PlayAGS reports 32 percent increase in Q1 revenue

PlayAGS, Inc. reports revenue of $72.9m, an increase of 32% over the quarter before 2021.

EGM revenue was at $66.9m. Table Products and Interactive were $3.5m and $2.25m respectively. EGM saw a 32% increase year over year, while Table Products and Interactive grew 26% and 17% 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.”

While Total Adjusted EBITDA rose 25% year-on–year to $32.8m and the group reported Q1 2022 net losses of $12.6m as compared with $7.8m Q1 20201.

AGS highlighted many highlights of the quarter, such as the global sales record 995 EGM units, which was the highest since Q4 2019. Table product revenues reached a record $3.5m for its third consecutive 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.”