PlayAGS reports 32% increase in Q1 revenue
PlayAGS, Inc. has reported revenue of $72.9m for the first quarter of 2022, a 32% increase from the first quarter of 2021.
EGM revenue led the way with $66.9m, with Table Products and Interactive amounting to $3.5m and $2.5m respectively. EGM grew 32% year-on-year, with Table Products and Interactive growing 26% and 19% respectively.
As noted by AGS, it’s the fifth consecutive quarter in which the company achieved quarterly sequential revenue growth.
The company stated: “Q1 2022 consolidated revenue exceeded the level reached in Q4 2021 by approximately 4%, supported by an approximately 15% increase in domestic EGM unit sales, sustained strength within our domestic EGM recurring revenue business, record Table Products performance, and further recovery in our international EGM gaming operations revenue.”
Total Adjusted EBITDA grew 25% year-on-year to $32.8m, while the group reported a Q1 2022 net loss of $12.6m, compared to $7.8m in Q1 2021.
AGS noted many highlights for the period, including the 995 EGM Units sold globally, the highest level achieved since Q4 2019, and table product revenue reaching a new all-time record of $3.5m, its third consecutive record-breaking quarter.
“I am encouraged by the degree to which the operating momentum we established throughout 2021 continued into the first quarter,” said AGS President and CEO David Lopez.
“We have heavily invested in strengthening the foundation of our company over the past couple of years and are beginning to realise accelerating returns on these investments. To that end, I believe our solid first quarter performance simply foreshadows what our laser-focused organisation can accomplish in the quarters and years ahead.”