Interest expense				2,203,635				1,687,022
Interest income				(84,750	)			(2,233	)
Depreciation and amortization				576,342				724,462
Share-based compensation				244,923				310,002
Foreign currency exchange loss (gain)				22,688				60,263
Provision (benefit) for income taxes				5,575				(141,974	)
Severance expense				--				21,727
Special project expense (benefit) - Triangulum				--				(86,959	)
Special project expense - Other				5,321				115,083
Adjusted EBITDA			$	3,084,428			$	2,673,431

¹ Includes current portion.

 

 

 

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 adapt to changes resulting from the COVID-19 pandemic 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.

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. Gross revenue adds back royalty expenses paid to owners of intellectual property re-licensed to our iGaming clients. Neither Gross Revenue nor Adjusted EBITDA is a measure of performance defined in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). However, Gross Revenue and Adjusted EBITDA are used by management to evaluate our operating performance. Management believes that disclosure of the Gross Revenue and Adjusted EBITDA allows investors, regulators, and other stakeholders to view our operations in the way management does. Gross Revenue and 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, Gross Revenue and 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

Galaxy Gaming has inked a partnership agreement with Blueprint Gaming for the release of table games with Side Bets

The leading UK-based game studio that belongs to Germany’s Gauselmann Group had chosen Galaxy Gaming for its popular, trademarked Side Bets feature.

Once it has been added to its table games in the second quarter, the Side Bets feature is expected to enhance the engagement potential for Blueprint Gaming’s table games while breathing fresh life into the gameplay.

The freshly licensed Side Bets features will become available across Blueprint Gaming’s entire portfolio of table games in all the jurisdictions the studio currently operates in. 

The first game that will reach the portfolio will be Blackjack Player’s Choice with as many as six Side Bets made available on the date of the launch.

The terms of the new agreement also include the 21+3, which is the leading Side Bet on online and brick-and-mortar gaming venues. The game reunites two of the most popular casino card games on the planet, Blackjack and Three Card Poker. 

21+ 3 has been proven to offer high-paced action at the tables and an overall growing table win and hold.

According to Galaxy Gaming’s director of iGaming Jason McCulloch, the newly signed licensing partnership will also include other popular titles like Lucky Ladies, Perfect Pairs, Suit’em Up, Lucky Lucky, and Buster Blackjack.

McCulloch described the games as “some of the most popular side bet titles in the world” while expressing excitement to watch them bring new thrills to players in all parts of the world. 

Blueprint Gaming’s director of key accounts and marketing UK Jo Purvis acknowledged their games’ trusted performance over the years while expressing their interest in constantly offering new experiences for players and operators alike. 

Purvis called Galaxy Gaming’s Side Bets “the perfect tool that would help boost player engagement and revenue growth through their potential of adding fresh ways of enjoying their favorite table games.

Galaxy Gaming has established itself as a premium provider of proven games with top-tier performance. Via its Progressive Games Partners subsidiary, the company is considered the leading licensor of proprietary table games for the iGaming industry. 

LAS VEGAS, March 20, 2023 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ) (“Galaxy” or the “Company”), a developer and distributor of online and land-based casino table games and enhanced systems, announced today that its meeting of Shareholders will be held virtually on June 14, 2023, for shareholders of record as of April 17, 2023. The Notice of Shareholders Meeting will be provided to shareholders of record as of April 17, 2023, in accordance with applicable statutes and regulations.

LAS VEGAS, Jan. 24, 2023 (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 from February 7 to 9 in stand S8-320 at ExCel London.

“ICE London will be the debut of some of the brand-new groundbreaking features in our Galaxy OS and the first of three Galaxy Gaming Digital RNG titles built in-house,” shared Todd Cravens, President and CEO. “We believe this will be our busiest ICE yet, and we’re thrilled to be back to showcase what we’ve been working on.”

This year’s stand showcases Galaxy’s commitment to delivering best-in-class table games for everyone, everywhere. Some of the featured products and solutions that underscore this include:

Galaxy OS™ - A System for the Future of Table Games

Powering the tables in the stand is Galaxy OS™ (GOS), Galaxy Gaming’s inventive table management system. Built to evolve, GOS features a flexible electronic bonusing platform for the world’s first Dynamic Progressive, real-time progressives, daily jackpots, tiered progressives, and linked progressives. For the first time, GOS also allows for digital tracking for Roulette and Craps, with tracking for Galaxy Gaming’s own Roulette Up™ on display, in-stand.

