Inspired Entertainment, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
INSE$3.70+5.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001641172-25-022417
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001493152-25-020923
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 204 previous paragraphs and 213 current paragraphs.
141 unchanged; 43 reworded; 29 added; 20 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
During the three-month period ended September 30, 2025, Inspired extended its long-term partnership with William Hill, introducing an enhanced Virtual Sports experience and upgraded retail rollout. As part of the contract extension, Inspired will deliver a comprehensive upgrade to William Hill’s Virtual Sports offering across its UK retail estate.
Current report
During the three-month period ended September 30, 2025, the Interactive segment recorded a net increase of three operators compared with the prior quarter, driven primarily by continued momentum among mid-market operators. Inspired also expanded its Hybrid Dealer content footprint in North America through the Caesars Palace Wheel of Wins rollout to Michigan and Ontario, following its successful launch in New Jersey.
Current report
During the three-month period ended September 30, 2025, Inspired entered into definitive agreement relating to the sale of Inspired’s UK holiday parks business and certain associated leisure assets (“Indigo NewCo Limited”). As part of the agreement, Inspired will provide gaming and content platform services, and machine spare parts on a recurring revenue basis to Indigo NewCo Limited.
Current report
During the quarter, the pending sale of Indigo NewCo Limited was classified as held-for-sale, the Company further considered ASC 205-20 and whether or not the disposal represented a strategic shift that would have a major effect on the Company’s operations and financial results. An assessment was made from both a quantitative and qualitative perspective and the Company concluded that the disposal did not represent a strategic shift. As such, the Company did not present the pending sale as discontinued operations.
Current report
While the Indigo NewCo Limited business represents approximately 17% of Group revenue and 8% of Group EBITDA, it generates zero free cashflow as a result of capital reinvestment. The operations of Indigo NewCo Limited are primarily associated with children’s amusement machines, which is contrary to the Company’s primary strategy of developing digital gaming for adults.
Current report
Based on management’s conclusion that the sale of Indigo NewCo Limited represents a non-core part of the Company’s strategy, in addition to the Financial Accounting Standards Board’s use of the word “major” in ASC 205-20-45-1C suggesting a relatively high bar for a disposal to be considered a strategic shift on a quantitative basis, our analysis of both qualitative and quantitative factors determined that the sale of Indigo NewCo Limited did not meet the definition of a strategic shift that would have a major effect on the operations or financial results of the Company.
Current report
During the quarter, Inspired also began transitioning a number of pub customers to a new operating model by refocusing on content and machine supply.
Current report
During the third quarter of 2025, management identified the nonrenewal of two significant customer contracts within the pub sector as a potential indicator of impairment for the All Other asset group within the Leisure segment under the long-lived asset guidance in U.S. GAAP.
Current report
The two contracts collectively represented approximately 15% and 14% of the Leisure segment’s total revenues and EBITDA, respectively, and approximately 33% and 24% of the “All Other Leisure” asset groups total revenue and EBITDA during the year ended December 31, 2024.
Current report
As a result of the identified triggering event, management performed a recoverability test for the affected asset group as of August 1, 2025. Based on this analysis, the undiscounted estimated future cash flows exceeded the carrying amount of the asset group; therefore, no impairment charge was recorded. Management will continue to monitor the segment’s performance and customer’s relationships for potential future indicators of impairment.
Current report
Revenue (for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024)
Current report
Cost of sales, excluding depreciation and amortization, for the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, increased by $1.6 million or 7%, driven by a $0.7 million increase in cost of service, and a $0.9 million increase in cost of service.
Current report
Non-Staff related selling, general and administrative expenses for the three-month period ended September 30, 2025 increased by $0.5 million, or 4% compared with the three-month period ended September 30, 2024 predominantly driven by increases in professional fees due to timings of activities as are not linear year-on-year partially offset by favorable realized gain on foreign currency movements and favorable facility charges for lower insurance premiums and utility costs.
Current report
Non-Staff related selling, general and administrative expenses for the nine-month period ended September 30, 2025 decreased by $0.9 million, or 2% compared with the nine-month period ended September 30, 2024 mainly driven by a favorable realized gain on foreign currency movement.
Current report
Net operating income
Current report
Net Income/Loss
Current report
For the three-month period ended September 30, 2025, the $4.4 million decrease compared to the three-month period ended September 30, 2024, was due to the decrease in net operating income and higher net interest expense driven by the refinancing activities in the second quarter of 2025 and impact of FX rates partially offset by a decrease in tax expense.
