Record Recurring Revenue

Debt Margin Steps Down to SOFR + 3.0% on Achievement of Leverage Milestone

LAS VEGAS, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. ^® (OTCQB: GLXZ) ("Galaxy" or the "Company"), today announced results for the second quarter ended June 30, 2026.

• Total Revenue of $7.9 million increased 5% from $7.5 million a year ago
  • Record recurring revenues, net of royalties increased 8% to $7.9 million and represented 99% of total revenues; non-recurring revenues decreased $0.2 million due to the timing of perpetual license sales of progressive gaming systems
  • Digital segment revenues, net of royalties, increased 11% to $3.1 million
• Net Income increased 5%, to $1.0 million, partially reflecting lower interest expense
  • Interest Expense decreased 10% to $0.8 million, driven by reduced interest rates as well as lower outstanding principal
• Adjusted EBITDA, a non-GAAP financial measure, was up 11% to $3.5 million compared to $3.2 million in the second quarter of 2025
• Free Cash Flow, a non-GAAP financial measure, was up 25% to $1.7 million compared to $1.3 million a year ago
• Achieved Total Debt Leverage Below 3.0x, Triggering Interest Rate Step-Down to SOFR + 3.00% from SOFR + 3.50%
• Subsequent to quarter end, the Company repurchased 330,758 shares of its common stock under its recently approved share repurchase program, representing approximately 1.3% of shares outstanding
  

"Our Second Quarter results demonstrated yet again continued momentum for the business," said Matthew Reback, Chief Executive Officer of Galaxy. "We continued executing our plan through the merger process with Evolution^®, and the results show it — which is why I've briefly included a few comparisons to the second quarter of 2024 to enable investors to see what's changed since the deal was originally announced two years ago. Recurring core and digital revenue, net of royalties hit a record $7.9 million, up 8% year over year and 12% from the second quarter of 2024, now representing 99% of total revenue compared with 82% two years ago — a fundamentally more durable and predictable base. Our Digital segment grew 11% year over year and 23% from the second quarter of 2024, as we added more content with new and existing operators. In our Core segment we grew our installed base of recurring revenue progressive systems by 11% year over year and 40% since the second quarter of 2024, thanks to continued demand for our Galaxy Operating System^® (GOS) and the strong early interest in the MONOPOLY^®-branded progressive systems we rolled out this year. We are staying focused on recurring placements, where our system generates value across the full life of its installation, while continuing to entertain one-time sales selectively for strategic opportunities."

"Our operating momentum is compounding with the progress we made in strengthening our balance sheet. Since refinancing in January 2025, we reduced quarterly interest expense by nearly two-thirds; and this quarter we moved below 3.0x total debt leverage, stepping our interest rate margin down to SOFR + 3.0%. That flows directly into Free Cash Flow, which grew 25% to $1.7 million — and we delivered that growth while increasing capital investment in product development by 50% year to date. We are investing in talent alongside product. In July we welcomed Anand Singh as our Chief Technology Officer, bringing more than two decades of gaming technology experience, including nearly 20 years at Light & Wonder^®. His engineering leadership and record of delivering modern, scalable platforms position us to accelerate the pace and range of innovation across both our land-based and digital businesses. Our balance sheet has gone from consuming cash flow to funding our growth and with the $5.2 million termination fee received subsequent to quarter end in connection with the terminated Evolution merger agreement, we have never been better positioned to invest in our best ideas. I am excited about what this team will build, and how efficiently we are now able to build it. "

"Beyond the numbers, our amazing team at Galaxy has worked hard to ensure that this is a different and better business than the one we ran two years ago. Our platform is more stable and more scalable; our systems are performing well in the field, and several new products are in field trials with major operators today. This fall, our next wave of games and innovative progressive systems are set to debut at G2E. We have traded one-time revenue for durable revenue, invested in the technology that delivers it, and strengthened the team building it. That is why I believe we are a stronger company today than we were two years ago, and I am excited about the future."

