Table Trac Inc. Annual Report - How They Did This Year

I’m writing this guide to help you understand how Table Trac Inc. performed this year. My goal is to explain their latest filing in plain English so you can decide if this company fits your portfolio.

1. What does this company do?

Think of Table Trac as the "operating system" for casinos. They provide software that tracks player rewards, manages slot machines, and handles behind-the-scenes accounting and security. They don't just sell software; they sign long-term maintenance contracts. This creates steady, subscription-like income, similar to how Microsoft or Adobe keeps customers on a recurring plan. Their core product, the Table Trac system, automatically collects data from gaming devices, allowing operators to monitor revenue and player behavior in real time.

2. Business Performance & Growth

Table Trac is a lean company with about 4.6 million shares outstanding. They serve over 115 casino operators across more than 300 locations. A highlight from 2025 is that they installed systems at eight new locations and expanded into Panama and the Caribbean, adding to their existing presence in the U.S. and Australia. For the year ending December 31, 2025, the company generated $11.4 million in revenue, driven by both new installations and recurring annual maintenance fees.

3. Leadership Changes

As of January 1, 2026, Randy Gilbert serves as both CEO and Chief Financial Officer (CFO). By combining these roles, the company is keeping its leadership team focused on financial discipline, aiming to reduce administrative costs and accelerate decision-making to prioritize product development and market growth.

4. Financial Health

The company operates with a team of 32 employees and maintains a $500,000 line of credit, which is secured through February 2027. As of late 2025, the company held $2.1 million in cash, providing a cushion to cover operating costs and fund ongoing research. Because they are a smaller firm, they avoid the heavy debt loads of larger tech companies, though their revenue remains sensitive to the overall health of the casino industry.

5. Key Risks

Before considering an investment, it is important to weigh these specific challenges:

• The "Copycat" Problem: The gaming industry is highly competitive. Larger rivals with bigger budgets constantly attempt to out-innovate Table Trac. The company must consistently modernize its software to retain its customer base.
• Cybersecurity: As a handler of sensitive data, a cyberattack could significantly impact the company’s reputation and profitability, requiring constant investment in security infrastructure.
• Intellectual Property: The business relies heavily on patents. Challenges to these patents or accidental infringement could lead to costly litigation or restrictions on product sales.
• Product Defects: Software glitches can cause casinos to lose money, potentially leading to canceled contracts, penalties, or the loss of future business opportunities.

6. Future Outlook

The company’s strategy is to maintain the security of its current systems while pursuing growth in new territories. Management is focused on increasing the value of their platform by integrating advanced analytics and mobile player-tracking features, which are currently in high demand as casino operators look to improve player retention and floor efficiency.

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Final Thought for Investors: Table Trac functions as a niche, recurring-revenue business. When deciding if this fits your portfolio, consider whether you believe their software will remain essential to casino operators in the face of larger, well-funded competitors. Their ability to expand into new international markets while keeping overhead low will be the primary driver of their long-term value.