Additionally, GOS can be fitted with single, dual, or even triple progressive sensor bet spots. Vibrant GOS sensors available in a rainbow of colors instantly register bets when chips are placed. The modern UX allows for customizable content, rapid deployment, and streamlined field support and its dashboard is home to robust reporting and back-end analytics.

Galaxy Gaming Digital Game Library & Built Games

Galaxy Gaming is the world’s leading licensor of proprietary casino table games to the online gaming world. Their world-renowned games, such as 21+3™, Lucky Ladies™, Perfect Pairs™, Caribbean Stud Poker™, Buster Blackjack, and much more, appear on over 1,000 of the world’s leading online casino iGaming sites. Over 2 billion wagers have been placed on Galaxy Gaming online titles in the past calendar year.

Debuting at ICE are the first three Galaxy-built games, Roulette Up™, Split to Double Blackjack™, and Rising Phoenix Baccarat™ all launching in Q1. Stop by stand S8-320 to be the first to play these new RNG titles.

Innovative Table Game Content for Everyone, Everywhere

Consistently pioneering new games while remaining the industry’s home for the best-performing established table game content, Galaxy Gaming has the most robust table game content library in the industry. Featured table games available to play in-booth range from some of Galaxy Gaming’s most popular titles, such as 21+3™, Top 3™, and Perfect Pairs™ side bets all on one Dynamic Progressive blackjack table, to fresh new titles like the fast and fun 3 Dice Baccarat™ and high-action High Roller Hold’em™.

Other thrilling titles available to play include Roulette Up™, Three Card Pick’em™, and Eternal Baccarat™.

Custom Solutions Proven to Perform

Galaxy prides themselves in working with their valued clients on custom solutions to enhance their gaming floor and operations. A vivid example of this is highlighted in a recent award nomination.

The Galaxy Gaming team is honored to have been shortlisted for Global Gaming Awards London 2023’s Product Launch of the Year and the European Casino Award’s Best Table Game Product for their Triple Sensor Jackpot with Charity Meters. In the world-famous Les Ambassadeurs Club, triple sensors at £25, £50, and £100 each contributed to two meters with a portion feeding to a jackpot eligible for a player to win and another that would be donated as part of Les Ambassadeurs’ Good Causes charity.

Galaxy Gaming continues to be the most customer-centric table games provider in the industry. Operators are encouraged to visit stand S8-320 to learn more about what Galaxy can do for them.

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.”

_____________________

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.

CHICAGO--(BUSINESS WIRE)--ODDSworks, Inc., a North American leader in Remote Gaming Server technology and interactive content, announced today that the company has signed an agreement to distribute Galaxy Gaming Digital content online.

The first of these games include Split to Double Blackjack™, Roulette Up ™, and Rising Phoenix Baccarat™, all featuring progressive jackpots. Using its BETguard™ Remote Gaming Server (RGS) platform, ODDSworks is well suited to handle the huge volume Galaxy games create. In the last twelve months, over one billion wagers worldwide have been made online on Galaxy Gaming content alone.

Plans call for ODDSworks to offer Galaxy’s content in North America, beginning with New Jersey, Pennsylvania, West Virginia and Michigan.

“Galaxy Gaming Digital is in line with our growth strategy that focuses on expanding our presence in each new domestic market. ODDSworks is pleased to provide world class, best-of-breed differentiated table games to our casino partners,” said Shridhar Joshi, ODDSworks CEO.

“Galaxy Gaming Digital is a great company, as well as business partner. We expect our close relationship to grow in the years to come.” said ODDSworks President, Larry DeMar. “We are honored to have them as a business partner.”

“At Galaxy Gaming, we are enthusiastic about creating the best table games and bringing that content to new channels. We are thrilled to be launching our expanding digital portfolio with ODDSworks’ nimble, quick to market execution as well as the principals’ decades of gaming experience,” shared Todd Cravens, President and CEO of Galaxy Gaming.

LAS VEGAS, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology will showcase an innovative new table game operating system, brand-new table game content, enhancements to their world-famous games, and their content vast online portfolio at this year’s Global Gaming Expo (G2E) from October 11-13 in booth #4016.

“We’re thrilled to share what we’ve been working on – industry-leading table management and progressive solutions, world-famous and brand-new table game content, and delivering that premium content across diverse channels,” shared Todd Cravens, President and CEO.

This year’s presentation showcases Galaxy’s commitment to delivering best-in-class table games for everyone, everywhere. Some of the featured products that underscore this include:

A System for the Future of Table Games
G2E will be the premiere of Galaxy OS™ (GOS), Galaxy Gaming’s inventive table management system. Built to evolve, GOS features a flexible electronic bonusing platform for real-time progressives, daily jackpots, tiered progressives, linked progressives, and the world’s first dynamic progressive.

