Table Trac Reports 17.7% Revenue Growth to $11.16 Million for Fiscal Year 2024

Table Trac, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $11.16 million, a 17.7% increase from $9.49 million in 2023. The growth was driven by a 23% rise in system sales, which amounted to $4.09 million, and a 7.9% increase in maintenance revenue, totaling $5.38 million. Service and other revenue surged by approximately 45%, contributing $1.70 million, largely due to increased sales of DataTrac services and promotional kiosk products. Despite the revenue growth, the company's net income slightly decreased to $1.58 million from $1.61 million in the previous year, resulting in earnings per share of $0.34, down from $0.35.

The company experienced notable operational changes, including the installation of eight new casino management systems and the expansion of two existing systems during 2024. This brought the total number of casino operators using Table Trac's systems to 115 across over 300 casinos in various regions, including the U.S., Australia, and Central and South America. The company signed eleven new customer contracts in 2024, expanding its presence in states such as Iowa, Kansas, and Nevada, as well as in Panama. The total employee headcount remained stable at 38 full-time equivalents.

In terms of financial health, Table Trac's total stockholders' equity increased by 15.8% to $11.46 million, up from $9.90 million in 2023. The company reported cash and cash equivalents of $2.26 million, a decrease from $3.49 million the previous year, primarily due to investments in certificates of deposit. The company also maintained a $500,000 line of credit, which remains unutilized as of the end of 2024. The increase in operating cash flow to $2.02 million from $394,940 in 2023 was attributed to a decrease in inventory and an increase in customer deposits.

Table Trac's gross profit margin decreased to 71% from 74% in 2023, primarily due to a one-time cash consideration of $275,000 paid to a customer for a promotional product that initially did not function as intended. Selling, general, and administrative expenses rose by 15% to $6.18 million, reflecting increased sales and marketing efforts. The company continues to face competitive pressures in the gaming management industry, necessitating ongoing adaptation to market demands and technological advancements.

Looking ahead, Table Trac aims to leverage its recent customer acquisitions and product expansions to further enhance its market share. The company is focused on maintaining compliance with regulatory requirements across various jurisdictions while exploring opportunities for growth in both existing and new markets. Management believes that the current financial position and operational strategies will support continued growth and stability in the coming year.