Inspired Entertainment, Inc.

Previous wording

We make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. For definitions of the term Forward-Looking Statements, see the definitions provided in the “Cautionary Note Regarding Forward-Looking Statements” at the front part of this report.

Current wording

We make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. For definitions of the term Forward-Looking Statements, see the definitions provided in the Cautionary Note Regarding Forward-Looking Statements at the forepart of this report

Previous wording

For the three- and six-month periods ended June 30, 2026, we derived approximately 57% and 59% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), respectively 10% and 9% from USA respectively; 11% and 11% from Greece, respectively; and the remaining 22% and 21% across the rest of the world. During the three- and six-month periods ended June 30, 2025, we derived approximately 72% and 69% from the UK, respectively; 5% (in both periods) from USA; 8% and 9% from Greece respectively; and the remaining 15% and 17% across the rest of the world.

Current wording

For the three and nine-months ended September 30, 2026, we derived approximately 61% and 59% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), respectively, 8% and 9% respectively from USA, 11% (in both periods) from Greece, and the remaining 20% and 21% respectively across the rest of the world. During the three and nine months ended September 30, 2025, we derived approximately 73% and 71% of our revenue from the UK respectively, 6% (in both periods) from USA, 7% and 8% from Greece respectively and 14% and 15% respectively for the rest of world.

Previous wording

As of June 30, 2026, our non-current assets (excluding goodwill) were attributable as follows: 71% to the UK, 16% to Greece and 13% across the rest of the world. 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.

Current wording

As of September 30, 2026, 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, 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.

Previous wording

During the three- and six-month periods ended June 30, 2026, we derived approximately 43% and 41% respectively of our revenue from sales to customers outside the UK (see discussion above), compared to 28% and 31% respectively during the three- and six-month periods ended June 30, 2025.

Current wording

During the three and nine-months ended September 30, 2026, we derived approximately 39% and 41% respectively of our revenue from sales to customers outside the UK (see discussion above), compared to 27% and 29% during the three and nine months ended September 30, 2025, 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, 2026 and June 30, 2025, the average GBP:USD rates were 1.34 and 1.34, respectively, and rates for the six-month periods ended June 30, 2026 and June 30, 2025 were 1.34 and 1.30, 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, 2026 and September 30, 2025, the average GBP:USD rates were 1.34 and 1.35, respectively, and for the nine-month periods ended September 30, 2026 and September 30, 2025 were 1.34 and 1.32, respectively.

Previous wording

Three and Six Months ended June 30, 2026, compared to Three and Six Months ended June 30, 2025

Current wording

Three and nine Months ended September 30, 2026, compared to Three and nine Months ended September 30, 2025

Previous wording

For the three-month period ended June 30, 2026, Total Revenue on a functional currency (at constant rate) basis decreased by $19.8 million or 25% compared to the three-month period ended June 30, 2025 and for the six-month period ended June 30, 2026, total revenue on a functional currency basis decreased by $26.4 million or 19% compared to the six-month period ended June 30, 2025.

Current wording

For the three-month period ended September 30, 2026, Total revenue on a functional currency (at constant rate) basis decreased by $24.7 million or 29% compared to the three-month period ended September 30, 2025, and for the nine-month period ended September 30, 2026, revenue on a functional currency basis decreased by $50.9 million or 22% compared to the nine-month period ended September 30, 2025.

Previous wording

For the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025, Retail Solutions revenue declined by $21.5 million, due to a decrease in service revenue, primarily reflecting the sale of the UK holiday parks business and certain associated leisure assets in November 2025, and the pub operator model change. Virtual Sports revenue declined by $0.4 million, due to a decrease in online revenue, while Interactive revenue grew by $2.0 million, due to growth in the UK, mainland Europe and North American markets. UK growth was partially offset by higher UK remote gaming taxes.

Current wording

For the three-month period ended September 30, 2026, compared to the three-month period ended September 30, 2025, Retail Solutions revenue declined by $24.3 million, due to a decrease in service revenue, primarily reflecting the sale of the UK holiday parks business and certain associated leisure assets in November 2025, and the pub operator model change. This was partially offset by an increase in product sales of $2.4 million (reflecting the variable nature of terminal sales). Virtual Sports revenue declined by $0.7 million due to a decrease in online revenue and the provisional measures prohibiting regulated online betting and gaming operations in Brazil, while Interactive revenue grew by $0.5 million, due to growth in North American markets.

Previous wording

For the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025, Retail Solutions revenue declined by $31.1 million, predominantly due to a decrease in service revenue of $31.4 million, reflecting the sale of the UK holiday parks business and certain associated leisure assets, and the pub operator model change. This was partially offset by an increase in product sales of $0.3 million (reflecting the variable nature of terminal sales).