Current report
For the nine-month period ended September 30, 2025, the $6.5 million decrease compared to the nine-month period ended September 30, 2024, was due to higher net interest expense driven by the refinancing activities in the second quarter of 2025 and impact of FX rates as well as an increase in tax expense, partially offset by an increase in the net operating income.
Current report
During the three and nine-month period ended September 30, 2025, Gaming revenue increased by $3.8 million and $1.8 million, or 17% and 3% respectively compared to the three-and nine-month period ended September 30, 2024. During the three-month period ended September 30, 2025, this was driven by an increase in Product revenue $2.7 million and Service revenue $1.1 million. During the nine-month period ended September 30, 2025, this was driven by an increase in Service revenue of $5.7m, partially offset by a decrease in Product revenue of $3.9 million.
Current report
For the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, the product revenue increased by $2.7 million from sales in the UK market.
Current report
Gaming Net Operating Income
Current report
During the nine-month period ended September 30, 2025, revenue increased by $12.0 million, or 43% compared to the nine-month period ended September 30, 2024, primarily driven by revenue growth in the UK, and North America.
Current report
Net operating income for the three and nine-month periods ended September 30, 2025, increased by $3.0 million and $8.9 million, respectively compared to the three and nine-month period ended September 30, 2024.
Current report
For the three-month period ended September 30, 2025, revenue increased by $0.2 million or 0% compared to the three-month period ended September 30, 2024, predominantly due to the growth in existing holiday parks and new sites.
Current report
Net operating income for the three-month period ended September 30, 2025, decreased $7.1 million compared to the three-month period ended September 30, 2024. This was primarily due to the Held for Sale impairment adjustment of $5.7 million and an increase in other selling, general and administration costs of $0.5 million.
Current report
Net operating income for the nine-month period ended September 30, 2025, decreased $7.1 million compared to the nine-month period ended September 30, 2024. This is predominantly from the Held for Sale impairment adjustment of $5.6 million, depreciation and amortization of $1.2 million and an increase in other selling, general and administration costs of $0.5 million.
Current report
Nine Months ended September 30, 2025, compared to Nine Months ended September 30, 2024
Current report
Covenant testing at September 30, 2025 showed covenant compliance with the current debt facilities in place.
Current report
Effective November 1, 2025 the Board authorized a new share repurchase program permitting the repurchase, subject to repurchases being effected on or before November 30, 2028 of up to an aggregate amount of $25.0 million of the Company’s issued and outstanding shares of common stock. There have been no repurchases in the nine months ended September 30, 2025.
Removed paragraphs (20)
Previous report
During the three-month period ended June 30, 2025 the Virtual Sports segment launched a new partnership with global aggregation leader Aristocrat Interactive. Through this collaboration Inspired has gone live with the Virginia Lottery, delivering a comprehensive suite of scheduled Virtual Sports games under the Inspired V-Lottery brand.
Previous report
During the three-month period ended June 30, 2025 the Interactive segment went live with nine new operators increasing the total number of net customers at the end of the period by six due to the closure of a few smaller customers.
Previous report
Key agreements signed in the three-month period ended June 30, 2025 include an extension to the Chisholm Bookmakers contract for four years, a new customer contract for JenningsBet for five years for the provision and installation of 591 Vantage terminals and a new customer contract for Corbett Bookmakers for four years for the provision and installation of 148 Flex terminals, all of which are in the Gaming segment.
Previous report
On June 9 th, Inspired announced the completion of a private placement by its subsidiary of £270.0 million aggregate principal amount of senior secured notes due 2030 (the “2030 Senior Secured Notes”). In connection with the placement, certain of its subsidiaries also entered into a new £17.8 million revolving credit facility (the “Revolving Credit Facility”), which replaces its existing, and now terminated, revolving credit facility.
Previous report
Revenue (for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024)
Previous report
Non-Staff related selling, general and administrative expenses for the three and six-month period ended June 30, 2025 decreased by $0.3 million and $1.4 million, or 3% and 6% compared to the three and six-month period ended June 30, 2024.
Previous report
The decrease in the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024 was predominantly driven by a favorable realized gain on foreign currency movements of $0.3 million and the decrease in the six-month period ended June 30, 2025 compared to the period ended June 30, 2024 was driven by reductions in professional fees of $0.9 million due to timing of activities as well as a favorable realized gain on foreign currency movements of $0.6 million.
