---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-022134"
form_type: "8-K"
ticker: "GLXZ"
cik: "0000013156"
company_name: "Galaxy Gaming, Inc."
filed_at: "2023-05-15T23:59:59+00:00"
generated_at: "2026-06-15T00:46:00.291240+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Galaxy Gaming Q1 revenue up 25% to $7.4M, net income $111K; raises FY 2023 guidance

## Summary
- Revenue $7.4M (+25% YoY); net income $111K vs loss of $14K in Q1 2022.
- Adjusted EBITDA $3.08M (+15% YoY); net leverage 3.9x vs 6.0x max covenant.
- GG Core revenue included $1.3M perpetual license purchases; ex-that, core up slightly.
- FY 2023 revenue guidance raised to $27.5-28.5M (from $26-27M); EBITDA guidance raised to $13.0-13.25M (from $12-13M).
- Cash $16.4M; debt reduced to $58.8M; GOS platform approved by testing lab.

## SEC filing metadata
- accession: 0000950170-23-022134
- form_type: 8-K
- ticker: GLXZ
- cik: 0000013156
- company_name: Galaxy Gaming, Inc.
- filed_at: 2023-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/13156/000095017023022134/0000950170-23-022134-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/13156/000095017023022134/glxz-20230331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-022134
- JSON: https://secwatch.observer/filing/0000950170-23-022134.json
- Plain text: https://secwatch.observer/filing/0000950170-23-022134.txt

## Key facts
- Earnings Releases
  Galaxy Gaming, Inc. updated its fiscal 2023 guidance (raised).
  - Period: fiscal 2023
  - Guidance: raised
  - Result: guidance update
  source text: With respect to fiscal 2023, we are increasing our guidance for revenue (net of iGaming royalties) from a range of $26-$27 million to a range of $27.5-$28.5 million, and we are increasing the guidance for Adjusted EBITDA from a range of $12-13 million to a range of $13.0-13.25 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/13156/000095017023022134/0000950170-23-022134-index.htm
- Earnings Releases
  Galaxy Gaming, Inc. reported the quarter ended March 31, 2023 results: revenue $7,423K, net income $111K. Guidance raised.
  - Period: the quarter ended March 31, 2023
  - Revenue: $7,423K
  - Net income: $111K
  - Guidance: raised
  - Result: reported results
  source text: casinos and iGaming content, announced today its financial results for the quarter ended March 31, 2023. Financial Highlights Q1 2023 vs. Q1 2022 • Revenue increased 25% to $7,423K • Adjusted EBITDA increased 15% to $3,084K • Net income of $111K vs. net loss of $(14)K Balance Sheet Changes (vs. December 31, 2022) • Cash decreased 10% to $16,386K • Total
  evidence_url: https://www.sec.gov/Archives/edgar/data/13156/000095017023022134/0000950170-23-022134-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.