PlayAGS posts record first-quarter as revenue tops $81m

Finance News

For the quarter ended March 2023, PlayAGS (AGS) reported revenue of $83.18 million, up 14.2% over the same period last year.

AGS generated a net loss of $334 thousand in Q1 2023 compared to a net loss of $12.6 million in the prior year period. The year-over-year decrease reported net loss was predominantly driven by our strong year-over-year revenue growth and the inclusion of approximately $8.5 million in non-recurring costs in the prior year period related to our February 2022 debt refinancing.

Commenting upon the Company’s first quarter results, AGS President and Chief Executive Officer David Lopez said, “Our record-setting first quarter revenue and adjusted EBITDA performance is yet another testament to the way in which the strategic investments we have made in our people and products over the past several years have strengthened the underlying resiliency and vibrancy of our business. Supported by what I view as the strongest team and most compelling new product lineup in AGS’s history, I am extremely excited about what lies ahead for the Company and our shareholders.” 

Kimo Akiona, AGS Chief Financial Officer added, “As an organization, we remain singularly focused on optimizing our operating and capital deployment efficiency to further de-lever our balance sheet. Supported by our strong first quarter financial performance, the growing demand for our high-performing for-sale products, and the relative stability observed across our recurring revenue operations, we remain confident in our ability to exit 2023 with net leverage inside of our targeted 3.25 times to 3.75 times range, with an intermediate-term focus on returning net leverage inside of 3.0 times.”