Previous report
Net operating income / net income/(loss)
Previous report
For the three and six-month period ended June 30, 2025 the $8.0 million and $2.2 million decrease respectively compared to the three and six-month period ended June 30, 2024, was primarily due to the increase in net operating income offset by income tax expense and higher interest expense.
Previous report
During the three and six-month period ended June 30, 2025, Gaming revenue decreased by $0.6 million and $2.0 million, or 2% and 4% respectively compare to the three and six month period ended June 30, 2024. This was driven by decreases in Product revenue of $3.7 million and $6.4 million, respectively, partially offset by increases in Service revenue of $3.1 million and $4.4 million, respectively.
Previous report
Gaming operating income
Previous report
Net income for the three-month period ended June 30, 2025, decreased by $0.8 million, compared to the three-month period ended June 30, 2024. The decrease was primarily driven by an increase in depreciation and amortization of $3.1 million partially offset by a decrease in Cost of Product of $2.0 million due to the lower volumes of hardware sales.
Previous report
During the six-month period ended June 30, 2025, revenue increased by $7.7 million, or 44% compared to the six-month period ended June 30, 2024 primarily driven by revenue growth in the UK, mainland Europe and Latin America.
Previous report
Operating income for the three and six-month periods ended June 30, 2025, increased by $2.3 million and $6.2 million, respectively compared to the three and six-month period ended June 30, 2024.
Previous report
For the three-month period ended June 30, 2025, revenue increased by $1.3 million or 5% compared to the three-month period ended June 30,2024, predominantly due to the timing of a key public holiday in UK.
Previous report
Operating income for the six-month period ended June 30, 2025 decreased $0.1 million compared to the six-month period ended June 30, 2024.
Previous report
Adjusted Revenue (Revenue Excluding Low Margin Gaming Hardware Sales) is defined as revenue excluding Gaming hardware sales that are sold at Low Margin with the intention of securing longer term recurring revenue streams.
Previous report
Six Months ended June 30, 2025, compared to Six Months ended June 30, 2024
Previous report
There was no requirement to produce any covenant testing at June 30, 2025.
Previous report
The Indenture governing the Senior Note Purchase Agreement and the Senior Facilities Agreement contains covenants and certain reporting requirements including the requirement to provide the lender, within 60 days after the close of the quarter, unaudited quarterly financial statements with footnote disclosures.
Reworded paragraphs (43)
Previous wording
Our results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming machines can vary quarter on quarter due to both supply and demand factors. Player activity for our holiday parks is generally higher in the second and third quarters of the year, particularly during the summer months and slower during the first and fourth quarters of the year.
Current wording
Our results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming machines can vary quarter on quarter due to both supply and demand factors. Player activity for our holiday parks has generally been higher in the second and third quarters of the year, particularly during the summer months and slower during the first and fourth quarters of the year.
Previous wording
For the three and six months ended June 30, 2025, we derived approximately 72% and 69% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), respectively, 5% (in both periods) from USA respectively, 8% and 9% from Greece respectively, and the remaining 15% and 17% across the rest of the world. During the three and six months ended June 30, 2024, we derived approximately 75% (in both periods) from the UK, 3% and 2% from USA respectively, 6% and 8% from Greece and 16% and 15% respectively for the rest of world.
Current wording
For the three and nine months ended September 30, 2025, we derived approximately 73% and 71% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), respectively, 6% (in both periods) from USA, 7% and 8% from Greece respectively, and the remaining 14% and 15% across the rest of the world. During the three and nine months ended September 30, 2024, we derived approximately 77% and 76% of our revenue from the UK respectively, 4% and 3% from USA respectively, 7% and 8% from Greece respectively and 12% and 13% respectively for the rest of world.
Previous wording
As of June 30, 2025, our non-current assets (excluding goodwill) were attributable as follows: 73% to the UK, 13% to Greece and 14% across the rest of the world. As of June 30, 2024, our non-current assets (excluding goodwill) were attributable as follows: 70% to the UK, 10% to Greece and 20% across the rest of the world.
Current wording
As of September 30, 2025, our non-current assets (excluding goodwill) were attributable as follows: 70% to the UK, 15% to Greece and 15% across the rest of the world. As of September 30, 2024, our non-current assets (excluding goodwill) were attributable as follows: 75% to the UK, 8% to Greece and 17% across the rest of the world.