Consolidated Full Quarter Comparative Results (unaudited)

		As of and for the Three Months Ended June 30,
		2026				2025
Total Revenue		$	7,937,890			$	7,527,691
Recurring Revenues, Net of Royalties(1)		$	7,886,708			$	7,271,270
Income from Operations(2)		$	1,899,687			$	1,943,991
Interest Expense		$	813,483			$	906,598
Net income(2)(3)		$	996,978			$	950,357
Diluted EPS		$	0.04			$	0.04
Adjusted EBITDA(4)		$	3,548,217			$	3,199,269
Free Cash Flow(4)		$	1,677,075			$	1,342,810

(1) The Company defines Recurring Revenues, net of royalties, as Gross Revenue (from Core and Digital Revenues), less Perpetual License Sales of Progressive Gaming Systems and less Royalties Netted Against Gross Revenue. These components are presented in the revenue discussion within Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Management uses Recurring Revenues to evaluate the durability of the Company's revenue base, as recurring placements generate revenue across the life of an installation while perpetual license sales occur in a single period.
(2) Income from Operations and Net income for the three months ended June 30, 2026 include approximately $0.5 million of state tax expense recorded in connection with the preliminary results of a managed audit that the Company voluntarily initiated, largely relating to sales and use tax not charged to customers, substantially all of which is attributable to periods prior to 2026.
(3) Net income for each of the three months ended June 30, 2026 and 2025 includes $0.2 million of professional fees and transaction-related costs, primarily related to the proposed acquisition of the Company by Evolution, which was terminated on July 21, 2026.
(4) For a reconciliation of net income to Adjusted EBITDA and Free Cash Flow, see the Unaudited Reconciliation of Selected Financial GAAP to Non-GAAP Measures provided toward the end of this release.

Second Quarter 2026 Results Overview

Total revenues for the three-month period ended June 30, 2026 increased to $7.9 million compared to $7.5 million in the year-ago quarter, an increase of 5% driven by organic growth. Perpetual license sales of progressive gaming systems were $0.1 million compared to $0.3 million in the prior-year period, due to the timing of individual system sales which was driven by the strategic decision to prioritize more stable and higher-margin recurring revenue over one-time sales. As the Company works toward the optimal balance between these one-time perpetual sales and recurring placements, it expects perpetual license sales for the full year 2026 to be slightly lower than the prior year.

Recurring revenues, net of royalties, increased 8% to a record $7.9 million from $7.3 million in the prior year period reflecting meaningful growth in both the Core and Digital segments.

Income from operations for the three months ended June 30, 2026, includes a charge of approximately $0.5 million of state tax expense recorded in connection with the preliminary results of a managed audit that the Company voluntarily initiated, largely relating to sales and use tax not charged to customers, substantially all of which is attributable to periods prior to 2026.

Interest expense decreased 10% to $0.8 million from $0.9 million, due to a decrease in the effective interest rate and a reduction in debt principal, comprised of $2.3 million in scheduled debt payments and $1.4 million in incremental principal payments made since June 30, 2025.

Net income increased 5% to $1.0 million, or $0.04 per diluted share compared to the prior year period.

Adjusted EBITDA was $3.5 million in the second quarter of 2026 compared to $3.2 million in the prior-year period, an increase of 11%.

Free Cash Flow was $1.7 million compared with $1.3 million in the year-ago period, primarily reflecting the increase in Adjusted EBITDA noted above and to a lesser extent, decreased cash paid for interest, partially offset by increased cash used in investing activities as the Company expanded its investment in product development.

Balance Sheet, Liquidity and Cash Flow

• As of June 30, 2026, the Company had $4.8 million of cash and cash equivalents compared with $4.3 million as of December 31, 2025. During the first six months of 2026, the Company generated $4.2 million of cash from operations — net of approximately $0.9 million of annual incentive compensation and $0.3 million of retention bonuses paid in connection with the terminated Evolution transaction — and used $2.1 million for capital investment and $1.5 million for scheduled debt repayment, while increasing its cash balance by $0.5 million.
• During the first six months of 2026, the Company invested $2.1 million in the business compared with $1.2 million in the prior-year period, including $0.7 million in internally developed software, an increase of 50%, and $1.0 million in gaming systems deployed at customer locations.
• Total long-term debt, net of debt issuance costs decreased to $37.9 million as of June 30, 2026, from $39.3 million as of December 31, 2025, as the Company paid $1.4 million on its senior secured term loan throughout 2026.
• Cash paid for interest, net of interest income, was $0.7 million in the 2026 second quarter compared with $0.9 million in the year-ago period. The net decrease in interest paid was driven by a reduced principal balance of outstanding debt and lower average interest rate.

