Light & Wonder, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $774 million, a 2% increase from $756 million in the same period last year. The company's operating income rose to $170 million, up from $165 million, while net income remained stable at $82 million. Basic net income per share increased to $0.97 from $0.91, reflecting a positive trend in profitability despite a challenging market environment. The company attributed its revenue growth to a strong performance in its Gaming segment, which saw a 4% increase in revenue driven by growth across all product lines, particularly in table products and gaming systems.
In comparison to the previous fiscal period, Light & Wonder's operating expenses increased to $604 million from $591 million, primarily due to higher salaries and benefits, as well as increased restructuring costs related to the discontinuation of its iGaming Live Casino operations. The company also reported a significant rise in research and development expenses, reflecting its commitment to innovation and product development. The increase in restructuring costs was largely associated with legal and professional services related to the acquisition of Grover Charitable Gaming, a strategic move aimed at enhancing its presence in regulated land-based markets.
The company is actively pursuing growth through strategic acquisitions, having announced the acquisition of Grover Charitable Gaming for $850 million, with additional contingent payments of up to $200 million based on performance metrics. This acquisition is expected to close in the second quarter of 2025, pending regulatory approvals. Light & Wonder also expanded its credit facilities, increasing its revolving credit commitments to $1 billion, which will support its acquisition strategy and operational needs.
Operationally, the company reported a slight decline in average monthly payers in its SciPlay segment, which experienced a 2% decrease in revenue. However, average revenue per paying user increased, indicating improved monetization strategies. The iGaming segment also saw a 4% revenue increase, driven by growth in the North American market. As of March 31, 2025, the company had 84,378,631 shares of common stock outstanding, reflecting its ongoing share repurchase program, which saw approximately 1.9 million shares repurchased at a cost of $167 million during the quarter.
Looking ahead, Light & Wonder remains cautious about the impact of recent trade tariffs and economic conditions on its operations. The company is implementing various strategies to mitigate potential cost pressures, including supplier diversification and operational efficiencies. Management expressed confidence in the company's ability to navigate these challenges while continuing to focus on growth and innovation in its gaming and digital markets.
About Light & Wonder, Inc.
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