Previous wording
During the three and six months ended June 30, 2025, we derived approximately 28% and 31% respectively of our revenue from sales to customers outside the UK (see discussion above), compared to 25% (in both periods) during the three and six months ended June 30, 2024, respectively.
Current wording
During the three and nine months ended September 30, 2025, we derived approximately 27% and 29% respectively of our revenue from sales to customers outside the UK (see discussion above), compared to 23% and 24% during the three and nine months ended September 30, 2024, respectively.
Previous wording
Our results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting currency (USD). During the three month periods ended June 30, 2025 and June 30, 2024, the average GBP:USD rates were 1.34 and 1.26, respectively, and for the six-month ended June 30, 2025 period were 1.30 and 1.26, respectively.
Current wording
Our results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting currency (USD). During the three month periods ended September 30, 2025 and September 30, 2024, the average GBP:USD rates were 1.35 and 1.30, respectively, and for the nine-month periods ended September 30, 2025 and September 30, 2025 were 1.32 and 1.28, respectively.
Previous wording
During the three-month period ended June 30, 2025 in the Gaming segment, 798 new terminals were delivered to OPAP as part of the order of 4,000 new VLT’s placed in the Greek market in the fourth quarter of 2024 (all of which are expected to be delivered in 2025). In the Canadian market, the Alberta Gaming, Liquor and Cannabis (“AGLC”) ordered 58 new Valor CS terminals which were deployed in the quarter.
Current wording
During the three-month period ended September 30, 2025, in the Gaming segment 202 new terminals were delivered to OPAP as part of the order of 4,000 new VLT’s placed in the Greek market in the fourth quarter of 2024 (all of which will be delivered in 2025), 1,304 machines were sold in the UK market to customers including Bod Rudd, Essex Leisure, Regal Ltd and other independent market customers.
Previous wording
Three and Six Months ended June 30, 2025, compared to Three and Six Months ended June 30, 2024
Current wording
Three and nine Months ended September 30, 2025, compared to Three and nine Months ended September 30, 2024
Previous wording
For the three months period ended June 30, 2025, revenue on a functional currency (at constant rate) basis increased by $1.2 million or 2% compared to the three-month period ended June 30, 2024 and for the six months period ended June 30, 2025, revenue on a functional currency basis decreased by $0.4 million or 0% compared to the six month period ended June 30, 2024.
Current wording
For the three-month period ended September 30, 2025, revenue on a functional currency (at constant rate) basis increased by $6.1 million or 8% compared to the three-month period ended September 30, 2024 and for the nine months period ended September 30, 2025, revenue on a functional currency basis increased by $5.7 million or 3% compared to the nine-month period ended September 30, 2024.
Previous wording
For the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024, Gaming revenue declined by $0.6 million, Gaming product sales declined $3.7 million due to decreases in unit volumes in the UK and North America markets, partially offset by an increase in Gaming service revenue of $3.1 million, due to an increase in the UK market. Virtual Sports revenue declined by $3.0 million due to reduced Online revenue. Interactive revenue increased by $3.6 million, driven by revenue growth in the UK and North America: and Leisure revenue increased by $1.3 million predominantly due the timing of a key public holiday in UK.
Current wording
For the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, Gaming revenue increased by $3.8 million, Gaming product sales increased $2.7 million due to increases in the UK and North America, and service sales increased $1.1 million due to an increase in unit volumes in the UK and Greece markets. Virtual Sports revenue declined by $2.2 million due to reduced Online revenue. Interactive revenue increased by $4.5 million, driven by revenue growth in the UK and North America: and Leisure revenue increased by $0.2 million with service sales increases of $0.5 million, partially offset by product sales decreases of $0.3 million predominantly due to holiday parks in UK.
Previous wording
For the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024, Gaming revenue declined by $2.0 million, Gaming product sales declined $6.4 million due to a decrease in the UK and North America markets as product sales do not typically follow a linear year-over-year trend. This was partially offset by an increase in Gaming service revenue of $4.4 million predominantly due to the UK and mainland European markets. Virtual Sports revenue decreased by $6.7 million due to a decrease in Online revenue. Interactive revenue increased by $7.7 million, driven by revenue growth in the UK, mainland Europe and Latin America; and Leisure revenue increased by $0.7 million due to increases in Holiday Parks due to revenue growth in both existing and new sites added in the prior twelve-month period as well as revenue growth in the Bingo sector.