Additionally, GOS can be fitted with single, dual, or even triple progressive sensor bet spots. Vibrant GOS sensors available in a rainbow of colors instantly register bets when chips are placed. The modern UX allows for customizable content, rapid deployment, and streamlined field support and its dashboard is home to robust reporting and back-end analytics.

Innovative Table Game Content for Everyone, Everywhere
Galaxy Gaming has the most robust table game content library in the industry. Featured table games available to play in-booth range from some of Galaxy Gaming’s most popular titles, such as 21+3™, Lucky Ladies™ and Perfect Pairs™ side bets all on one triple progressive blackjack table, to fresh new titles like the fast and fun 3 Dice Baccarat™ and high-action Split to Double Blackjack™.

Other thrilling titles available to play include craps with Repeater Bets™, Fielder’s Choice™, and one of the most popular bonus wagers in the world, Bonus Craps™ as well as WPT High Roller Hold’em™, and Supreme Pai Gow™.

Galaxy Gaming Digital’s Game Library
Earlier this year, the company launched Galaxy Gaming Digital™, a division focused on online growth and development. The company will highlight the success of that focus at this year’s expo.

In the last twelve months, over one billion wagers worldwide have been made online on Galaxy Gaming side bets alone and new Galaxy Gaming titles are getting launched every month. These titles can be found on games developed by Galaxy iGaming partners across over 1,000 of the world’s leading online casino websites and will be featured at Galaxy’s booth.

Additionally, Galaxy will preview the Galaxy-built RNG games debuting later this year – Split to Double Blackjack™, Roulette Up™, and Rising Phoenix Baccarat, which are all currently available in land-based casinos. 

Don’t miss these game-changing table games and solutions at booth #4016. Galaxy Gaming’s omni-channel focus results in a portfolio of games, side bets, displays, and progressives that excite guests on the casino floor, on their mobile devices and desktop, and beyond.

To register for G2E and learn more visit www.galaxygaming.com/g2e

LAS VEGAS, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology will unveil innovative new content and technology at this year’s Global Gaming Expo (G2E) from October 11-13 in booth #4016.

“We’re thrilled to be exhibiting at G2E this year. The expo is a great opportunity for our team to meet face to face with our customers and show them what we’ve been working on,” shared Todd Cravens, President and CEO at Galaxy Gaming. “You are going to see the result of us focusing on what we do best, industry-leading table management and progressive solutions, world-famous and brand-new table game content, and delivering that premium content across diverse channels.”

Those game-changing table games and solutions will be on display showcasing Galaxy’s commitment to building thrilling table games for everyone, everywhere. This omni-channel approach results in a portfolio of games, side bets, displays, and progressives that excite guests on the casino floor, on their mobile devices and desktop, and beyond.

A preview of the new content and technology launching at G2E will be released soon. To stay up-to-date visit www.galaxygaming.com/G2E.

LAS VEGAS, Aug. 15, 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 six months June 30, 2022.

Financial Highlights

Q2 2022 vs. Q2 2021

Revenue increased 20% to $5,676K
Adjusted EBITDA increased 10% to $2,358K
Net loss of $(1,116)K vs. net income of 550K
1H 2022 vs. 1H 2021

Revenue increased 28% to $11,595K
Adjusted EBITDA increased 31% to $5,032K
Net loss of $(1,130)K vs. net income of 639K
Balance Sheet Changes (vs. December 31, 2021)

Cash increased 7% to $17,250K
Total long-term debt1 (gross) decreased to $59,868K from $60,500K
Stockholders’ deficit increased to $(18,0297)K from $(17,286)K
Executive Comments

“The second quarter of 2022 was a perfect storm of rates - foreign exchange rates, inflation rates and interest rates,” said Harry Hagerty, Galaxy’s CFO. “The appreciation of the US Dollar against the Euro and the British Pound cost us $190K in revenue in the quarter (as compared to what we would have realized using the rates that applied in Q2 2021). We have seen very little benefit from the new rates on the expense side, as most of our expenses are denominated in dollars. The increase in inflation has affected us as we have seen significant increases in travel expenses and are having to offer increased salaries and wages to hire new employees and to retain existing ones. Finally, the floating interest rate on which our long-term debt is based has risen by 116 basis points from January to July.”

