HomeTop MoversHere is why PlayAGS Inc. (AGS) stock plummeted on Friday?

Here is why PlayAGS Inc. (AGS) stock plummeted on Friday?

PlayAGS Inc. (AGS) shares declined 5.33% in after-hours on Friday, August 06, 2021, and closed the weekly trading at $8.00 per share. In the regular trading on Friday, AGS’s stock gained 0.96%. The stock volume remained 0.2 million shares, which was lower than the average daily volume of 0.29 million shares within the past 50 days. AGS shares have risen 112.31% over the last 12 months, and they have moved up 8.89% in the past week. Over the past three months, the stock has lost 8.05%, while over the past six months, it has declined 38.75%.

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AGS latest financial results announcement

On August 5, 2021, PlayAGS Inc (AGS) announced its financial results for its second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • AGS reported revenue of $66.8 million in Q2 2021 compared to $16.8 million in Q2 2020.
  • Total operating expenses were $59.4 million in Q2 2021 compared to $45.54 million in Q2 2020.
  • It suffered a net loss of $3.9 million or basic and diluted loss per share of $0.11in Q2 2021 compared to net losses of $42.6 million or basic and diluted loss per share of $1.20 in Q2 2020.
  • Non-GAAP, Adjusted EBITDA was $32.1 million in Q2 2021 compared to a $1.2 million Adjusted EBITDA loss in Q2 2020.
  • The company had $118.7 million of total available liquidity, comprised of an $88.7 million available cash balance and $30.0 million of revolver availability on June 30, 2021.

AGS won corporate awards

On July 20, 2021, PlayAGS Inc announced that it was named among the Best and Brightest Companies to Work for in the Nation® and Metro Atlanta for 2021, for the fifth consecutive year that AGS has won the coveted nationwide and Atlanta distinction.

PlayAGS Inc President and Chief Executive Officer David Lopez said that after the challenging pandemic year that we all just went through, winning the Best and Brightest in the nation and Atlanta for the fifth straight year is even more meaningful.

AGS launched Starwall x Orion™ And Orion Curve Cabinets

On July 15, 2021, PlayAGS Inc (AGS) announced that Alberta Gaming, Liquor, and Cannabis is implementing the Company’s award-winning new Starwall x Orion slot merchandising attraction and its new Orion Curve slot cabinet, making Alberta the first province in Canada to launch these products across multiple casinos.

AGS contract with Morongo Casino 

On June 23, 2021, PlayAGS Inc announced that Morongo Casino Resort & Spa (“Morongo Casino”) near Palm Springs, Calif. is implementing 40 NexGen Fast Cash mobile chip devices, a quick and easy way for players to buy chips at table games without having to touch cash or visit an ATM.

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The recent financial results announcement was the reason behind its loss on Friday and we hope that it will commence the new week with positive energy.

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