Current wording
For the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024, Gaming revenue increased by $1.8 million, Gaming service revenue of $5.7 million predominantly due to the UK and mainland Europe markets partially offset by product sales decline of $3.9 million due to a decrease in the North America markets as product sales do not typically follow a linear year-over-year trend. Virtual Sports revenue decreased by $8.9 million due to a decrease in Online revenue. Interactive revenue increased by $12.0 million, driven by revenue growth in the UK, mainland Europe and Latin America; and Leisure revenue increased by $0.8 million with service sales increased by $1.1 million and partially offset by product sales decrease of $0.3 million. Increases were due to Holiday Parks revenue growth in both existing and new sites added in the prior twelve-month period as well as revenue growth in the Bingo sector.
Previous wording
Cost of sales, excluding depreciation and amortization, for the three and six-month period ended June 30, 2025, decreased by $0.9 million and $3.4 million, or 4% and 8%, respectively compared to the three and six-month period ended Juen 30, 2024. The decreases were driven by a $2.0 million and $3.6 million decrease in cost of product, respectively, predominantly driven by the decrease in product revenues. This was partially offset by a $1.1 million and $0.2 million increase in cost of service, respectively, predominately driven by the increase in service revenues.
Current wording
Cost of sales, excluding depreciation and amortization, for the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, decreased $1.8 million or 3%, driven by a $2.7 million decrease in cost of product, predominantly driven by a fluctuation in product revenues, partially offset by an increase in cost of service of $0.9 million.
Previous wording
Staff related selling, general and administrative expenses for the three and six-month period ended June 30, 2025 increased by $1.5 million and $0.8 million, or 9% and 2% respectively compared to the three and six-month period ended June 30, 2024 mainly related to performance based short term incentive expenses.
Current wording
Staff related selling, general and administrative expenses for the three and nine-month period ended September 30, 2025, increased by $1.7 million and $2.7 million, or 11% and 6% respectively compared to the three and nine-month period ended September 30, 2024, mainly related to performance based short term incentive expenses timings.
Previous wording
During the three and six-month period ended June 30, 2025, the Company recorded stock-based compensation expenses of $1.8 million and $3.2 million, respectively, compared to stock-based compensation expenses of $1.6 million and $3.9 million for the three and six-month period ended June 30, 2024. All expenses related to outstanding awards.
Current wording
During the three and nine-month period ended September 30, 2025, the Company recorded stock-based compensation expenses of $1.4 million and $4.6 million, respectively, compared to stock-based compensation expenses of $1.8 million and $5.7 million for the three and nine-month period ended September 30, 2024. All expenses related to outstanding awards.
Previous wording
Depreciation and amortization for the three-month period ended June 30, 2025, increased by $3.4 million compared to the three-month period ended June 30, 2024. This was driven by increases in Gaming of $3.1 million and in Leisure of $0.9 million related to gaming machine additions, and in Interactive of $0.1 million. This was partially offset by a reduction in Virtual Sports of $0.7 million, due to assets being fully depreciated.
Current wording
Depreciation and amortization for the three-month period ended September 30, 2025, increased by $1.6 million compared to the three-month period ended September 30, 2024. This was driven by increases across Gaming of $0.6 million related to gaming machine additions, Virtuals of $0.3 million, and Interactive $0.6 million related to software development intangible additions.
Previous wording
Depreciation and amortization for the six-month period ended June 30, 2025, increased by $4.4 million compared to the six-month period ended June 30, 2024. This increase was driven by increases in Gaming of $3.7 million and Leisure of $1.5 million, partially offset by a reduction in Virtual Sports of $0.4 million and Interactive of $0.4 million due to assets being fully depreciated.
Current wording
Depreciation and amortization for the nine-month period ended September 30, 2025, increased by $6.0 million compared to the nine-month period ended September 30, 2024. This was predominantly driven by increases in Gaming of $4.4 million and Leisure of $1.2 million.
Previous wording
During the three and six-month periods ended June 30, 2025, net operating income was $7.9 million and $9.5 million, respectively, representing a decrease of $0.6 million and increase of $2.9 million, respectively, compared to the three and six-month periods ended June 30, 2024.
