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Galaxy Gaming Reports Q2 2019 Financial Results
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Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems, announced today its financial results for the fiscal quarter and half-year ended June 30, 2019.
Financial Highlights
Q2 2019 vs. Q2 2018
- Revenue increased 19% to $5,399K
- Adjusted EBITDA increased 45% to $2,405K1
- Net income of $1,055K vs. net loss of $(596)K
H1 2019 vs. H1 2018
- Revenue increased 21% to $10,746K
- Adjusted EBITDA increased 38% to $4,424K2
- Net income of $1,516K vs. net loss of $(60)KÂ
Balance Sheet Changes (vs. December 31, 2018)
- Cash increased 29% to $8,172K
- Total debt (gross) increased 376% to $48,562K due to the May 2019 stock redemption
- Stockholdersâ deficit of $(29,591)K vs. stockholdersâ equity of $7,457K due to the May 2019 stock redemption
Executive Comments
âQ2 2019 was a very good quarter for us at both the revenue line and the expense line. As a result, quarterly net income exceeded $1 million for the first time in our history,â said Todd Cravens, Galaxyâs President and CEO. âWe saw year-over-year revenue growth in all of our continuing product lines, with especially good growth in progressives and iGaming. Looking ahead, we will have our largest booth ever at G2E in October and will be showing a number of exciting new games and electronics products.â
âThe stock redemption transaction we completed in May 2019 significantly changed our balance sheet, but the underlying business fundamentals are intact,â stated Harry Hagerty, Galaxyâs CFO. âOur growing EBITDA and free cash flow have allowed us to comfortably service our bank debt, and we feel confident that we will also be able to comfortably cover the interest expense on the redemption debt (which has no principal payments until 2029) and other operating needs.â
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. Galaxyâs games can be played online at FeelTheRush.com. Connect with Galaxy on Facebook, YouTube and Twitter.
Contact: | ||
Media: | John Strickland (702) 938-1753 | |
Investors: | Harry Hagerty (702) 938-1740 | |
1 Adjusted EBITDA in Q2 2019 includes an addback for approximately $170K of legal and other expenses related to our review of strategic alternatives, litigation expenses related to the May 2019 stock redemption transaction and certain other non-recurring expenses.
2 Adjusted EBITDA in H1 2019 includes an addback for approximately $766K of legal and other expenses related to our review of strategic alternatives, litigation expenses related to the May 2019 stock redemption transaction and certain other non-recurring expenses.
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Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Galaxy Gaming Reports Q2 2019 Financial Results

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Fast Track releases new AI Player Churn Model
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Fast Track has announced the release of a new AI-driven Player Churn Prediction Model, now available to all partners within its CRM platform. The model enables operators to identify players at risk of churning as early as the first day of inactivity, supporting more proactive and efficient retention strategies.
Built on Fast Trackâs proprietary machine learning platform, FTML, the model uses seven sub-models to analyse player behaviour and make accurate predictions tailored to each operatorâs player base. The system continuously trains itself on live data, ensuring predictions remain relevant and effective over time.
The Churn Model is already in use by several Fast Track partners and is fully integrated into the platformâs core workflows. Once activated, operators receive clear, actionable insights into which players are likely to churn, along with data-informed recommendations on timing and incentive levels for re-engagement.
âChurn is one of the most impactful use cases for AI in player engagement,â said Simon LidzĂ©n, Co-Founder and CEO of Fast Track. âWith this model, operators can focus their efforts where it matters most; targeting players who are truly at risk with the right offer at the right time. Itâs a smarter, more cost-effective approach to retention.â
The Churn Model addresses a common challenge in the industry â overuse of reactivation bonuses â by helping teams deliver more relevant and timely incentives based on predictive insights, not guesswork.
To support the launch, Fast Track will host a live webinar on Thursday, 10 July 2025 at 16:00 CEST, offering a walkthrough of the new Churn Model and its practical applications. Save your spot at app.livestorm.co/fast-track/save-your-players.
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Evolution and Hasbro sign exclusive online live casino and slots partnership agreement
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Evolution today announced it has signed a multi-year agreement with Hasbro, a leading games, IP and toy company, to be their exclusive licensing partner for online live casino and slot games for MONOPOLY and other Hasbro Games titles.