Core Revenue

		Three Months Ended June 30,
		2026				2025				$ Change				% Change
Revenue:
Core Revenues:
Recurring License Revenue		$	5,499,746			$	5,180,133			$	319,613				6.2	%
Perpetual License Sales of Progressive Gaming Systems			51,182				256,421				(205,239	)			-80.0	%
Gross Revenue			5,550,928				5,436,554				114,374				2.1	%
Royalties Netted against Gross Revenue			(749,743	)			(742,279	)			(7,464	)			1.0	%
Total Core Revenue		$	4,801,185			$	4,694,275			$	106,910				2.3	%
Total Core Recurring Revenue(1)		$	4,750,003			$	4,437,854			$	312,149				7.0	%

(1) The Company defines Total Core Recurring Revenue, as Total Core Revenue less Perpetual License Sales of Progressive Gaming Systems and less Royalties Netted Against Gross Revenue. These components are presented in the revenue discussion within Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Core segment growth was driven by new game placements and higher participation-based revenue in foreign jurisdictions, along with continued momentum from the GOS Progressive System and placements of the MONOPOLY^®-branded progressive systems launched earlier this year. The decline in perpetual license sales reflects the timing of individual system sales.

Digital Revenue

		Three Months Ended June 30,
		2026				2025				$ Change				% Change
Revenue:
Digital Revenues:
Recurring License Revenue		$	4,355,037			$	4,020,989			$	334,048				8.3	%
Gross Revenue			4,355,037				4,020,989				334,048				8.3	%
Royalties Netted against Gross Revenue			(1,218,332	)			(1,187,573	)			(30,759	)			2.6	%
Total Digital Revenue		$	3,136,705			$	2,833,416			$	303,289				10.7	%

Digital segment revenues increased 11% to $3.1 million, driven by higher play volume with existing operators and content launches with new customers. All Digital segment revenue is of a recurring nature. Royalties on licensed titles increased 3%, growing more slowly than gross revenue and reducing royalties to 28% of gross revenue from 30% in the prior-year period.

Subsequent Events

On July 22, 2026, the Company’s Board of Directors authorized a share repurchase program of up to $4,000,000 of the Company’s outstanding common stock. Repurchases under the share repurchase program may be made from time to time through open market purchases, privately negotiated transactions, or a trading plan intended to qualify under Rule 10b5-1 under the Exchange Act, with the timing and amount determined based on market conditions and other factors, including constraints specified in the Rule 10b5-1 repurchase plan. The share repurchase program, which has no fixed expiration date, supersedes the Company’s prior authorization to repurchase up to $750,000 of its common stock, under which no shares were repurchased.

Pursuant to the Company's $4,000,000 share repurchase program disclosed herein, on July 31, 2026, the Company entered into a privately negotiated repurchase with a shareholder, pursuant to which the Company repurchased 330,758 shares of its common stock at a price of approximately $1.55 per share for an aggregate cost of $514,202.

Subsequent to quarter end, the Company received a $5.2 million termination fee in connection with the terminated Evolution merger agreement

Non-GAAP Financial Information

To enhance investor understanding of the underlying trends in our business, our cash balance and cash available for operating needs, and to provide better comparability between periods in different years, we are providing Adjusted EBITDA, and Free Cash Flow in this press release. Accordingly, Adjusted EBITDA and Free Cash Flow measures should not be considered in isolation or as a substitute for measures prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). These measures should be read in conjunction with our net earnings, operating income, and cash flow data prepared in accordance with GAAP.

Adjusted EBITDA reflects adjustments to GAAP net income (loss) to exclude interest, income taxes, depreciation, amortization, stock-based compensation, foreign currency exchange gains and losses, severance and other litigation-related expenses, and other items that do not represent ongoing operations, including loss on extinguishment of debt. Management uses Adjusted EBITDA to evaluate our operating performance and believes it offers investors, regulators, and other stakeholders a view of our operations consistent with how management assesses performance. When considered alongside GAAP results, management believes Adjusted EBITDA provides a more comprehensive understanding of our financial results. Adjusted EBITDA should not be considered an alternative to net income (loss) or to net cash provided by (used in) operating activities as a measure of operating results or liquidity. It may not be comparable to similarly titled measures used by other companies and excludes items that some may consider important in evaluating our performance.

We define Free Cash Flow as Adjusted EBITDA less cash paid for interest net of cash received for interest income, net cash used in investing activities, and cash paid for taxes net of refunds. We present Free Cash Flow as a measure of performance. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures.

Cautionary Note Regarding Forward-Looking Statements

Some of the information contained in this press release includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” "target," “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement.

These risks and uncertainties include, but are not limited to, changes in the trading price of our common stock that may impact share repurchases; our available cash and liquidity; the effects of the termination of the merger with Evolution Malta Holding Limited on our business and on the market price of our common stock;  the ability of the Company to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.

