Table Trac Expands Global Footprint, Names New CEO

TL;DR

**TBTC is a niche gaming tech player with steady expansion, but its small size and competitive market make it a risky bet for significant upside.**

AI Summary

TABLE TRAC INC (TBTC) reported a market value of approximately $19.4 million for its common stock held by non-affiliates as of June 30, 2025, based on a $5.88 per share average bid and asking price. The company, a Nevada corporation formed in 1995, specializes in proprietary casino management systems, including its 'Table Trac' and 'CasinoTrac' brands. As of December 31, 2025, TBTC had 32 full-time employees and its systems were installed in over 300 casinos operated by 115 customers across the U.S., Australia, Caribbean, Central and South America. In 2025, TBTC expanded its presence by installing CasinoTrac at eight new customer locations in Nevada, New Mexico, Washington, the Caribbean, and Panama. The company holds licenses in ten U.S. states, including California and Nevada, enabling further sales pursuits. Randy Gilbert was appointed CEO on January 1, 2026, while retaining his CFO role. TBTC renewed its $500,000 line of credit through February 2027.

Why It Matters

Table Trac's consistent expansion into new casino markets, including eight new customer installations in 2025 across diverse geographies like Nevada and Panama, signals robust demand for its casino management systems. This growth, coupled with its patented technology and renewed $500,000 line of credit, suggests a stable operational foundation for investors. However, the intense competition from larger rivals in the gaming management industry and the inherent risks of unpredictable order flows could challenge sustained profitability and market share, impacting future returns. The appointment of Randy Gilbert as CEO and CFO could streamline leadership but also concentrates executive risk.

Risk Assessment

Risk Level: medium — The company faces significant competition from larger, better-resourced rivals in the gaming management industry, as explicitly stated in the 'Competition' section. Additionally, its business is subject to 'unpredictable order flows' and 'long sales cycles' for individual system sales, which can cause revenue to 'fluctuate significantly from period to period,' creating revenue instability.

Analyst Insight

Investors should monitor TBTC's quarterly revenue growth and new customer acquisition rates closely to assess its ability to overcome competitive pressures. Given the unpredictable order flows, a long-term investment strategy focused on consistent market share gains and product innovation would be more prudent than short-term trading.

Key Numbers

• $19.4M — Market Value of Non-Affiliate Common Stock (As of June 30, 2025, indicating the company's small market capitalization.)
• 115 — Casino Operators (Number of operators with Table Trac systems installed as of December 31, 2025, demonstrating market penetration.)
• 300+ — Casinos (Number of casinos with Table Trac systems installed as of December 31, 2025, showing broad reach.)
• 8 — New Customer Installations (Number of new CasinoTrac installations in 2025, indicating recent growth.)
• 32 — Full-Time Employees (As of December 31, 2025, highlighting the company's lean operational structure.)
• $500,000 — Line of Credit (Renewed through February 2027, providing short-term liquidity.)
• 10 — U.S. States Licensed (Number of states where Table Trac holds licenses, enabling sales expansion.)
• 30+ — Countries/Regions (Geographic reach of installations, including U.S., Australia, Caribbean, Central and South America.)

Key Players & Entities

• TABLE TRAC INC (company) — registrant
• TBTC (company) — ticker symbol
• Randy Gilbert (person) — Chief Executive Officer and Chief Financial Officer
• Securities and Exchange Commission (regulator) — filing oversight
• $19.4 million (dollar_amount) — aggregate market value of common stock held by non-affiliates as of June 30, 2025
• $5.88 (dollar_amount) — average bid and asking price per share of common stock as of June 30, 2025
• $500,000 (dollar_amount) — line of credit obtained in February 2020 and renewed through February 2027
• Nevada (regulator) — state of incorporation
• Minnetonka, Minnesota (company) — principal offices location
• June 27, 1995 (company) — date of formation