“The external conditions that Harry described masked what was an excellent quarter and first half,” said Todd Cravens, President and CEO. “On a constant currency basis, revenue increased by 24% in the quarter and the 32% in the first half as compared to the same periods in 2021. And we have some exciting things happening in the second half. In Galaxy Core (our land-based business), one of our high-end UK customers will launch the first three-meter progressive, with a top side bet of £100 – the first in the world. We started installations of our new Triton 1.0 progressive platform in the US in the third quarter and will demonstrate Triton 2.0 at G2E in October. Galaxy Digital (our online business) continues to do well. With our partner SPIN Games, we launched the first online 21+3? Progressive, and we will release our own online roulette and baccarat titles in the second half of 2022 to complement our strong position in blackjack side bets. I’m excited about the fundamentals of our business and am confident we’ll manage through the wider macroeconomic issues. We focus on the things we can control.”

“Despite the headwinds, our liquidity and balance sheet remain in good shape,” continued Hagerty. “We had more than $17 million in cash at quarter-end and were comfortably in compliance with the net leverage covenant in the Fortress Credit Agreement.

“Unfortunately, current exchange rates are even lower now than they were in Q2,” Hagerty added. “On the assumption that these rates will be with us for the rest of the year and that the cost and wage pressures will also continue, we are lowering our guidance for the year. We now forecast revenue in a range of $22.5-$23.5 million and Adjusted EBITDA in a range of $10-11 million. This forecast assumes no new lockdowns from COVID-19, no impact to our business from the war in Ukraine, and no economic recession.”

LAS VEGAS, July 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, announced today that Meredith Brill has been appointed to its Board of Directors effective July 13, 2022. Ms. Brill fills the seat vacated by William Zender, who resigned from the Board effective July 1, 2022. She will serve until the next election of directors at a meeting of shareholders.

Ms. Brill is a Private Investor and has been a shareholder of Galaxy Gaming for some time. She is an experienced Canadian Intellectual Property Lawyer and Patent Agent. Her legal career has included all aspects of patent drafting and prosecution, intellectual property portfolio and management strategy, and competitive intelligence research.

“Meredith is a valuable addition to the Galaxy Board,” stated Mark Lipparelli, Chairman of Galaxy’s Board of Directors. “Her experience in intellectual property matters is directly relevant to Galaxy’s business model and, as a long-time shareholder, she is very familiar with the Company’s opportunities and challenges. We look forward to her contributions.”

“I have been a shareholder of Galaxy for several years, so I am an admirer of its business model and success to date," stated Ms. Brill. “I am enthusiastic about the opportunity to get involved in the Company’s strategy and operations and to bring my experience in IP-related matters to bear on its future activities.”

White Hat Studios has strengthened its US proposition further with the addition of a suite of proprietary casino table games from Galaxy Gaming® to its offering.

Blackjack Player’s Choice is to be the first game that will see White Hat’s Studios develop Galaxy Gaming’s world-leading content. Operators will be able to offer players a significantly enhanced Blackjack portfolio, with the addition of six of the world’s best known and most successful side bets – 21+3®, Perfect Pairs ®, Lucky Ladies®, Lucky Lucky ®, Buster Blackjack®, and Suit’em Up™.

Annually, Galaxy Gaming sees more than 1.2 billion wagers placed on its Blackjack side bet games as a result of their broad distribution across the world in both brick-and-mortar and online casinos. White Hat’s table game portfolio will benefit substantially from the deal as the company continues to gain ground in regulated US states.

Commenting on the deal, White Hat Studios CEO, Andy Whitworth, said: ‘We’re delighted to be working with Galaxy Gaming. This is a perfect relationship as both companies have such a resolute focus on innovation.

“I’m really excited by our first title Blackjack Players Choice, which is actually a game I’ve wanted to build for years. It gives players true flexibility and choice by allowing them to select which of Galaxy’s side bets they wish to play. We have been blown away by positive operator feedback and are already building operator branded versions of the first game.”

Todd Cravens, President and CEO of Galaxy Gaming, said: “As White Hat Studios grows rapidly in the US, we are thrilled to have our world-famous content as part of their prestigious line-up of games.”

White Hat Studios was created following the asset purchase of Blueprint Gaming’s catalogue of games last year.

LAS VEGAS, July 07, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced today that industry expert, Steph Nel has joined the Company in the position of Senior Vice President Worldwide Sales. In this new position, Nel will lead Galaxy’s sales team and oversee the company’s continued market expansion worldwide.