About Galaxy

Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has over 140 licenses worldwide, including licenses in 28 U.S. states and more than 30 countries around the world.

Investor Relation Contacts:

Investor Relations:
Steve Kopjo (702) 727-8886

Media: 
Phylicia Middleton (702) 938-1753 

GALAXY GAMING, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
		Three Months Ended
		June 30, 2026				June 30, 2025
Revenue:
Licensing fees		$	7,937,890			$	7,527,691
Total revenue			7,937,890				7,527,691
Costs and expenses:
Cost of ancillary products and assembled components			82,003				188,011
Selling, general and administrative			4,852,606				4,213,470
Research and development			128,553				243,162
Depreciation and amortization			919,222				785,915
Stock-based compensation			55,819				153,142
Total costs and expenses			6,038,203				5,583,700
Income from operations			1,899,687				1,943,991
Other income (expense):
Interest income			435				15,879
Interest expense			(813,483	)			(906,598	)
Foreign currency exchange loss			(25,393	)			(9,003	)
Total other expense, net			(838,441	)			(899,722	)
Income before provision for income taxes			1,061,246				1,044,269
Provision for income taxes			(64,268	)			(93,912	)
Net income			996,978				950,357
Foreign currency translation adjustment			(28,545	)			252,210
Comprehensive income		$	968,433			$	1,202,567
Net income per share:
Basic		$	0.04			$	0.04
Diluted		$	0.04			$	0.04
Weighted-average shares outstanding:
Basic			26,132,943				26,035,137
Diluted			26,132,943				26,192,145

GALAXY GAMING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
ASSETS	June 30, 2026				December 31, 2025
Current assets:
Cash and cash equivalents	$	4,757,798			$	4,306,683
Accounts receivable, net of allowance of $124,466 and $241,283, respectively		4,840,712				5,742,383
Income tax receivable		153,074				126,311
Prepaid expenses		1,062,000				1,394,462
Total current assets		10,813,584				11,569,839
Property and equipment, net		136,441				118,115
Operating lease right-of-use assets		169,837				280,429
Assets deployed at client locations, net		4,809,357				4,125,723
Goodwill		1,091,000				1,091,000
Other intangible assets, net		9,830,906				10,225,783
Other assets		107,595				89,730
Total assets	$	26,958,720			$	27,500,619
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	1,606,324			$	1,876,338
Accrued expenses		2,279,074				3,178,328
Current portion of operating lease liabilities		165,373				298,006
Current portion of long-term debt		2,836,643				2,416,108
Revenue contract liability		118,750				286,221
Total current liabilities		7,006,164				8,055,001
Long-term operating lease liabilities		6,325				2,944
Long-term debt and liabilities, net		35,057,103				36,867,804
Deferred tax liabilities, net		43,498				49,145
Total liabilities		42,113,090				44,974,894
Commitments and Contingencies
Stockholders’ deficit
Preferred stock, 10,000,000 shares authorized; $0.001 par value; 0 shares issued and outstanding		—				—
Common stock, 65,000,000 shares authorized; $0.001 par value; 25,354,623 and 25,354,623 shares issued and outstanding, respectively		25,354				25,354
Additional paid-in capital		20,772,597				20,663,931
Accumulated deficit		(35,903,083	)			(38,267,617	)
Accumulated other comprehensive (loss) income		(49,238	)			104,057
Total stockholders’ deficit		(15,154,370	)			(17,474,275	)
Total liabilities and stockholders’ deficit	$	26,958,720			$	27,500,619