FAQ

Risk Factors

• Unpredictable Order Flows [medium — operational]: The company experiences unpredictable order flows due to long sales cycles for individual system sales and the lack of contractual minimums for expansion opportunities at existing customer facilities. This can lead to significant fluctuations in results from period to period.
• Access to Capital Markets and Economic Risks [high — financial]: The company's growth and ability to access capital markets are subject to economic risks, including diminished liquidity, credit availability, and declining valuations. Tightening credit markets can adversely affect customer financing and potentially reduce or cancel orders for Table Trac's products and services.
• Impact of Unfavorable Economic and Social Conditions [high — market]: Adverse economic, social, and political conditions, public health crises, and events beyond control can negatively impact the business. This includes reduced player visits, less disposable income for casino patrons, and potential customer payment issues or facility closures.
• Customer Regulatory Disputes [medium — regulatory]: Inability of customers to operate due to regulatory disputes or their inability to meet debt obligations could adversely affect Table Trac's business, operations, and financial conditions.
• Geopolitical and Health Crises [medium — market]: Global geopolitical events such as wars, civil unrest, and health concerns like pandemics can disrupt operations and negatively impact the gaming market, affecting customer demand for Table Trac's systems.

Industry Context

Table Trac Inc. operates in the casino management systems sector, providing proprietary software solutions like Table Trac and CasinoTrac. The industry is characterized by a need for secure, scalable, and compliant systems to manage table games, player loyalty, and overall casino operations. Competition likely exists from other specialized software providers and larger gaming technology companies.

Regulatory Implications

The company's systems are designed to meet strict auditing, accounting, and regulatory requirements applicable to the gaming industry. Compliance with these regulations is crucial for maintaining customer trust and operational integrity. Licenses in ten U.S. states indicate a need for ongoing regulatory adherence and potential expansion challenges.

What Investors Should Do

1. Monitor customer acquisition and expansion rates.
2. Assess the impact of economic downturns on customer spending.
3. Evaluate the company's ability to secure future capital.
4. Analyze the competitive landscape and technological innovation.

Key Dates

• 1995-06-27: Company Formation — Marks the establishment of Table Trac, Inc. as a Nevada corporation.
• 2026-01-01: CEO Appointment — Randy Gilbert appointed CEO, retaining his CFO role, indicating potential leadership consolidation.
• 2027-02-01: Line of Credit Renewal — The $500,000 line of credit was renewed through February 2027, providing continued short-term liquidity.

Glossary

Casino Management System (CMS)

A comprehensive software system designed to manage various aspects of casino operations, including guest rewards, marketing, player tracking, and financial controls. (This is the core product offering of Table Trac, Inc., central to its business model and revenue generation.)

Table Trac system

A proprietary system developed by the company that automates and monitors the operations of casino table games. (Represents one of the company's foundational products, contributing to its market presence in table game management.)

CasinoTrac

Table Trac's unified Casino Management System offering end-to-end casino resort functionality. (This is the company's advanced CMS product, indicating a focus on integrated solutions for casinos.)

Open Architecture

A system design that allows for easy integration and interoperability with other software and hardware systems. (Highlights the flexibility and scalability of CasinoTrac, making it attractive to casinos with existing technology infrastructure.)

Proprietary

Owned or controlled exclusively by one company; a unique product or technology. (Emphasizes that Table Trac's systems are unique and protected, potentially providing a competitive advantage.)

Year-Over-Year Comparison

Information comparing key metrics to the previous year, such as revenue growth, margin changes, and new risks, is not available in the provided text excerpt. The filing details the current business operations, risk factors, and key dates but does not offer comparative financial performance data or a discussion of changes from a prior period.

Key Financial Figures

• $0.001 — g) of the Act: Common Stock, par value $0.001 (Title of Class) Indicate by check m
• $5.88 — registrant's common stock on that date ($5.88 per share). As of March 24 2026, the re
• $500,000 — n February 2020, the Company obtained a $500,000 line of credit with a lender. The Compa