Current wording

For the nine-month period ended September 30, 2026, compared to the nine-month period ended September 30, 2025, Retail Solutions revenue declined by $55.3 million, predominantly due to a decrease in service revenue of $58.0 million, reflecting the sale of the UK holiday parks business and certain associated leisure assets, and the pub operator model change. This was partially offset by an increase in product sales of $2.7 million (reflecting the variable nature of terminal sales). Virtual Sports revenue declined by $1.7 million due to a decrease in online revenue and the provisional measures prohibiting regulated online betting and gaming operations in Brazil, while Interactive revenue increased by $6.1 million, driven by growth in the UK, mainland Europe and North America reflecting a higher number of games released and strong performance of new titles. UK growth was partially offset by higher UK remote gaming taxes, from April 2026.

Previous wording

Cost of sales, excluding depreciation and amortization, for the three- and six-month periods ended June 30, 2026, decreased by $12.9 million and $20.0 million, or 51% and 46%, respectively, compared to the three- and six-month periods ended June 30, 2025. The decreases were predominantly driven by a $12.4 million and $19.1 million decrease in cost of service, respectively, primarily due to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model change, as well as a $0.5 million and $0.9 million decrease in cost of product, respectively, attributable to the same restructuring activity.

Current wording

Cost of sales, excluding depreciation and amortization, for the three and nine-month period ended September 30, 2026, decreased by $13.8 million and $33.7 million, or 54% and 49%, respectively, compared to the three and nine-month period ended September 30, 2025. The decreases were predominantly driven by a reduction of $14.5 million and $33.5 million in cost of service, respectively, primarily due to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model change, with the three-month period decrease partially offset by an increase in cost of product of $0.7 million driven by product sales increase.

Previous wording

Staff related selling, general and administrative expenses for the three- and six-month periods ended June 30, 2026 decreased by $4.0 million, and $7.5 million, or 21% and 22%, respectively compared to the threes and six-month periods ended June 30, 2025. This was predominantly related to the sale of the UK holiday parks business and certain associated leisure assets.

Current wording

Staff-related selling, general and administrative expenses for the three and nine-month period ended September 30, 2026, decreased by $2.4 million and $10.0 million, or 13% and 19% respectively compared to the three and nine-month period ended September 30, 2025. This was predominantly related to the sale of the UK holiday parks business and certain associated leisure assets.

Previous wording

The decrease in the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025, was mainly driven by lower facility costs of $1.0 million, fleet costs of $0.9 million (both related to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model restructuring activity), professional fees of $0.4 million and storage costs of $0.3 million.

Current wording

The decrease in the three-month period ended September 30, 2026, compared to the three-month period ended September 30, 2025, was mainly driven by lower professional fees of $4.0 million (ad-hoc in nature and timing does not correlate year-on-year), and lower facility costs of $1.1 million related to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model restructuring activity.

Previous wording

During the three- and six-month periods ended June 30, 2026, the Company recorded expenses of $1.6 million and $3.0 million, respectively, compared to expenses of $1.8 million and $3.2 million for the three- and six-month periods ended June 30, 2025. All expenses related to outstanding awards.

Current wording

During the three and nine-month period ended September 30, 2026, the Company recorded expenses of $1.3 million and $4.3 million, respectively, compared to the expenses of $1.4 million and $4.6 million for the three and nine-month period ended September 30, 2025. All expenses related to outstanding awards.

Previous wording

Depreciation and amortization for the three-month period ended June 30, 2026 decreased by $0.9 million compared to the three-month period ended June 30, 2025, mainly driven by a decrease in Retail Solutions of $1.3 million due to the sale of the UK holiday parks business and certain leisure assets and pub operator business model, partially offset by increases in Virtual Sports of $0.7 million and Interactive of $0.3 million for increased software development and intangible assets.

Current wording

Depreciation and amortization for the three-month period ended September 30, 2026, increased by $2.5 million compared to the three-month period ended September 30, 2025, driven by an increase in Retail Solutions of $0.6 million due to an increase in contract cost amortization, an increase in Virtual Sports of $0.4 million and Interactive of $0.3 million for increased software development and intangible assets.

Previous wording

Depreciation and amortization for the six-month period ended June 30, 2026 increased by $0.3 million compared to the six-month period ended June 30, 2025. This increase was driven by increases in Virtual Sports of $1.5 million and Interactive of $0.6 million, partially offset by a reduction in Retail Solutions of $1.3 million mainly due to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model restructuring activity.