Current wording
During the three and nine-month periods ended September 30, 2025, net operating income was $9.7 million and $19.2 million, respectively, representing a decrease of $1.6 million and increase of $1.2 million, respectively, compared to the three and nine-month periods ended September 30, 2024.
Previous wording
The decline in the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024 was predominantly due to increased depreciation and amortization expense, partially offset by higher revenues and lower cost of sales.
Current wording
The year-over-year decline in the three-month period ended September 30, 2025, was predominantly due to the Held for Sale impairment and, increased depreciation and amortization expense, partially offset by higher revenues and lower selling, general and administration expenses.
Previous wording
The growth in the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 was mainly due to lower cost of product and non-staff related selling, general and administrative expenses partially offset by higher depreciation and amortization expenses.
Current wording
The year-over-year increase in the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, was mainly due to lower cost of product and non-staff related selling, general and administrative expenses partially offset by the Held for Sale impairment and higher depreciation and amortization expenses.
Previous wording
For the three and six-months ended June 30, 2025 net loss was $7.8 million and $7.9 million, respectively, compared to a net income of $1.4 million and a net loss of $5.0 million, respectively, in the three and six-month period ended June 30, 2024.
Current wording
For the three and nine-months ended September 30, 2025, net loss was $1.9 million and $9.8 million, respectively, compared to a net income of $2.8 million and a net loss of $2.2 million, respectively, in the three and nine-month period ended September 30, 2024.
Previous wording
Segment Results (for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024)
Current wording
Segment Results (for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024)
Previous wording
For the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024, the increase in Gaming Service revenue was driven by increases of $2.7 million in the UK market predominantly due to the William Hill Vantage® terminal deployment, and a $0.7 million increase in the Greek market.
Current wording
For the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, the increase in Gaming Service revenue was driven by increases of $1.2 million in the UK market predominantly due to the William Hill Vantage® terminal deployment, and a $0.5 million increase in the Greek market, partially offset by a decrease in North America.
Previous wording
For the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024, the increase in Gaming Service revenue was driven by an increase of $3.3 million from the UK markets predominantly due to the William Hill Vantage® terminal deployment, inclusive of UK LBO shop closures, and a $1.5 million increase from Greece.
Current wording
For the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024, the increase in Gaming Service revenue was driven by an increase of $4.5 million from the UK markets predominantly due to the William Hill Vantage® terminal deployment, inclusive of UK LBO shop closures, and a $2.0 million increase from Greece, partially offset by a reduction in North America.
Previous wording
For the three and six-month period ended June 30, 2025 compared to the three and six-month period ended June 30, 2024 the Product revenue decrease was driven by lower unit sales, as the prior year period contained higher volumes of hardware sales which are less predictable in nature.
Current wording
For the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, the product revenue decreased by $3.9 million as the prior year period contained higher volumes of hardware sales which are less predictable in nature.
Previous wording
Operating income for the three-month period ended June 30, 2025 increased $0.2 million compared to the three-month period ended June 30, 2024. This was primarily due to the increase in revenue of 1.3 million partially offset by an increase in depreciation and amortization of $0.9 million for Gaming machine additions.
Current wording
Net operating income for the three-month period ended September 30, 2025, increased by $2.8 million, compared to the three-month period ended September 30, 2024. The increase was primarily driven by an increase in revenue of $3.8 million mainly from hardware sales.
Previous wording
Net income for the six-month period ended June 30, 2025, increased by $1.2 million, compared to the six-month period ended June 30, 2024. The increase was primarily due to a reduction in staff-related selling, general and administrative expenses of $1.3 million driven by the closure of the Bridgend manufacturing facility in 2024 as well as a decrease in Cost of Product of $3.7 due to lower volumes of hardware sales.
Current wording
Net income for the nine-month period ended September 30, 2025, increased by $3.9 million, compared to the nine-month period ended September 30, 2024. The increase was primarily due to a decrease in cost of product of $2.8 million from lower volumes of hardware sales, a reduction in staff-related selling, general and administrative expenses driven by the closure of the Bridgend manufacturing facility in 2024.
Previous wording
During the three and six-month period ended June 30, 2025, revenue decreased by $3.0 million and $6.7 million, or 26% and 28%, respectively compared to the three and six-month period ended June 30, 2024 primarily driven by a regulation in the Brazilian market and introduction of new levies.