Filing Documents

• tbltrc20251231_10k.htm (10-K) — 967KB
• ex_896110.htm (EX-19.1) — 30KB
• ex_896111.htm (EX-23.1) — 3KB
• ex_896112.htm (EX-31.1) — 8KB
• ex_896113.htm (EX-31.2) — 9KB
• ex_896114.htm (EX-32) — 4KB
• bly01.jpg (GRAPHIC) — 5KB
• image1.jpg (GRAPHIC) — 14KB
• tabletraclogo2.jpg (GRAPHIC) — 5KB
• 0001437749-26-009488.txt ( ) — 6062KB
• tbtc-20251231.xsd (EX-101.SCH) — 51KB
• tbtc-20251231_cal.xml (EX-101.CAL) — 62KB
• tbtc-20251231_def.xml (EX-101.DEF) — 359KB
• tbtc-20251231_lab.xml (EX-101.LAB) — 352KB
• tbtc-20251231_pre.xml (EX-101.PRE) — 398KB
• tbltrc20251231_10k_htm.xml (XML) — 911KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 3 Item 1B. Unresolved Staff Comments 4 Item 1C. Cybersecurity Item 2.

Properties

Properties 4 Item 3.

Legal Proceedings

Legal Proceedings 4 Item 4. Mine Safety Disclosures 4 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 5 Item 6. Reserved 5 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 5 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 8 Item 8.

Financial Statements

Financial Statements F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 9 Item 9A.

Controls and Procedures

Controls and Procedures 9 Item 9B. Other Information 9 PART III. Item 10. Directors, Officers and Corporate Governance 9 Item 11.

Executive Compensation

Executive Compensation 9 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 9 Item 13. Certain Relationships and Related Transactions and Director Independence 9 Item 14. Principal Accountant Fees and Services 9 PART IV. Item 15. Exhibits and Financial Statement Schedules 10

Signatures

Signatures 11 Certifications and Exhibits Table of Contents PART I

Business

Item 1. Business. GENERAL Table Trac, Inc. (the "Company", "Table Trac", "we" or "our") is a Nevada corporation, formed on June 27, 1995, with principal offices in Minnetonka, Minnesota. The Company's corporate website address is www.casinotrac.com. The Company makes available free of charge, on or through the Company's website https://www.casinotrac.com/investors/, its annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission. The Company has developed and patented a proprietary information and management system (called our "Table Trac" system) that automates and monitors the operations of casino table game operations. In addition to its table games management system, Table Trac has developed a highly secure, unified, and stable Casino Management System ("CMS") offering end-to-end casino resort functionality for guest rewards and loyalty marketing operations, marketing analysis, guest service, promotions, administration / management, vault / cage management and audit / accounting tasks, altogether a powerful, elegant technology ecosystem of value, efficiency and reliability for casinos seeking to add or upgrade their casino management systems. The Company sells and leases systems and technical support to casinos. The open architecture of CasinoTrac is designed to provide operators with a secure, scalable, and flexible system that can interconnect and operate with most third-party software or hardware. Key products and services include modules designed to drive player tracking programs and kiosk promotions, as well as vault and cage controls. The Company's systems are designed to meet strict auditing, accounting and regulatory requirements applicable to the gaming industry. The Company has developed a patented, real-time system that automates and monitors the opera

Risk Factors

Item 1A. Risk Factors. Risk Factors Relating to Our Business The Company ' s business is subject to unpredictable order flows, which might cause its results to fluctuate significantly from period to period . Individual system sales can have a long sales cycle, resulting in unpredictable revenue from such sales. Other revenue is derived from expansion opportunities at existing customer facilities and, although existing customers have in the past engaged us to provide expanded services and systems, there is no contractual agreement to provide us with any minimum volume or the ability to expand our services and systems. For these reasons, the Company can experience unpredictable order flows for system expansions. Our growth and ability to access capital markets are subject to a number of economic risks. Financial markets worldwide can experience disruption, including, among other things, diminished liquidity and credit availability, rating downgrades of certain investments and declining valuations. Financial market conditions affect our business in a number of ways. For example, the tightening of credit in financial markets adversely affects the ability of our customers to obtain financing for purchases and operations and could result in a decrease in or cancellation of lease and sale orders for our products and services. In addition, poor financial market conditions could also affect our ability to raise funds in the capital and lending markets. Unfavorable economic, social and political conditions, public health crises and other events beyond our control may have a negative effect on our business, results of operations and financial conditions. If fewer players visit our customers' facilities or, if such players have less disposable income to spend at our customers' facilities or if our customers are unable to make timely payments to us or to devote resources to purchasing and leasing our products are/or forced to close their facilities, there could be an

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View this 10-K filing on SEC EDGAR