Current wording

Depreciation and amortization for the nine-month period ended September 30, 2026, increased by $2.8 million compared to the nine-month period ended September 30, 2025. This increase was driven by increases in Virtual Sports of $1.8 million and Interactive of $0.9 million respectively, for increased software and intangible assets, partially offset by a reduction in Retail Solutions of $0.6 million mainly due to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model restructuring activity.

Previous wording

Other selling, general and administrative expenses for the three- and six-month periods ended June 30, 2026, decreased by $2.3 million and $6.7 million, or 68% and 82%, respectively compared with the three- and six-month periods ended June 30, 2025. The decrease in the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025 was primarily driven by the costs relating to refinancing during the three-month period ended June 30, 2025. The decrease in the six-month period ended June 30, 2026, compared to the period ended June 30, 2025, was driven by costs relating to the restructure of previously issued financial statements not repeated, expenses relating to restructuring costs, and costs relating to refinancing during the six-month period ended June 30, 2025.

Current wording

Other selling, general and administrative expenses for the nine-month period ended September 30, 2026, decreased by $6.8 million or 66% compared with the nine-month period ended September 30, 2025. The decrease was primarily driven by costs relating to the absence of the restatement of previously issued financial statements not repeated, expenses relating to restructuring costs, and costs relating to refinancing during the nine-month period ended September 30, 2025.

Previous wording

During the three- and six-month periods ended June 30, 2026, net operating income was $9.9 million and $19.1 million, respectively, representing an increase of $1.9 million and $9.3 million, respectively, compared to the three- and six-month periods ended June 30, 2025.

Current wording

During the three and nine-month period ended September 30, 2026, net operating income was $10.3 million and $29.4 million, respectively, representing a decrease of $0.8 million on a functional basis and increase of $8.7 million, respectively, compared to the three and nine-month period ended September 30, 2025.

Previous wording

The increase in the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025, was predominantly due to lower staff and non-staff related selling, general and administrative expenses (due to sale of the UK holiday parks business and certain leisure assets), and costs relating to refinancing during the three-month period ended June 30, 2025.

Current wording

The decrease in the three-month period ended September 30, 2026, on a functional basis, was predominantly due to lower revenues and increased depreciation and amortization expense, partially offset by the decrease in staff and non-staff related selling, general and administrative expenses (due to lower professional fees and the sale of the UK holiday parks business and certain associated leisure assets) and by the absence of the Held for Sale impairment recognized during the three-month period ended September 30, 2025.

Previous wording

The growth in the six-month period ended June 30, 2026, compared to the six-month period ended June 30, 2025, was mainly due to lower staff and non-staff related selling, general and administrative expenses (due to sale of the UK holiday parks business and certain associated leisure assets), and costs relating to the restructure of previously issued financial statements not repeated, expenses relating to restructuring costs, and costs relating to refinancing during the six-month period ended June 30, 2025.

Current wording

The growth in the nine-month period ended September 30, 2026, compared to the nine-month period ended September 30, 2025, was mainly due to lower staff and non-staff related selling, general and administrative expenses (due to lower professional fees and the sale of the UK holiday parks business and certain associated leisure assets), and by the absence of costs relating to the restatement of previously issued financial statements not repeated, expenses relating to restructuring costs, and cost relating to refinancing during the nine-month period ended September 30, 2025.

Previous wording

For the three-month period ended June 30, 2026, net income was $0.2 million compared to a net loss of $7.8 million, primarily due to a decrease of income tax expense of $8.3 million (the effective rate in any given year is influenced by a variety of factors including the level of pre-tax income or loss, the income mix between jurisdictions, and any discrete items that may occur), and the increase of net operating income of $1.9 million, partially offset by higher interest expense of $2.4 million.

Current wording

For the three-month period ended September 30, 2026, net loss was $0.1 million compared to a net loss of $1.9 million for the three-month period ended September 30, 2025, primarily due to lower net interest expense of $2.7 million partially offset by lower net operating income of $0.8 million and an increase of income tax expense of $1.6 million.

Previous wording

For the six-month period ended June 30, 2026, net loss was $0.3 million compared to a net loss of $7.9 million mainly due to the increase of net operating income of $9.3 million and a favorable movement in income taxes of $3.6 million, partially offset by higher interest expense of $5.3 million.

Current wording

For the nine-month period ended September 30, 2026, net loss was $0.4 million compared to a net loss of $9.8 million for the nine-month period ended September 30, 2025, mainly due to the increase of net operating income of $8.7 million and a favorable movement in income taxes of $2.1 million, partially offset by an adverse movement in net interest expense of $2.7 million.

