The EBITDA addback is a one-time fix for a specific tax assessment — it does not signal improving operations. Monitor the next quarterly filing for actual EBITDA and leverage trends; the CapEx loosening suggests the company needed more spending flexibility, which could indicate growth investment or maintenance needs.
Price Chart
Executive Summary
Galaxy Gaming entered into a Second Amendment to its Credit Agreement with BMO Bank N.A., increasing the annual capital expenditure limit to 10% of prior year's net revenue and approving a one-time $505,361 EBITDA addback for covenant compliance. This amendment follows a recent executive employment agreement (Sept 18) and provides modest covenant relief, but the company remains highly leveraged with $47M in total debt ($45M term loan + $2M revolver).
Key Financial Metrics
Key Facts
- Second Amendment to Credit Agreement dated Sept 23, 2026 with BMO Bank N.A.
- Annual CapEx limit increased to 10% of prior year's net revenue (previously lower)
- One-time EBITDA addback of $505,361 for state sales/use tax assessments paid in Q2 2026
- Addback applies to covenant calculations for four quarters following June 30, 2026
- Existing debt: $45M term loan and $2M revolving credit facility (total $47M)
- Cross-filing: Employment agreement with Matt Reback signed Sept 18, 2026 (4 days prior)
Financial Impact
Covenant relief of $505K EBITDA addback on $47M total debt; CapEx flexibility to 10% of net revenue
Risk Factors
- High leverage ($47M debt) with no new borrowing capacity added
- One-time EBITDA addback masks underlying covenant pressure — recurring EBITDA may still be insufficient
- Recent executive employment agreement (Sept 18) suggests management retention focus, not growth
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-402132 |
| Document: glxz-20260923.htm | 0001193125-26-402132 |
| Document: 0001193125-26-402132-index-headers.html | 0001193125-26-402132 |
| Document: 0001193125-26-402132-index.html | 0001193125-26-402132 |
| Document: 0001193125-26-402132.txt | 0001193125-26-402132 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | DEF 14A | — | awaiting T+20 | — | — |
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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