A premier gaming provider, AGS, concluded 2023 on a high note, announcing unprecedented earnings and robust expansion across its entire business portfolio for the fourth quarter and fiscal year.
The firm’s Q4 revenue reached a new peak of $94.2 million, a 15% surge compared to the corresponding period last year. This achievement signifies the eleventh consecutive quarter of double-digit growth for AGS. This remarkable accomplishment was driven by double-digit expansion across all three of its business divisions: electronic gaming devices, tabletop offerings, and digital gaming, which rose by 14%, 24%, and over 30% accordingly.
AGS also attained a record Adjusted EBITDA of $42.8 million, marking the fifth consecutive quarter of double-digit growth in this crucial profitability indicator.
David Lopez, Chief Executive Officer of AGS, ascribed the company’s triumphs to a “skilled and committed workforce,” an “expanding catalog of engaging products,” and “enhanced implementation and productivity.” He remarked, “Our recent financial results are a testament to the robustness of our approach and our dedication to providing enduring value for our investors.”
Throughout 2023, AGS produced $94.2 million in overall revenue, a 15.2% year-on-year increase. Operational income also experienced a substantial rise, expanding by 19.3% to hit $16 million. The company’s strong showing in 2023 positions it favorably for sustained prosperity in the coming years.
AGS reported robust Q4 earnings with income expansion across all divisions, propelled by unprecedented equipment sales figures. Despite a substantial 97.4% decline in net profits to $67,000, the firm witnessed its adjusted EBITDA ascend 14.7% to $42.8 million, with adjusted EBITDA margin exceeding 45%.
The organization’s recurring income flow from gaming activities attained $59.6 million. Boosted by strong EGM and table product sales, equipment sales revenue escalated by over 40% year-on-year to a historic high of $34.6 million.
This month, AGS also collaborated with Caesars Digital to debut its well-received slot game, Rakin’ Bacon Odyssey, in the New Jersey market.