Inspired Entertainment, Inc. reported its financial results for the three months ended March 31, 2025, revealing a total revenue of $60.4 million, a decrease of 3% from $62.3 million in the same period last year. The decline was primarily attributed to a significant drop in product sales, which fell from $6.1 million to $3.4 million, while service revenue saw a slight increase from $56.2 million to $57.0 million. The company recorded a net loss of $0.1 million, a notable improvement compared to a net loss of $6.4 million in the prior year, largely due to a $5.1 million income tax benefit.
In terms of operational performance, Inspired Entertainment experienced a mixed bag of results across its segments. The Gaming segment's revenue decreased by 6% to $21.7 million, driven by a $2.8 million drop in product sales, although service revenue increased by $1.3 million. The Virtual Sports segment saw a more pronounced decline, with revenue down 30% to $6.9 million, primarily due to a major customer optimizing its operations. Conversely, the Interactive segment reported a 51% increase in revenue to $12.1 million, fueled by new content launches and promotional activities. The Leisure segment's revenue also decreased by 4% to $17.9 million, impacted by seasonal factors.
The company made strategic advancements during the quarter, including the installation of 5,000 new Vantage® terminals at William Hill venues and the delivery of 1,400 new terminals to OPAP in Greece. Additionally, the Interactive segment expanded its customer base by 15, despite the closure of some smaller accounts. Inspired Entertainment signed several key contracts, including a five-year agreement with Buzz Bingo and others, enhancing its market presence in the Leisure segment.
Financially, Inspired Entertainment's cash position improved, with cash on hand increasing to $39.0 million from $29.3 million at the end of the previous fiscal year. The company generated $25.5 million in cash from operating activities, a significant increase from $6.0 million in the prior year, reflecting improved working capital management. The total liabilities rose to $461.1 million, up from $441.7 million, primarily due to an increase in accounts payable and accrued expenses. The company maintains a positive outlook, believing its current cash balances and expected operational cash flows will be sufficient to meet its financial obligations through May 2026.
About Inspired Entertainment, Inc.
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