A premier gaming provider, AGS, concluded 2023 on a high note, announcing unprecedented earnings and income in the final quarter, propelled by substantial increases across its entire business portfolio.
The firm’s earnings reached a new peak of $94.2 million in Q4, representing the eleventh straight quarter of double-digit expansion. This remarkable accomplishment was driven by robust growth in all three business divisions: Electronic Gaming Devices, Table Offerings, and Digital. AGS also declared record Adjusted EBITDA of $42.8 million, signifying the fifth consecutive quarter of double-digit gains in this crucial profitability indicator.
David Lopez, Chief Executive Officer of AGS, credited the company’s achievements to its skilled workforce, a varied and captivating product selection, and a keen emphasis on operational effectiveness. He emphasized the “caliber and steadiness” of AGS’s recent financial outcomes as proof of the company’s strategic course and implementation.
Throughout 2023, AGS produced $94.2 million in revenue, a 15.2% surge compared to the preceding year. The company also witnessed a 19.3% rise in operating earnings, reaching $160 million. AGS seems well-situated for sustained expansion in the upcoming year.
AGS reported robust Q4 2023 earnings, exhibiting revenue expansion across all divisions and unprecedented equipment transactions. Although net income plummeted by 97.4% to $6.7 million, Adjusted EBITDA climbed 14.7% to $42.8 million, with profit margins exceeding 45%.
The firm’s recurring income flow, derived mainly from its gaming activities, hit $59.6 million. Driven by substantial demand for both EGM and table offerings, equipment revenue surged to an unparalleled $34.6 million, signifying a year-on-year surge exceeding 40%.
Further showcasing its dedication to advancement, AGS also debuted its well-received Rakin’ Bacon Odyssey slot title in New Jersey this month via a collaboration with Caesars Digital.
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