PlayAGS, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, total revenues reached $99.2 million, an increase of 11.0% from $89.4 million in the same period of 2023. Year-to-date revenues also grew by 11.2%, totaling $291.9 million compared to $262.4 million in the prior year.

The company's income from operations for Q3 2024 was $17.5 million, up 20.2% from $14.5 million in Q3 2023. For the nine-month period, income from operations increased by 23.4% to $51.0 million from $41.3 million. Notably, net income for Q3 2024 was $2.4 million, a substantial turnaround from a net loss of $156,000 in Q3 2023. Year-to-date net income also saw a remarkable increase, reaching $7.2 million compared to $361,000 in the same period last year.

Earnings per share reflected this positive trend, with basic earnings per share for Q3 2024 at $0.06, compared to $(0.00) in Q3 2023. For the nine months ended September 30, 2024, basic earnings per share were $0.18, up from $0.01 in the prior year.

The Electronic Gaming Machines (EGM) segment was a key driver of revenue growth, with total revenues for Q3 2024 at $88.7 million, up from $81.9 million in Q3 2023. Equipment sales in this segment also increased significantly, totaling $36.4 million for Q3 2024, compared to $27.8 million in the same quarter of 2023. The number of EGM units sold rose to 1,641 from 1,345 year-over-year.

The Interactive segment also performed well, with revenues for Q3 2024 reaching $5.9 million, a 89.9% increase from $3.1 million in Q3 2023. This growth was attributed to rising revenues from real-money gaming operators in Canada and the U.S.

On the strategic front, PlayAGS entered into a merger agreement with Bingo Holdings I, LLC on May 8, 2024, which is expected to close in the second half of 2025, subject to customary conditions. The company has also extended its share repurchase program, allowing for the repurchase of up to $50 million of common stock, with $41.7 million remaining available as of September 30, 2024.

As of September 30, 2024, PlayAGS reported total assets of $664.7 million, a decrease from $680.3 million at the end of 2023, while total stockholders' equity increased to $70.8 million from $67.7 million. The company’s long-term debt decreased to $530.3 million from $547.5 million, reflecting ongoing efforts to manage its financial obligations effectively.