Previous wording

Segment Results (for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025)

Current wording

Segment Results (for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025)

Previous wording

Set forth below is a breakdown of our Retail Solutions recurring revenue. Retail Solutions recurring revenue principally consists of Retail Solutions participation revenue and fixed rental revenue.

Current wording

Set forth below is a breakdown of our Retail Solutions recurring revenue. Retail Solutions recurring revenue principally consist of Retail Solutions participation revenue and fixed rental revenue.

Previous wording

“Total Retail Solutions Recurring Revenue” is equal to Gaming Participation Revenue plus Gaming Other Fixed Fee Recurring Revenue.

Current wording

“Total Retail Solutions Recurring Revenue” is equal to Retail Solutions Participation Revenue plus Retail Solutions Other Fixed Fee Recurring Revenue.

Previous wording

Set forth below is a breakdown of our Retail Solutions service revenue by geographic region. Retail Solutions service revenue consists principally of Retail Solutions participation revenue, Retail Solutions other fixed fee revenue, Retail Solutions long-term license amortization and Retail Solutions other non-recurring revenue. See “Retail Solutions Segment Revenue” below for a discussion of Retail Solutions service revenue between the periods under review.

Current wording

Set forth below is a breakdown of our Retail Solutions service revenue by geographic region. Retail Solutions Service revenue consists principally of Retail Solutions participation revenue, Retail Solutions other fixed fee revenue, Retail Solutions long-term license amortization and Retail Solutions other non-recurring revenue. See “Retail Solutions Segment Revenue” below for a discussion of gaming service revenue between the periods under review.

Previous wording

Net income for the three-month period ended June 30, 2026, decreased by $1.1 million, compared to the three-month period ended June 30, 2025, and net income for the six-month period ended June 30, 2026, increased by $1.6 million, compared to the six-month period ended June 30, 2025, primarily driven by the sales of the UK holiday parks business and certain associated leisure assets, and the pub operator model restructuring.

Current wording

Net operating income for the three-month period ended September 30, 2026, increased by $3.5 million, compared to the three-month period ended September 30, 2025, and net operating income for the nine-month period ended September 30, 2026, increased by $4.9 million, compared to the nine-month period ended September 30, 2025, primarily driven by the sales of the UK holiday parks business and certain associated leisure assets, and the pub operator model restructuring.

Previous wording

We generate revenue from our Virtual Sports segment through the provision of our products to customers for deployment both on-premise in licensed gaming venues and online through customers’ websites and mobile applications across multiple regulated jurisdiction. We primarily receive fees on a participation basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant applicable gaming taxes) from Virtual Sports content placed on our customers’ websites or in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Current wording

We generate revenue from our Virtual Sports segment through the on-premise solution and hosting of our products. We primarily receive fees on a participation basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Virtual Sports content placed on our customers’ websites or in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Previous wording

Revenue growth for our Virtual Sports segment is principally driven by the number of customers we have, the number of jurisdictions across which they operate, the net win performance of the games and the net win percentage that we receive pursuant to our contracts with our customers.

Current wording

Revenue growth for our Virtual Sports segment is principally driven by the number of customers we have, the net win performance of the games and the net win percentage that we receive pursuant to our contracts with our customers.

Previous wording

During the three- and six-month periods ended June 30, 2026, revenue decreased by $0.4 million and $1.0 million, or 4% and 6%, respectively compared to the three- and six-month periods ended June 30, 2025 primarily driven by lower revenue from a key customer, partially offset by increased revenue from other customers.

Current wording

During the three and nine-month period ended September 30, 2026, revenue decreased by $0.7 million and $1.7 million, or 8% and 6%, respectively compared to the three and nine-month period ended September 30, 2025, primarily driven by lower revenue from a key customer, and the provisional measure prohibiting regulated online betting and gaming operations in Brazil.

Previous wording

During the three-month period ended June 30, 2026, operating income decreased by $0.7 million compared to the three-month period ended June 30, 2025, primarily due to an increase in depreciation and amortization of $0.7 million and a decrease in gross margin of $0.2 million, partially offset by a reduction in non-staff related selling, general and administrative expenses of $0.4 million.

Current wording

During the three-month period ended September 30, 2026, net operating income decreased by $1.3 million compared to the three-month period ended September 30, 2025, primarily due to a decrease in gross margin of $0.6 million, an increase in depreciation and amortization of $0.4 million, and a reduction in labor capitalization of $0.3 million.