Current wording
During the three and nine-month period ended September 30, 2025, revenue decreased by $2.2 million and $8.9 million, or 20% and 25%, respectively compared to the three and nine-month period ended September 30, 2024 primarily driven by a regulation in the Brazilian market and introduction of new levies.
Previous wording
During the three and six-month period ended June 30, 2025, operating income decreased by $2.7 million and $7.1 million respectively compared to the three and six-month period ended June 30, 2024, primarily due to the decreases in revenues and increases in the associated cost of sales mainly related to regulation of the Brazilian market and introduction of new levies.
Current wording
During the three and nine-month period ended September 30, 2025, operating income decreased by $2.7 million and $10.0 million respectively compared to the three and nine-month period ended September 30, 2024, primarily due to the decreases in revenues and increases in the associated cost of sales mainly related to regulation of the Brazilian market and introduction of new levies.
Previous wording
During three-month period ended June 30, 2025, revenue increased by $3.6 million, or 38% compared to the three-month period ended June 30, 2024 mainly driven by revenue growth in the UK, and North America due to the launch of new content across the estate and increased promotional activity through exclusive deals with tier-one customers.
Current wording
During three-month period ended September 30, 2025, revenue increased by $4.5 million, or 44% compared to the three-month period ended September 30, 2024, predominantly driven by revenue growth in the UK, and North America due to the launch of new content across the estate and increased promotional activity through exclusive deals with tier-one customers.
Previous wording
For the three-month period ended June 30,2025 compared to the three-month period ended June 30, 2024, this increase was driven by the increase in Gross Margin of $3.3 million, partially offset by increases in Staff-related selling, general and administrative expenses of $0.8 million.
Current wording
For the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, this increase was driven by the increase in Gross Margin of $4.2 million, partially offset by increases in Staff-related selling, general and administrative expenses of $0.5 million and increases in Depreciation and Amortization of $0.6 million.
Previous wording
For the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024, this increase was driven by the increase in gross margin of $7.4 million, partially offset by increases in staff-related selling, general and administration expenses of $1.0 million and non-staff related selling, general and administrative expenses of $0.8 million.
Current wording
For the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, this increase was driven by the increase in Gross Margin of $11.4 million, partially offset by increases in staff-related selling, general and administration expenses of $1.7 million and non-staff related selling, general and administrative expenses of $1.0 million.
Previous wording
For the six-month period ended June 30, 2025 revenue increased by $0.7 million or 2% compared to the six-month period ended June 30, 2024 mainly due to increases in Holiday due to revenue growth in both existing and new sites added in the prior twelve-month period as well as revenue growth in the Bingo sector.
Current wording
For the nine-month period ended September 30, 2025, revenue increased by $0.8 million or 1% compared to the nine-month period ended September 30, 2024 mainly due to increases in holiday parks due to revenue growth in both existing and new sites added in the prior twelve-month period as well as revenue growth in the Bingo sector.
Previous wording
Reconciliation to Adjusted EBITDA by segment for the Three and Six Months ended June 30, 2025
Current wording
Reconciliation to Adjusted EBITDA by segment for the Three and Nine Months ended September 30, 2025
Previous wording
Reconciliation to Adjusted EBITDA by segment for the Three and Six Months ended June 30, 2024
Current wording
Reconciliation to Adjusted EBITDA by segment for the Three and nine Months ended September 30, 2024
Previous wording
For the six months ended June 30, 2025, net cash provided by operating activities was a $40.7 million inflow, compared to a $3.6 million inflow for the six months ended June 30, 2024, representing a $37.1 million increase in cash generation from operating activities. This increase was driven primarily through the collection of receipts in the current year relating to machine sales made at the end of the previous year and favorable timing on supplier payments.
Current wording
For the nine months ended September 30, 2025, net cash provided by operating activities was a $50.8 million inflow, compared to a $24.8 million inflow for the nine months ended September 30, 2024, representing a $26.0 million increase in cash generation from operating activities. This increase was driven primarily through the collection of receipts in the current year relating to machine sales made at the end of the previous year and favorable timing on supplier payments.
Previous wording
Change in fair value of stock-based compensation expense decreased by $0.7 million to $3.2 million due to a $0.7 million reduction in the stock-based compensation expense.
Current wording
Change in fair value of stock-based compensation expense decreased by $1.1 million from $5.7 million to $4.6 million. All expenses related to outstanding awards.
