Business
INSPIRED REPORTS FIRST QUARTER 2023 RESULTS
Revenue of $66.0 million, up 9% on a reported basis and up 20% in functional currency vs. prior year quarter, driven by segment revenue increases of 26% in
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"Revenue of $66.0 million, up 9% on a reported basis and up 20% in functional currency vs. prior year quarter, driven by segment revenue increases of 26% in Gaming, 42% in Virtual Sports and 38% in Interactive, as measured in functional currency vs. prior year quarterNet Loss of $0.2 million, or $(0.01) per diluted share Adjusted Net Income1 of $3.6 million, or $0.13 per diluted share, up from $0.02 per diluted share in prior year quarterAdjusted EBITDA1 of $21.1 million, up 5% on a reported basis and up 15% in functional currency vs. prior year quarterAdjusting for VAT-related revenue of $0.9 million and the absence of $0.8 million of exhibition costs in the prior year quarter, first quarter 2023 Revenue and Adjusted EBITDA1 increased 22% and 26%, respectively, as measured in functional currency vs. prior year quarterEntered a historic agreement to develop Virtual Sports content through a National Football League (NFL) licenseSigned a 5-year renewal with JD Wetherspoon, representing one of the largest gaming machine contracts in the pubs sectorNEW YORK, May 10, 2023 /PRNewswire/ -- Inspired Entertainment, Inc. (\"Inspired\" or the \"Company\") (NASDAQ: INSE), a leading B2B provider of gaming content, technology, hardware and services, today reported financial results for the three-month period ended March 31, 2023. The Company's first quarter 2023 results reflect growth in the Company's aggregate digital businesses, which include the Virtual Sports and Interactive segments, and ongoing strength and resilience in the aggregate land-based businesses, which include Gaming and Leisure. Total Revenue and Adjusted EBITDA for the first quarter 2023 improved year-over-year in both reported and functional currency. Additionally, reported results reflect significant weakening of the GBP versus the USD on a year-over-year basis (GBP 1.21: USD 1.00 for the three months ended March 31, 2023 as compared to GBP 1.34: USD 1.00 for the three months ended March 31, 2022).\n\n \n \n \n \n \n \n\n \n\"The year is off to a strong start as we continue to deliver double-digit growth in our high-margin, capital efficient digital businesses, while positioning the land-based businesses for steady growth and capital efficiency to increase cash flow,\" said Lorne Weil, Executive Chairman of Inspired. \"During the first quarter, on a functional currency bas...