Table Trac (TBTC) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was $2.55M, up from $1.84M in Q3 2023; net income rose to $292K from $172K year-over-year.

• For the nine months ended September 30, 2024, revenue reached $8.02M, up from $6.58M in the prior year period; net income was $1.11M, up slightly from $1.08M.

• Gross margin declined to 70.7% in Q3 2024 from 76.7% in Q3 2023, mainly due to higher labor and equipment costs.

• The company delivered two new systems in Q3 2024 and six new systems year-to-date, with ongoing support for over 115 casino operators in 300+ casinos worldwide.

Financial highlights

• Q3 2024 income from operations was $268K, up from $115K in Q3 2023; nine-month operating income was $1.22M, up from $1.12M.

• Interest income increased to $111K in Q3 2024 from $79K in Q3 2023; nine-month interest income was $289K, up from $251K.

• Cash and cash equivalents at September 30, 2024 were $2.01M, with $4.57M in short-term investments.

• Net cash provided by operations for the nine months was $1.69M, compared to net cash used of $(259K) in the prior year period.

• Cash dividends paid in the nine months totaled $92.7K; a $0.01/share dividend was declared for December 2024.

Outlook and guidance

• Management believes the company has adequate liquidity to meet obligations and continue operations for at least the next 12 months.

• The company is pursuing further opportunities and strategic partnerships, with five projects in backlog and one new contract signed post-quarter.