With a gaming career spanning over 20 years and across several continents, Nel brings extensive knowledge and experience to the Galaxy Gaming team. Steph Nel started his career as a dealer in South Africa and has since travelled and worked as a sales and business development gaming leader in Africa, the United Kingdom, and now in Las Vegas. Most recently, Nel held the position of Managing Director of the Americas at TCSJOHNHUXLEY. During his time there, Steph oversaw their asset purchase agreement of Gaming Partners International’s (GPI) North American business, as well as the Midwest Game Supply acquisition in 2022

Steph Nel was recently honored in the 2022 class of Global Gaming Business Magazines’ Emerging Leaders of Gaming 40 Under 40 award. These prestigious awards celebrate gaming professionals under the age of 40 who are making an impact in the industry.

“As Galaxy Gaming’s product portfolio and market opportunities grow globally, we’ve been focused on continuing to strengthen our team of table games experts,” said Todd Cravens, President and CEO of Galaxy Gaming. “Steph Nel is a seasoned gaming professional with a strong background in table games and a proven track record as a sales leader. We’re delighted to have him join our team.”

“I’m thrilled to be joining the Galaxy Gaming team,” shared Nel. “I look forward to advancing Galaxy’s market growth with the support of their strong reputation of best-in-class service, a robust customer-focused sales team, and impressive portfolio of world-famous and innovative table games and solutions.”

To reach Steph Nel please email snel@galaxygaming.com

LAS VEGAS, July 05, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology has launched Galaxy Gaming Digital, a division focused on online growth and development. Galaxy Gaming Digital encompasses its proprietary portfolio of world-famous table content, the brand-new Galaxy Built games developed in-house, and future digital ventures.

“The launch of Galaxy Gaming Digital underscores our continued enthusiasm for creating and licensing the best table game content online, just as we have always done for our land-based clients,” said Todd Cravens, President and CEO of Galaxy Gaming. “As the omnichannel table games experts, we see tremendous opportunity for growth and innovation by taking an active role in creating our own new content and continuing to work closely with our industry-leading development partners. Along with that, this new division will also be focused on channel expansion, bringing Galaxy titles to new online outlets.”

Galaxy is renowned for their world-famous content and proven track record with both online and land-based table games. In the last twelve months, over one billion wagers worldwide have been made online on Galaxy Gaming side bets alone. Of the top seven side bets online, Galaxy titles makeup five including the world’s number one side bet, 21+3®, Perfect Pairs®, Buster Blackjack®, Lucky Ladies®, and Lucky Lucky®. These titles can be found on games developed by Galaxy iGaming partners across over 1,000 of the world’s leading online casino websites.

Building upon that success, Galaxy Gaming Digital will continue to license their best-in-class table games titles to their development partners while also taking a more active role developing their own brand-new games in-house to offer more of their extensive and expanding content portfolio. For the first time, Galaxy is launching their own ready-to-play iGaming RNG titles, Galaxy Built games, pairing their innovative new game titles with an engaging user experience. The first collection of these games includes Split to Double Blackjack™, Roulette Up™, and Rising Phoenix Baccarat, which are all currently available in land-based casinos. These RNG titles will launch later this year.

Further digital developments are already in progress. Galaxy Gaming Digital expects to have additional announcements later this year.

LAS VEGAS, June 28, 2022 (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 entered a partnership with Spirit Gaming, an independent casino gaming distribution company based in Germany. Subject to certain contractual obligations, Spirit Gaming will be the exclusive distribution partner for Galaxy Gaming in Germany, Austria, Luxembourg, and Belgium and a non-exclusive distribution partner in Switzerland and Liechtenstein.

Spirit Gaming will provide localized support and distribution for Galaxy Gaming’s innovative new Triton Casino Systems™, Bonus Jackpot System, and their entire portfolio of table game content including the world-famous 21+3®, Perfect Pairs®, and Three Card Prime™. These games can all be enhanced with thrilling progressives supported by either of Galaxy’s technology solutions - Triton Casino Systems and the Bonus Jackpot System. This best-in-class content and technology paired with unmatched service levels has proven successful for Galaxy Gaming’s clients across the United Kingdom, Europe, North America, and online worldwide.

“We continue to see great success with our table game content and progressive solutions across the United Kingdom and look forward to replicating that same success for our clients in these new markets,” shared Todd Cravens, President and CEO of Galaxy Gaming. “We see great opportunity with this pairing of our best-in-class table game content and solutions with Spirit Gaming’s European market expertise.”

“The entire Spirit Gaming team is proud to partner with Galaxy Gaming. We are very excited to enlarge the footprint of Galaxy Gaming in Europe and are convinced the players will love the innovative and thrilling games, especially the progressive JP systems,” added Frank Ziegler, managing director of Spirit Gaming.