The worldwide deal, including the USA, covers online content from all Evolution brands, including Evolution, Ezugi, NetEnt, Red Tiger, Big Time Gaming (BTG), Nolimit City and Livespins.
The new exclusive partnership for MONOPOLY and other Hasbro Games titles builds on a highly successful working relationship between the two companies. Evolution has already developed MONOPOLY Live and MONOPOLY Big Baller, two innovative online live casino game shows based on Hasbroâs world famous board game. Both are at the top of Evolutionâs game line-up and are two of the best-performing games in all of online gaming.
As a result of the new partnership, Evolution will be the exclusive licensing partner for online casino games based on much-loved Hasbro Games properties. New games will launch from January 2026 onwards and will be showcased at ICE Barcelona 2026. Amongst the new Hasbro-based titles from Evolution brands will be Game Night, MONOPOLY Filthy Rich, MONOPOLY Roulette (all live online games with live presenters), and a number of online slot titles.
At Hasbro, weâre all about playâwhether itâs classic board games or casino experiences. After a thorough RFP process, weâve chosen Evolution as our exclusive partner for online live casino and online slots for Hasbro Games titles,â said Claire Hunter Gregson, Director Gaming Relationships. âWe trust them to bring our brands to life in fresh, exciting ways for our adult fans and look forward to our partnership.
Todd Haushalter, Evolutionâs Chief Product Officer, commented: âThe combining of Hasbro and Evolution just feels right â we will make magic together! The bidding process was extremely competitive, but showing our commitment to innovation and excellence with MONOPOLY Live and MONOPOLY Big Baller, really helped! The team and I are incredibly excited to bring the Hasbro Games brands to all our various brands. I think MONOPOLY is the worldâs best casino game brand, and we can do so many great things with it, and, of course, with many other Hasbro Games brands. It is hard to believe, but these are still the early days of online gaming, and with Hasbro we will forge a new chapter in our industry.â
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The post Evolution and Hasbro sign exclusive online live casino and slots partnership agreement appeared first on European Gaming Industry News.
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Expanse Studios (GMGI) Obtains Croatian iGaming Certification
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Expanse Studios, the B2B game development division of Golden Matrix Group Inc. (NASDAQ: GMGI), has received official certification from Croatiaâs Ministry of Finance for its flagship game Super Heli, with additional titles in the companyâs 56-game portfolio expected to receive approval in the coming weeks for the EU member state.
The certification marks a strategic entry into a market that generated US$484.70m in 2024, with projected growth at a CAGR of 8.4% during 2024-2030. Super Heli, Expanseâs most popular crash-style game, becomes the first of the studioâs titles approved for the Croatian market, paving the way for broader portfolio distribution.
Tapping Into High-Growth European Market
Croatia represents a compelling opportunity for B2B gaming suppliers, with the Online Casinos segment alone projected at US$218.10m in 2024. According to iGamingTodayâs latest market research, Croatiaâs gambling market will reach âŹ720.42 million by 2025, making it one of Europeâs fastest-growing regulated markets.
Among the key market benefits are:
- Accelerating digital adoption â Internet penetration jumped from 76% in 2020 to 83% in 2023
- Over 20.6 million tourist arrivals in 2023 following Schengen Zone entry
- Over 500,000 Croatians expected to engage in regular online gambling by 2027
Strategic Value for the Company
The certification strengthens Expanse Studiosâ European footprint at a critical juncture. With 56 proprietary titles and 500+ B2B partners globally, Expanse is expected to capture a meaningful share in the growing EU market.
âCroatia certification is more than market accessâitâs validation of our content quality and compliance capabilities in demanding EU jurisdictions,â said Damjan Stamenkovic, CEO of Expanse Studios. âWith our flagship title Super Heli already approved and more games in the pipeline, weâre very excited for the opportunities this markets brings usâ
Competitive Advantage in Regulated Markets
Croatiaâs regulatory framework favors established, compliant B2B providers. Operators must obtain licenses requiring significant capital investment, and only licensed casino games operators who have at least one brick-and-mortar casino can offer online gambling. This creates high barriers to entry and positions certified B2B suppliers like Expanse as essential partners for operators.
The post Expanse Studios (GMGI) Obtains Croatian iGaming Certification appeared first on European Gaming Industry News.
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