The developer and designer of equipment and services catering to the global gambling sector, PlayAGS, enjoyed strong growth after posting record-breaking Q4 2022 results in March. Now, the positive momentum gained by the company grows further as it celebrated another record-setting period, judging by its second quarter 2023 results.
PlayAGS’ latest trading update was released Thursday and highlights the performance of the company for the three months ended June 30, 2023. The total revenue reported by PlayAGS for the aforementioned period hit $89.8 million. This result, when compared to the $76.6 million result figure from the same period in 2022, marks a solid increase of 17.3%.
A breakdown provided within the latest trading update reveals a strong performance of the company’s three business segments: Interactive, Table Products and EGM. The biggest revenue growth was observed for PlayAGS’ Table Products, with revenue hitting $4.4 million, up by 25.1% when compared to the corresponding period in 2022.
Similarly, EGM revenue for the second quarter of this year increased. While in Q2 2022, EGM revenue halted at $70.5 million, this year, it soared by 17.3% to $82.7 million. Last but not least, PlayAGS’ Interactive business saw an increase in revenue to $2.8 million, up by 5.8% from the $2.6 million result from Q2 in 2022.
Besides record revenue, the second quarter of 2023 brought an increase in EBITDA. The recent report released by PlayAGS reveals that total adjusted EBITDA for Q2 2023 increased to $39.6 million, up by 16.0%, when compared to the Q2 2022 result of $34.1 million.
Earlier this year, PlayAGS strengthened its C-suite with the appointment of Robert Ziems as chief legal officer. The expert joined the company’s senior management team, bringing more than two decades of experience.
The Company Anticipates Further Growth
Kimo Akiona, PlayAGS’ chief financial officer, shared his excitement about the strong performance of the company for the second quarter of 2023. He explained that PlayAGS has seen strong growth for the first half of the year. At the same time, Akiona predicted that the company will maintain the positive momentum and deliver excellent results through the end of the year.
“Our record-setting second quarter financial performance clearly demonstrates the strength of our products, team members, and strategy, which is creating significant momentum within all three segments of our business.“
David Lopez, CEO and president at PlayAGS
David Lopez, PlayAGS’ CEO and president, explained that the record-setting results reaffirm the strong strategy and products the company leverages. Additionally, he highlighted the dedication of PlayAGS’ team. According to Lopez, the combination of all those factors helped the company gain and keep a positive momentum. Finally, the CEO and president predicted further growth for PlayAGS throughout 2023 and beyond.