Galaxy highlights game launches and expansion as revenue rises

Galaxy Gaming has cited the impact of new game launches and expansion into new territories as two of the key reasons behind a year-on-year jump in revenue during the 12 months through to December 31, 2015.

Full-year revenue totalled just under $11 million (€9.7 million), up 11% from the $9.8 million posted in the previous year.

Pre-tax income at Galaxy grew 171% year-on-year to $439,000, while net income also rocketed by 755% from just $22,000 to $166,000.

However, Galaxy did record a decrease in adjusted earnings before interest, tax, depreciation and amortisation, which fell 13% year-on-year to $488,000.

Gary Vecchiarelli, chief financial officer of Galaxy, said: “2015 represents another year of growth, with 11% revenue growth compared to 2014.

“Additionally, our recurring revenues have seen an increase for 16 of the last 17 quarters and is up 6% alone between Q3 and Q4 of 2015.

“This is a testament to the strength of our recurring revenue base and the continued demand for our legacy and new products.

“We recognised material increases in operating expenses, primarily due to litigation, but we expect our expenses to normalise now that the litigation has been finalised.”

Related article: Galaxy reveals ‘incremental’ growth in third quarter