GALAXY GAMING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Six Months Ended
		June 30, 2026				June 30, 2025
Cash flows from operating activities:
Net income (loss)		$	2,364,534			$	(1,070,925	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			1,789,173				1,565,732
Amortization of right-of-use assets			134,798				128,607
Amortization of debt issuance costs and debt discount			126,799				85,251
Bad debt expense			10,489				38,295
Gain on disposal of property & equipment			—				(62	)
Deferred income tax			(5,647	)			68,687
Stock-based compensation			108,666				319,403
Loss on extinguishment of debt			—				2,969,585
Changes in operating assets and liabilities:
Accounts receivable			807,154				612,499
Income tax receivable			(18,083	)			(55,973	)
Prepaid expenses and other current assets			332,462				345,816
Other assets			(17,863	)			161,522
Accounts payable			(268,689	)			(478,608	)
Accrued expenses			(875,378	)			(327,785	)
Revenue contract liability			(167,471	)			125,491
Operating lease liabilities			(153,458	)			(141,744	)
Net cash provided by operating activities			4,167,486				4,345,791
Cash flows from investing activities:
Investment in internally developed software			(726,408	)			(484,741	)
Acquisition of property and equipment			(75,707	)			(93,683	)
Acquisition of assemblies in process			(350,900	)			(279,519	)
Acquisition of assets deployed at client locations			(974,819	)			(463,785	)
Transfer of title of assets deployed at client locations to perpetual license customer			31,578				159,984
Net cash used in investing activities			(2,096,256	)			(1,161,744	)
Cash flows from financing activities:
Proceeds from BMO Credit Agreement			—				45,000,000
Principal payments on long-term debt (Fortress)			—				(57,576,929	)
Principal payments on long-term debt (BMO)			(1,375,000	)			(3,125,000	)
Principal payments on long-term debt (Insurance)			(141,965	)			(180,688	)
Payments of debt issuance costs			—				(624,248	)
Fees associated with debt transactions — prior debt			—				(138,233	)
Proceeds from stock option exercises			—				151,200
Net cash used in financing activities			(1,516,965	)			(16,493,898	)
Effect of exchange rate changes on cash			(103,150	)			231,057
Net increase (decrease) in cash and cash equivalents			451,115				(13,078,794	)
Cash and cash equivalents – beginning of period			4,306,683				18,118,043
Cash and cash equivalents – end of period		$	4,757,798			$	5,039,249
Supplemental cash flow information:
Cash paid for interest		$	1,415,059			$	1,815,593
Cash paid for income taxes		$	118,630			$	117,914
Supplemental schedule of non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities		$	24,206			$	6,914

GALAXY GAMING, INC. RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (Unaudited)
		Three Months Ended June 30,
Adjusted EBITDA and Free Cash Flow Reconciliation:		2026
Net income		$	996,978
Interest expense			813,483
Interest income			(435	)
Provision for income taxes			64,268
Depreciation and amortization			919,222
EBITDA			2,793,516
Stock-based compensation(1)			55,819
Professional fees, acquisition costs and other(2)			168,128
Non-income tax assessment(3)			505,361
Foreign exchange loss(4)			25,393
Adjusted EBITDA		$	3,548,217
Cash paid for interest, net(5)			(701,106	)
Cash used in investing activities			(1,065,936	)
Cash paid for income taxes, net(6)			(104,100	)
Free Cash Flow		$	1,677,075

(1) Represents the non-cash expense associated with the value of equity awards granted to employees, directors and consultants by the Company.
(2) Represents professional fees and transaction-related fees incurred related to acquisitions, mergers and professional fees incurred for other projects not considered part of the normal course of business.
(3) Represents a charge of state tax expense recorded in connection with the preliminary results of a managed audit that the Company voluntarily initiated, largely relating to sales and use tax not charged to customers, substantially all of which is attributable to periods prior to 2026.
(4) Represents foreign exchange losses and gains associated with the fluctuations of foreign currency rates.
(5) Represents cash paid for interest during the period, net of interest income received.
(6) Represents cash paid for income taxes during the period, net of refunds received.

GALAXY GAMING, INC. RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (Unaudited)
		Three Months Ended June 30,
Adjusted EBITDA and Free Cash Flow Reconciliation:		2025
Net income		$	950,357
Interest expense			906,598
Interest income			(15,879	)
Provision for income taxes			93,912
Depreciation and amortization			785,915
EBITDA			2,720,903
Stock-based compensation(1)			153,142
Employee severance costs and other expenses(2)			72,539
Professional fees, acquisition costs and other(3)			243,682
Foreign exchange loss(4)			9,003
Adjusted EBITDA		$	3,199,269
Cash paid for interest, net(5)			(860,131	)
Cash used in investing activities			(878,414	)
Cash paid for income taxes, net(6)			(117,914	)
Free Cash Flow		$	1,342,810

(1) Represents the non-cash expense associated with the value of equity awards granted to employees, directors and consultants by the Company.
(2) Represents costs associated with the severance of employees.
(3) Represents professional fees and transaction-related fees incurred related to acquisitions, mergers and professional fees incurred for other projects not considered part of the normal course of business.
(4) Represents foreign exchange losses and gains associated with the fluctuations of foreign currency rates.
(5) Represents cash paid for interest during the period, net of interest income received.
(6) Represents cash paid for income taxes during the period, net of refunds received.

Source: Galaxy Gaming, Inc.