PlayAGS Reports Profits for the First Time since Q4 2019
PlayAGS, a company that provides a range of solutions for gambling operators, has reported a profit for the first time since 2019.
The company posted net income for Q2 2022 of $1.5 million, the first profit since Q4 2019, and adjusted EBITDA was also up 6% year-on-year from $32.1 million to $34.1 million. In same period last year, the company reported a net loss of $3.9 million. According to PlayAGS, the turnaround is due to improvements it has implemented in its operating performance.
PlayAGS reported sales of 858 EGM units domestically in Q2 2022, up 40% year-on-year. It sold units in 26 US states and 2 Canadian provinces. Internationally, PlayAGS installed 6,769 units, a slight decrease of 428 units, and sold 76 in Q2 2022.
Our second quarter results reflect the growing returns we are realizing as a result of the significant investments made into our R&D, sales, and product management teams over the past 24 months. These investments have accelerated the operating momentum we are seeing within the business, as reflected by the material year-over-year growth in our reported Q2 2022 net revenues, net income and adjusted EBITDA.
Lopez said that the company has been encouraged by the “incredible consistency” demonstrated in the business in the quarter and added, “Ultimately, our recurring-revenue focused business model and strong liquidity position fortify the underlying resiliency within our business.”