AGS revises 2018 outlook following company-record Q3 revenue
AGS has reported company-record revenue of $75.5m for Q3, a year-on-year increase of 34%.
The supplier’s success in the third quarter was driven by entry into Canada, a "large sale to a long-standing tribal customer" and an 82% increase in EGM equipment sales to $24.7m.
Total adjusted EBITDA increased 14% to $33.6m, although the total adjusted EBITDA margin fell from 52% to 44% due to manufacturing cost increases and costs associated with the recently acquired RMG content aggregator Gameiom.
Based on the supplier’s year-to-date progress, AGS has produced an upward revision of its 2018 outlook, projecting total adjusted EBITDA of between $134 and $136m.
AGS President and CEO David Lopez said: "In the third quarter, AGS sold 1,332 EGMs, a 58% jump year-on-year and a company record. Revenue hit an all-time high of $75.5m, demonstrating continued demand for our Orion Portrait cabinet and growing momentum for our new Orion Slant.
"AGS is still very underrepresented in many markets both domestically and internationally, which presents significant long-term growth opportunities."