LAS VEGAS, May 13, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology announced the launch of Triton Casino Systems™, a brand-new table game progressive operating system. Triton Casino Systems has refined what made its precursor, Bonus Jackpot System, successful and adds a wealth of new features to enhance the casino floor.

Triton Casino Systems provides casino partners with the flexibility for a variety of progressive configurations including daily jackpots, real-time progressives, and tiered progressives. Simplifying the dealer procedure and jackpot payouts is the inventive and easy-to-use dealer pad. The new Triton sensors are available in a variety of colors and are calibrated to operate in a variety of lighting conditions.

Triton provides more robust reporting and back-end analytics via an upgraded dashboard. The dashboard is home to reporting, jackpot configurations, and other helpful tools. With features like required log-in credentials, operators can feel confident and secure with this durable, data-safe, and recoverable casino system.

“We have delivered a successful progressive jackpot system for many years,” said Todd Cravens, President and CEO of Galaxy Gaming. “But we listened to our partners and developed a brand-new platform that gives them the features and customizations needed for this evolving industry. The Triton Casino System is more than a new progressive jackpot system. It’s a scalable tool that allows Galaxy Gaming and our customers to continue to develop best-in-class experiences.”

The launch of Triton Casino Systems is just the beginning. The Galaxy Gaming team is already developing the next iteration of Triton Casino Systems and expects to have additional updates this year.

LAS VEGAS, April 25, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games, enhanced systems for land-based casinos and iGaming content, announced today that Bill Zender, a member of the Company’s Board of Directors since 2015, announced his intention to resign from the Board effective July, 1, 2022. The Company also announced that it has entered into a Cooperation Agreement with Tice Brown, a stockholder of the Company, pursuant to which the Company agreed to form a hiring committee for the purpose of identifying and unanimously recommending to the Board a qualified candidate to fill the vacancy that will be created upon the resignation of Mr. Zender.

Zender Resignation

“Bill Zender is a legend in the casino table games business,” stated Mark Lipparelli, Chairman of Galaxy’s Board of Directors. “He has provided invaluable advice to us and the Company over his more than seven years as a member of the Board. We have made great progress over that time in positioning the Company to pursue exciting new opportunities, and Bill has been a stalwart contributor to that progress. We thank him for his tremendous insights and expertise, and we wish him the best in his future endeavors.”

Cooperation Agreement

On April 20, 2022, the Company entered into a Cooperation Agreement with Tice Brown. Pursuant to the terms of the Cooperation Agreement, Mr. Brown has agreed to (1) irrevocably withdraw his proposed nomination of himself to the Board of Directors of the Company and his proposal requesting that the Board declassify the Board by electing each director on an annual basis, with respect to the 2022 Annual Meeting of Stockholders, (2) immediately cease all solicitation efforts in connection with the 2022 Annual Meeting and (3) cause all voting securities of the Company owned beneficially by Mr. Brown and for which he has the right to direct the vote, to be cast in favor of each of the Company’s proposals and for each of the Board’s nominees for director at the 2022 Annual Meeting.

In addition, the Company has agreed to form a hiring committee consisting of two current members of the Board and one independent stockholder who has owned shares of the Company’s common stock for more than two years (the “Hiring Committee”) for the purpose of identifying and unanimously recommending to the Board a qualified candidate (the “Independent Director”) to fill the vacancy that will be created upon the resignation of Bill Zender. The Board has agreed to promptly cause the Independent Director, subject to the satisfaction of certain qualifications and requirements as set forth in the Cooperation Agreement, to be appointed to the Board for a term expiring at the 2024 Annual Meeting of Stockholders.

The Cooperation Agreement also provides for certain “standstill” provisions that restrict Mr. Brown and his affiliates from, among other things, engaging in any solicitation of proxies or written consents with respect to the voting securities of the Company or acquiring any securities of the Company that would result in Mr. Brown having beneficial ownership of more than 9.9% of the Company’s voting securities. The standstill provisions expire on the date that is two years after the 2022 Annual Meeting, unless the Cooperation Agreement is earlier terminated in accordance with the terms thereof. The Cooperation Agreement also provides Mr. Brown with certain Board observer rights prior to the appointment of the Independent Director.

LAS VEGAS, April 05, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology will showcase brand new omnichannel content and solutions ICE London from April 12 to 14 in stand S6-120 at ExCel London.

“Our new content, new relationships, and brand-new Triton casino management system will all be on display at ICE London, highlighting our omnichannel table game experience,” said Todd Cravens, President and CEO of Galaxy Gaming. “After a two-year break, we are thrilled to be back at ICE London to collaborate with our partners and customers in-person and showcase what we’ve been working on.”