Previous wording
Depreciation and amortization increased by $5.3 million, to $27.5 million, with increases of $3.9 million for machine depreciation and $1.9 million for software development amortization partly offset by $0.3million reductions for intangible assets and contract costs.
Current wording
Depreciation and amortization increased by $7.7 million, to $42.3 million, with increases of $5.3 million for machine depreciation, $2.4 million for software development amortization and $0.5 million for non-machine depreciation partly offset by reductions for intangible assets and contract costs of $0.3 million and $0.2 million respectively.
Previous wording
Other net cash generated/(utilized) by operating activities increased by $34.8 million, to a $16.7 million inflow. The relative movements between the six months ended June 30, 2025 and the six months ended June 30, 2024 resulted in favorable movements in accounts receivable of $23.5 million, in accounts payable and other creditors of $28.2 million and in inventory of $3.8 million. The favorable movement in accounts receivable was due to collection of receipts in the first half of 2025 from several significant machine hardware sales made at the end of 2024. The favorable movements from accounts payable was due to timing of supplier payments and the relative activity levels seen. These were partly offset by adverse movements in other debtors and prepayments of $18.5 million and long term liabilities of $1.9 million.
Current wording
Other net cash generated/(utilized) by operating activities increased by $22.3 million, to a $8.3 million inflow. The relative movements between the nine months ended September 30, 2025 and the nine months ended September 30, 2024 resulted in favorable movements in accounts receivable of $28.3 million and in accounts payable and other creditors of $23.7 million. The favorable movement in accounts receivable was due to collection of receipts in the first half of 2025 from several significant machine hardware sales made at the end of 2024. The favorable movements from accounts payable was due to timing of supplier payments and the timing of the roll out of machines being delivered to Greece . These were partly offset by adverse movements in other debtors and prepayments of $19.0 million due to changes in accrued income levels and finance lease debtors, inventory $3.2 million due to relative movements in machine levels in both the UK and the US, corporate and other taxes $3.6 million and long term liabilities of $3.0 million.
Previous wording
Net cash utilized in investing activities increased by $12.0 million, to $31.2 million during the six months ended June 30, 2025. This was driven by higher spend on plant, property and equipment of $11.5 million and on contract costs $2.0 million partly offset by lower capital software spend of $1.5 million.
Current wording
Net cash utilized in investing activities increased by $12.7 million, to $42.2 million during the nine months ended September 30, 2025. This was driven by higher spend on plant, property and equipment of $12.9 million and on contract costs $1.4 million partly offset by lower capital software spend of $1.5 million.
Previous wording
During the six months ended June 30, 2025, net cash generated by financing activities was $4.1 million. The refinancing of the business in June 2025 resulted in a net generation of cash of $8.2 million which was partly offset by a $4.1 million outflow relating to finance lease spend. During the six months ended June 30, 2024, net cash utilized by financing activities was $0.5 million all relating to finance lease spend.
Current wording
During the nine months ended September 30, 2025, net cash generated by financing activities was $3.4 million. The refinancing of the business in June 2025 resulted in a net generation of cash of $8.3 million which was partly offset by a $4.9 million outflow relating to finance lease spend. During the nine months ended September 30, 2024, net cash utilized by financing activities was $0.4 million all relating to finance lease spend.
Previous wording
To fund our obligations, we have historically relied on a combination of cash flows provided by operations and the incurrence of additional debt or the refinancing of existing debt. As of June 30, 2025, we had liquidity consisting of $46.3 million in cash and cash equivalents and a further $24.4 million of undrawn revolver facility. This compares to $23.5 million of cash and cash equivalents as of June 30, 2024, with a further $6.3 million of revolver facilities undrawn. We had a working capital inflow of $16.7 million for the six months ended June 30, 2025, compared to an $18.1 million outflow for the six months ended June 30, 2024.
Current wording
To fund our obligations, we have historically relied on a combination of cash flows provided by operations and the incurrence of additional debt or the refinancing of existing debt. As of September 30, 2025, we had liquidity consisting of $36.3 million in cash and cash equivalents and a further $24.0 million of undrawn revolver facility. This compares to $36.5 million of cash and cash equivalents as of September 30, 2024, with a further $6.7 million of revolver facilities undrawn. We had a working capital inflow of $8.3 million for the nine months ended September 30, 2025, compared to an $14.0 million outflow for the nine months ended September 30, 2024.
Showing the first 40 of 43 pairs. Open the source sections for the rest.