{"id":252,"date":"2024-06-27T00:44:32","date_gmt":"2024-06-26T21:44:32","guid":{"rendered":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/27\/galaxy-games-still-reports-net-loss-despite-revenue-growth\/"},"modified":"2024-06-27T00:44:32","modified_gmt":"2024-06-26T21:44:32","slug":"galaxy-games-still-reports-net-loss-despite-revenue-growth","status":"publish","type":"post","link":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/27\/galaxy-games-still-reports-net-loss-despite-revenue-growth\/","title":{"rendered":"Galaxy Games Still Reports Net Loss Despite Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/pZ2sx9t0q4g\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Although Galaxy Games observed an increase in earnings in 2023, it still encountered a financial deficit.<\/p>\n<p>Galaxy Games continued to operate at a financial disadvantage in the 2023 fiscal year, despite a 18.8% rise in group earnings to $27.8 million (\u00a322 million\/\u20ac25.7 million).<\/p>\n<p>Home > Finance > Annual Results > Galaxy Games Still Reports Net Loss Despite Revenue Growth<\/p>\n<p>Despite witnessing a rise in earnings in 2023, Galaxy Games still reported a net loss.<br \/>\nBoth land-based and digital ventures saw an increase in earnings in 2023. However, due to escalating costs across numerous areas, Galaxy Games once again experienced a net loss.<\/p>\n<p>Chief Executive Officer and President Matt Reback was generally satisfied with the mixed outcomes. Reback joined Galaxy in November, replacing Todd Cravens who had overseen the business since mid-2017.<\/p>\n<p>In examining the outcomes, Reback emphasized earnings growth as a positive for Galaxy. He also conveyed optimism about the company&#8217;s future potential.<\/p>\n<p>\u201cWe believe that the opportunistic sale of perpetual licenses reached its peak in 2023,\u201d Reback stated. \u201cWe will revert to a sustainable growth model, primarily driven by recurring earnings generated by our robust core and premium felt product portfolio, emerging GOS product line, and our igaming business in 2024.<\/p>\n<p>\u201cI\u2019ve been with Galaxy for four and a half months now, and I\u2019m very optimistic about the company\u2019s future potential.<\/p>\n<p>Galaxy is concentrating on attaining a two-digit rise in revenue over the next few years through natural expansion and possible takeovers. Their land-based operations are driving this expansion. <\/p>\n<p>In 2023, their land-based ventures produced the most income, rising by 25.7% to $19.3 million. This increase is attributed to a substantial rise in perpetual license sales, which skyrocketed by 1226.5% to $3.7 million. New distribution agreements also contributed to the growth.<\/p>\n<p>While their digital business also experienced growth, it was at a slower pace than the land-based business. Revenue increased by 4.8% to $8.4 million, fueled by growth in established markets and expansion into new markets.<\/p>\n<p>The Americas generated the most income, reaching $17 million, a 34.9% increase. Revenue from Europe, the Middle East, and Africa decreased slightly by 0.9% to $10.8 million.<\/p>\n<p>Despite the revenue increase, higher spending affected profits. Operating expenses climbed by 21.3% to $21.1 million, primarily due to a substantial increase in sales, general, and administrative expenses. <\/p>\n<p>Operating profit rose by 9.8% to $6.7 million. However, higher net financial expenses resulted in a net loss for the year. <\/p>\n<p>Galaxys financial performance for the period resulted in a $5 million deficit, leading to a pre-tax loss of $1.7 million, a slight increase from the $1.6 million loss experienced during the same period last year.<\/p>\n<p>The enterprise paid $79,228 in taxes, but benefited from a positive currency exchange adjustment of $51,612. This resulted in a net loss of $1.8 million for the year, a figure that remained consistent with the previous year.<\/p>\n<p>However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a modest increase of 1.0%, reaching $10.6 million.<\/p>\n<p>The final quarter followed a similar pattern. Galaxy provided limited data for the three-month period, including a 6.4% rise in net income to $6.7 million.<\/p>\n<p>GG&#8217;s core revenue experienced an 18.0% increase to $4.6 million, while GG&#8217;s digital revenue saw a 12.5% decrease to $2.1 million.<\/p>\n<p>The group reported a net loss of $820,000 for the quarter, a contrast to the $55,000 profit recorded in 2022. Adjusted EBITDA also experienced a 10.0% decline to $280 million.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Galaxy Games observed an increase in earnings in 2023, it still encountered a financial deficit. Galaxy Games continued to operate at a financial disadvantage in the 2023 fiscal year, despite a 18.8% rise in group earnings to $27.8 million (\u00a322 million\/\u20ac25.7 million). Home > Finance > Annual Results > Galaxy Games Still Reports Net [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Galaxy Games: Revenue Up, But Still in the Red<\/title>\n<meta name=\"description\" content=\"Despite a significant increase in earnings, Galaxy Games continues to operate at a financial loss. 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