The Unveiling of Triton Casino Systems
ICE London 2022 will be the first time the gaming industry will see the inventive new Triton Casino Systems in person. More than a progressive system, this is a scalable system that allows for unprecedented customizations. It provides casino partners with the flexibility for a variety of progressive configurations including daily jackpots, real-time progressives, and tiered progressives. It also features a user-friendly dealer pad, enhanced reporting, sleek new sensors, and more.

Continued iGaming Success
Galaxy Gaming is the world’s leading licensor of proprietary casino table games to the online gaming world. Their world-renowned games, such as 21+3™, Lucky Ladies™, Perfect Pairs™, Caribbean Stud Poker™, Buster Blackjack, and much more, appear on over 1,000 of the world’s leading online casino iGaming sites. Over 1.2 billion wagers have been placed on Galaxy Gaming online titles in the past calendar year.

Linked Progressives That Perform
Galaxy Gaming is keen to meet with their land-based casino operators during ICE London to discuss the Galaxy Inter Casino Link system that allows linking progressive jackpots across affiliated casino properties. This new and exciting product adds to the player experience and increases the revenue opportunity for land-based casino operators.

Perfect Pairs & Perfect Pairs Progressive
Announced in March, Galaxy Gaming has reached an agreement with John Wicks, creator of Perfect Pairs, to distribute Perfect Pairs Blackjack and Perfect Pairs Baccarat on land-based table games across licensed markets globally. This agreement is an expansion on Galaxy Gaming’s existing partnership with John Wicks to exclusively provide Perfect Pairs live gaming progressive jackpots on land-based table games in the United Kingdom and its continued success with Perfect Pairs in the iGaming space.

LAS VEGAS, March 31, 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 fiscal year ended December 31, 2021.

Financial Highlights

Q4 2021 vs. Q4 2020

Revenue increased 73% to $5,670K
Adjusted EBITDA increased 93% to $2,431K1
Net income of $598K vs. net income of $1,179K2

 

Full Year 2021 vs. Full Year 2020

Revenue increased 95% to $19,984K
Adjusted EBITDA increased 534% to $8,734K3
Net income of $2,112K vs. net loss of $(2,209)K

Balance Sheet Changes (vs. December 31, 2020)

Cash increased 168% to $16,059K
Total long-term debt4 (gross) increased to $60,500K from $52,051K
Stockholders’ deficit decreased to $(17,286)K from $(24,797)K

 

Executive Comments

“We finished 2021 with positive momentum,” said Todd Cravens, President and CEO. “Even with some of our clients’ properties still affected by COVID-19, we delivered gross revenue of $6.1 million in the fourth quarter, a record. Our iGaming business performed very well, with iGaming gross revenues of $8.1 million in 2021, also a record. We believe, as the impacts of the COVID-19 pandemic continue to subside for our clients, we will experience a strong recovery in our GG Core business (felt and electronics) and continued growth in our iGaming business.”

“Our financial position is strong,” said Harry Hagerty, the Company’s CFO. “We have significant cash balances and modest debt maturities this year. We are prohibited from paying dividends or repurchasing stock until November of this year due to continuing restrictions imposed by the Main Street Priority Loan repaid last year. While we will remain responsive, we intend to continue to build up our cash position to keep net leverage low. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at year-end.”

Hagerty added, “For fiscal 2022, we are forecasting revenue (net of iGaming royalties) in a range of $23.5 to $25.0 million, and Adjusted EBITDA in a range of $11.5 to $12.5 million. This forecast assumes no new lockdowns from COVID-19, no impact to our business from the war in Ukraine, and no economic recession.”

Governance Comments

“As we enter the 2022 calendar year, we look ahead in focusing the Company’s business efforts beyond on the severe negative existential impacts of the pandemic. We also, through substantial efforts of our collective team, set the Saucier litigation and related refinancing in our rear-view mirror in the midst of the tough operating environment of our customers which, in some cases, included complete closures. Additionally, in response to the significant increase in the price of our stock in 2021, we have decided to restructure Board compensation beyond the 35% reduction in equity compensation we recently announced,” stated Mark Lipparelli, Chair of the Galaxy Board. “We modified our methodology and targeted aggregate annual Board compensation for 2022 at the levels presented below, for all members, and intend to pay such compensation 60% in cash and 40% in stock. Cash compensation will be paid monthly in arrears and stock compensation will be paid quarterly in arrears, with the stock valued at the average daily closing price in the last month of the quarter. Ms. Kondra and Mr. Lipparelli will receive only the compensation presented below for their service as the Audit Committee Chair and Board Chair, respectively.”

