PlayAGS, Inc. reported revenue of $72.9m in the first quarter 2022, which is 32% more than the first quarter 2021.
EGM revenue was at $66.69 million, Table Products and Interactive came in second and third with $3.5m and $2.5m. EGM saw a 32% increase year over year, while Table Products and Interactive grew 26% and 16% 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.”
The group’s total adjusted EBITDA increased 25% to $32.8m year-on-year, and reported a net loss for Q1 2022 of $12.6m compared with $7.8m in the Q1 2021.
AGS reported many notable highlights, such as 995 EGM Units being sold worldwide, the highest ever level since Q4 2019 and $3.5m in table product revenue, AGS’s third consecutive quarter of record sales.
“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.”
DraftKings reports a revenue increase of 34% in the first quarter to $417m. Operator’s B2C business segment saw a 44% increase to $404m. This is compared with Q1 2021.
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