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Galaxy Gaming, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $7,646,298 from $6,103,861 in the same quarter the previous year. This growth is attributed to favorable revenue from the EZ Baccarat distribution arrangement and the success of side bets and progressive products.
Cost of ancillary products and assembled components increased to $342,865 from $187,841, reflecting the component costs associated with the rise in perpetual license sales of progressive gaming systems.
Selling, general, and administrative expenses increased to $6,260,283 from $4,185,893, primarily due to legal expenses related to the acquisition by Evolution Malta Holding Limited (EVO-0.45%).
Net loss for the quarter was $2,197,914, up from $1,455,158 in the previous year. Excluding acquisition-related expenses, the company would have reported net income.
Cash provided by operating activities was $3,027,456, while cash used in investing and financing activities was $1,181,403 and $648,038, respectively.
Galaxy Gaming had total assets of $41,967,121 as of September 30, 2024, compared to $40,475,800 as of December 31, 2023. The increase in assets was primarily due to increased cash and accounts receivable.
The company is in the process of a merger with Evolution Malta Holding Limited, expected to be completed in mid-2025, subject to closing conditions.
Galaxy Gaming continues to focus on expanding its digital content into new markets and maintaining its competitive branded products.
The filing also details various financial agreements, including the Fortress (SFTBY-0.10%) Credit Agreement and related warrants issued to affiliates of Fortress.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Galaxy Gaming Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.