Internet casino game developer Galaxy Gaming has revealed their full year 2017 financial results, revealing that they took some heavy losses during the period.
Key financial indicators for the year ending December 31st, 2017 were:
- Revenues of $14.9 million, up 19% from the year prior
- EBITDA down 3% to $5.1 million
- Pre-tax income down 78% $553,000
- Net loss of $11,000, which is down from a profit of $1.8 million the year prior
The fourth quarter of the year did end up boosting results a bit, as revenues were up 21% in the period to $3.9 million
Commenting on the company's results Galaxy CEO Todd Cravens said, "We finished the year well, with year-over-year revenue growth in the quarter of 21%. More importantly, revenue growth exceeded expense growth, resulting in year-over-year growth in adjusted EBITDA for the first time this year."
"We will continue to make additions in headcount and other resources to support our long-term growth, but we are hopeful that we can deliver increases in both revenue and adjusted EBITDA in 2018."