“Using a share price of $4.45, the proposed Board compensation plan would result in 74,157 shares being issued to our five Directors in 2022. Based on the 23,718,968 shares outstanding on March 28, 2022, this represents projected dilution of approximately 3/10ths of one percent. We appreciate shareholders’ interest in and support for Galaxy, and we look forward to the Company’s future success together.”

 

See complete release with spreadsheet at https://ir.galaxygaming.com/news-events/press-releases/detail/547/galaxy-gaming-reports-q4-and-full-year-2021-financial.

LAS VEGAS, March 25, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology, announced today that they have reached an agreement with John Wicks, creator of Perfect Pairs, to distribute Perfect Pairs Blackjack and Perfect Pairs Baccarat on land-based table games across licensed markets globally.

This agreement is an expansion on Galaxy Gaming’s existing partnership with John Wicks to exclusively provide Perfect Pairs live gaming progressive jackpots on land-based table games in the United Kingdom and their continued success with Perfect Pairs in the iGaming space. The addition of Perfect Pairs to Galaxy’s robust Blackjack collection complements their catalog of best-in-class table game titles. Perfect Pairs and Galaxy Gaming’s world-famous 21+3 and Lucky Ladies are the most popular Blackjack side bets in both the land-based and iGaming space.

“We are delighted to add these beloved side bets to our content portfolio,” said Todd Cravens, President and CEO of Galaxy Gaming. “Perfect Pairs is already well-loved by operators and players, so we’re thrilled to enhance the game by pairing it with our progressive system and industry-leading service.”

"We are very happy to extend our distribution agreement with Galaxy Gaming to incorporate our land-based distribution rights for North America, UK and Europe,” shared John Wicks, creator of Perfect Pairs. “Galaxy Gaming is both an innovative and progressive company and they are at the forefront of casino games distribution in these areas. We feel that they are both best placed and motivated to extend and grow the market share for Perfect Pairs.”

LAS VEGAS, March 08, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB: GLXZ) (“Galaxy” or the “Company”), a developer and distributor of casino table games and enhanced systems, announced today that its meeting of Shareholders will be held virtually on June 1, 2022, for shareholders of record as of April 6, 2022. The Notice of Shareholders Meeting will be provided to shareholders of record as of April 6, 2022, in accordance with applicable statutes and regulations.

LAS VEGAS, March 03, 2022 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ) and Aruze Gaming America, Inc. announced that the most popular craps side wager in the world, Bonus Craps™, is now available on the ground-breaking semi-autonomous craps game, Roll To Win Craps™.

The well-loved Galaxy Gaming’s Bonus Craps bets consist of a set of three independent proposition wagers, ALL SMALL, ALL TALL, and MAKE’EM ALL, that seamlessly integrate with Aruze Gaming’s Roll To Win Craps. Utilizing the same footprint as a traditional craps table, Roll To Win Craps, allows players to shoot real dice across a 12-foot LED playing field screen, with bright LED panels displaying amazing graphics and eye-catching animations.

“Our priority is making sure we continue to thrill players with our content; however they may play,” said Todd Cravens, President and CEO of Galaxy Gaming. “Partnering with Aruze to add Bonus Craps to the popular Roll To Win Craps product is a perfect example of this.”

“Today, drawing in new players and keeping them engaged requires a portfolio of games that offer new experiences and the combination of Bonus Craps with Roll To Win Craps does just that,” said Rob Ziems, President, Aruze Gaming. “We are excited to provide our customers and their players this enticing Craps combination.”

LAS VEGAS, Dec. 02, 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 that Cheryl Kondra has been appointed to its Board of Directors, effective December 2, 2021.

Ms. Kondra currently serves as Vice President of Internal Audit at Tractor Supply Company, the largest rural lifestyle retailer in the United States. Prior to Tractor Supply, she had an extensive career in gaming, having served as the VP of Internal Audit and Chief Compliance Officer at Pinnacle Entertainment and as the Chief Audit Executive at Caesars Entertainment, among other positions. Throughout her more than 20-year career in the gaming industry, she built strong teams to address the many audit, compliance, regulatory and legal issues impacting companies in the gaming sector.

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.”

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 Facebook, YouTube 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

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.

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.

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 Facebook, YouTube 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.

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.

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 Facebook, YouTube, Instagram, and Twitter.

Contact:

Media:

Phylicia Middleton (702) 936-5216

Investors:         

Harry Hagerty (702) 938-1753

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 Facebook, YouTube, Instagram, and Twitter.

Released May 10, 2021

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 Facebook, YouTube, Instagram, and Twitter.

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