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Galaxy Gaming Inc (GLXZ+2.20%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total revenue to $31,737,466 from $27,789,084 in the previous year. This growth was driven by both core and digital revenue streams, with core revenue increasing by 10.5% and digital revenue by 22.7%.
Cost of ancillary products and assembled components increased by 19.5% to $1,509,776, primarily due to product mix and higher component costs.
Selling, general, and administrative expenses rose by 25.6% to $19,685,457, attributed to legal expenses related to the acquisition by Evolution Malta Holding Limited and higher internal labor costs.
Net loss for the year was $2,627,110, compared to a net loss of $1,807,586 in the prior year, reflecting increased expenses despite higher revenues.
Galaxy Gaming entered into a Merger Agreement with Evolution Malta Holding Limited on July 18, 2024. The merger is expected to be completed in mid-2025, subject to regulatory approvals and other closing conditions.
Upon completion of the merger, Galaxy Gaming will become a privately held company, and its shares will no longer be listed on any public market.
The company continues to focus on expanding its portfolio of services and products, increasing per unit revenues, and growing its iGaming content and partner base.
Galaxy Gaming identified several risk factors related to the merger, including potential adverse effects on relationships with customers and employees, and the possibility of litigation related to the merger.
The company reported a working capital of $17,569,176 as of December 31, 2024, and expects to have sufficient liquidity to fund its operations over the next 12 months.
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 annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.