The presentation is a routine update with no new guidance or material changes. Monitor upcoming Q3 2026 results for evidence that the iGaming growth trajectory (+23% since Q2 2024) and deleveraging trend continue, and watch for any new partnership launches (FanDuel, Caesars, IGT) expected to contribute in 2027.
Price Chart
Executive Summary
Galaxy Gaming posted an updated investor presentation on October 16, 2026, reiterating Q2 2026 results. Total revenue grew 5.5% YoY to $7.9M, recurring revenue rose 8.5% to $7.9M (99.4% of total), and Adjusted EBITDA increased 10.9% to $3.5M with a 44.7% margin. The company highlighted continued deleveraging (2.79x from 3.41x a year ago), a $4.0M buyback authorization, and the cancellation of all Fortress warrants post-quarter-end. No new forward guidance or material surprises were disclosed.
Key Facts
- Q2 2026 total revenue of $7.9M, up 5.5% YoY from $7.5M
- Recurring revenue of $7.9M, up 8.5% YoY, representing 99.4% of total revenue
- Adjusted EBITDA of $3.5M, up 10.9% YoY; Adjusted EBITDA margin of 44.7%, up 220 bps
- Net income of $1.0M, up 4.9% YoY
- LTM Adjusted EBITDA of $13.7M at June 30, 2026
- Leverage at 2.79x, down from 3.41x at June 30, 2025
- Post-quarter end: $4.0M buyback authorized; 330,758 shares repurchased for ~$0.5M; all 778,320 Fortress warrants cancelled for ~$1.2M
- LTM Free Cash Flow of $6.8M at June 30, 2026
- iGaming recurring revenue up 23% and core recurring revenue up 6% since Q2 2024
Financial Impact
Q2 2026 revenue +5.5% YoY, Adjusted EBITDA +10.9% YoY, leverage down to 2.79x from 3.41x
Risk Factors
- iGaming revenue concentration with Evolution as largest customer under long-term agreement
- Leverage at 2.79x still elevated, with scheduled term loan amortization of $2.25M in 2026 and $3.375M in 2027
- One-time hardware sales declining to $51k in Q2 2026 from $256k a year ago, reducing revenue diversity
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-423984 |
| Document: glxz-20261016.htm | 0001193125-26-423984 |
| Document: 0001193125-26-423984-index-headers.html | 0001193125-26-423984 |
| Document: 0001193125-26-423984-index.html | 0001193125-26-423984 |
| Document: 0001193125-26-423984.txt | 0001193125-26-423984 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | DEF 14A | $1.62 | awaiting T+20 | — | $1.63 (+0.62%) |
Oct 21, 2026 6d ago | 8-K | $1.61 | awaiting T+20 | — | $1.63 (+1.24%) |
Oct 16, 2026 11d ago | 8-K | $1.60 | awaiting T+20 | — | $1.63 (+1.87%) |
Sep 25, 2026 4w ago | 8-K | $1.61 $1.61 | ▲ +0.31% | ▲ +1.79% | $1.63 (+1.56%) |
Sep 21, 2026 5w ago | 8-K | $1.64 $1.60 | ▼ −2.44% | ▼ −1.53% | $1.63 (−0.61%) |
Aug 17, 2026 10w ago | 8-K | $1.75 $1.56 | ▼ −10.86% | ▼ −9.33% | $1.63 (−6.86%) |
Jul 22, 2026 13w ago | 8-K | $1.66 $1.82 | ▲ +9.64% | ▲ +6.74% | $1.63 (−1.81%) |
Jul 22, 2026 13w ago | 8-K | $1.66 $1.82 | ▲ +9.64% | ▲ +6.74% | $1.63 (−1.81%) |
Jul 20, 2026 14w ago | 8-K | $1.57 $1.75 | ▼ −11.46% | ▼ −7.34% | $1.63 (−3.82%) |
Mar 5, 2026 33w ago | 8-K | $1.86 $2.00 | ▲ +7.58% | ▲ +9.63% | $1.63 (−12.32%) |
US Market Status
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