Everi Holdings Inc. reported a total revenue of $181.3 million for the first quarter of 2025, a decrease of approximately 4% compared to $189.3 million in the same period of 2024. The decline was primarily driven by a 12% drop in Games revenues, which fell to $85.7 million from $97.1 million. This reduction was attributed to a decrease in the daily win per unit and a lower average number of units in the installed base. In contrast, FinTech revenues increased by 4% to $95.6 million, supported by higher sales of kiosks and loyalty units.
The company's operating income for the quarter was $20.0 million, down 19% from $24.8 million in the prior year. This decline was influenced by increased operating expenses, which decreased overall by 10% to $66.5 million, but were offset by higher costs in certain areas, including stock-based compensation and software licensing. Net income for the quarter was reported at $3.9 million, a 14% decrease from $4.6 million in the previous year, reflecting a lower effective tax rate of 10.0% compared to 23.5% in 2024.
In terms of operational metrics, Everi's total installed base of gaming machines decreased by 8% to 15,506 units, while the average daily win per unit fell to $32.67 from $34.51. The company sold 860 gaming units during the quarter, a 16% decline from 1,021 units sold in the same period last year. However, the average sales price of these units increased to $21,507, up from $20,827.
Everi is currently navigating a significant strategic development with the proposed acquisition of IGT's Gaming & Digital business, which is expected to close in the second or third quarter of 2025. This transaction will result in Everi becoming a privately held company, with stockholders receiving $14.25 per share in cash. The company incurred transaction costs of approximately $0.4 million and employee retention costs of about $4.7 million related to this acquisition during the first quarter of 2025.
Looking ahead, Everi's management expressed confidence in the company's ability to meet its operational commitments and capital expenditures, supported by a cash balance of $712.5 million as of March 31, 2025. The company anticipates that cash generated from operating activities will be sufficient to cover its ongoing needs, despite the challenges posed by market conditions and the ongoing integration of its business segments.
About Everi Holdings Inc.
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