Previous wording

During the six-month period ended June 30, 2026, operating income decreased by $2.2 million compared to the six-month period ended June 30, 2025, mainly due to an increase in depreciation and amortization of $1.5 million and a decrease in gross margin of $0.8 million, partially offset by a reduction in non-staff related selling, general and administrative expenses of $0.6 million.

Current wording

During the nine-month period ended September 30, 2026, net operating income decreased by $3.6 million compared to the nine-month period ended September 30, 2025, mainly due to an increase in depreciation and amortization of $1.8 million and a decrease in gross margin of $1.5 million.

Previous wording

We generate revenue from our Interactive segment through the Remote Gaming Server (“RGS”) enabling bespoke or general game content either via third party aggregation platforms, or directly on the customers gaming platform. Typically, we receive fees on a participation basis. Our participation contracts are usually structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Interactive content placed on our customers’ websites. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Current wording

We generate revenue from our Interactive segment through the various games and content made available via third party aggregation platforms with Inspired’s remote gaming server or directly on the customers remote gaming server platform, and services such as customer support, platform maintenance, updates and upgrades. Typically, we receive fees on a participation basis. Our participation contracts are usually structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Interactive content placed on our customers’ websites. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Previous wording

During three- and six-month periods ended June 30, 2026, revenue increased by $2.0 million and $5.5 million, or 15% and 21%, respectively, compared to the three- and six-month periods ended June 30, 2025 mainly driven by recurring revenue growth in the UK, mainland Europe and North America. UK revenue growth was partially offset by higher UK remote gaming taxes.

Current wording

During three and nine-month periods ended September 30, 2026, revenue increased by $0.5 million and $6.1 million, or 3% and 15%, respectively, compared to the three and nine-month periods ended September 30, 2025, mainly driven by recurring revenue growth in the UK, mainland Europe and North America. UK revenue growth was partially offset by higher UK remote gaming taxes applicable from Q2 2026.

Previous wording

Operating income for the three-month period ended June 30, 2026 increased by $0.9 million, compared to the three-month period ended June 30, 2025. This increase was driven by the increase in revenue, partially offset by increases in staff and non-staff related selling, general and administrative expenses of $0.7 million and depreciation and amortization of $0.3 million.

Current wording

Net operating income for the three-month period ended September 30, 2026, decreased by $0.7 million, compared to the three-month period ended September 30, 2025. This decrease was driven by the increases in staff and non-staff related selling, general and administrative expenses of $1.0 million, depreciation and amortization of $0.3 million, partially offset by the gross margin increase of $0.6 million

Previous wording

For the six-month period ended June 30, 2026, compared to the six-month period ended June 30, 2025, operating income increased by $3.9 million driven by the increase in gross margin of $5.4 million, partially offset by increases in Staff and non-staff related selling, general and administrative expenses of $10.0 million and depreciation and amortization of $0.6 million, incurred to support the revenue growth.

Current wording

For the nine-month period ended September 30, 2026, compared to the nine-month period ended September 30, 2025, net operating income increased by $3.2 million driven by the increase in gross margin of $6.1 million, partially offset by increases in staff and non-staff related selling, general and administrative expenses of $2.0 million and depreciation and amortization of $0.9 million, incurred to support revenue growth.

Previous wording

Reconciliations from net loss, as shown in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA are shown below:

Current wording

Reconciliations from net loss, as shown in our Consolidates Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA are shown below:

Previous wording

Reconciliation to Adjusted EBITDA by segment for the Three and Six Months ended June 30, 2026

Current wording

Reconciliation to Adjusted EBITDA by segment for the Three and Nine Months ended September 30, 2026

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

For the six months ended June 30, 2026, net cash provided by operating activities was a $29.5 million inflow, compared to a $40.7 million inflow for the six months ended June 30, 2025, representing an $11.2 million decrease in cash generation from operating activities. This decrease was driven primarily through the collection of receipts in the prior year relating to machine sales made at the end of 2024 and unfavorable timing on supplier payments.

Current wording

For the nine months ended September 30, 2026, net cash provided by operating activities was a $45.7 million inflow, compared to a $50.8 million inflow for the nine months ended September 30, 2025, representing a $5.1 million decrease in cash generation from operating activities. This decrease was driven primarily through the collection of receipts in the prior year relating to machine sales made at the end of 2024 and favorable timing on supplier payments in the prior year.

Previous wording

Change in fair value of stock-based compensation expense decreased by $0.2 million to $3.0 million due to a $0.2 million reduction in the stock-based compensation expense.

Current wording

Change in fair value of stock-based compensation expense decreased by $0.3 million from $4.6 million to $4.3 million. All expenses related to outstanding awards.