Light & Wonder revenue hits $774m for Q1 2025, iGaming sales increase 4%

While the company’s net income stagnant at $82m throughout the quarter, consolidated AEBITDA increased 11% year-over-year for a total of $311m for Q1 2025.

Light & Wonder has reported its financial results throughout the first quarter of 2025, including an increase in revenue of 2% year-over-year to $774m and a net income of $82m for the period. The company stated Q1 2025 reflects the 16th consecutive quarter it has achieved year-over-year revenue growth, as well as continued to execute its content roadmap and cross-platform strategy. 

“Our R&D investment, vast array of product offerings and comprehensive content strategy continue to deliver success in game deployment and franchise expansions,” Light & Wonder President and CEO Matt Wilson said. 

“We remain confident in the various avenues of growth that we see for 2025 with continued execution on our robust product roadmap driving performance across the business.”

In spite of the Q1 2025 net income total exemplifying stagnant growth from the prior year period, Light & Wonder’s consolidated AEBITDA grew 11% year-over-year for a total of $311m for the period. The increase in revenue was primarily driven by the company’s gaming segment, which accounted for $495m of revenue for Q1 2025 and increased 4% from the prior year period. 

iGaming revenue also witnessed growth year-over-year, rising by 4% to $77m throughout the first quarter of 2025, helping to showcase “continued momentum” in North America and the expansion of Light & Wonder’s partner network. According to Light & Wonder, wagers processed through its iGaming platform reached a quarterly record of $25.2bn.

Good to know: Playstudios reported its financial results from the first quarter of 2025 on May 5, including a fall in net revenue of 19.4% year-over-year to $62.7m and a net loss of $2.9m, over $2m higher than the loss generated throughout Q1 2024

Unlike its counterparts, however, the company’s SciPlay segment witnessed a decrease in revenue of 2% year-over-year for a total of $202m during Q1 2025, but consolidated AEBITDA managed to rise by 3% from the prior year period to $64m. Light & Wonder stated this was due to a decline in average monthly payers primarily attributable to Jackpot Party Casino, which was partially offset by an increase in average monthly revenue per paying user. 

Consolidated AEBITDAs for Light & Wonder’s gaming and iGaming segments for Q1 2025 were reported to be $254m and $27m, respectively, equating to increases of 9% and 8% year-over-year. Light & Wonder also repurchased approximately 1.9m shares of common stock at an aggregate cost of $166m throughout the three-month period.

For the company’s revenue by line of business, gaming operations generated $173m of revenue for the first quarter of 2025, while gaming machine sales accounted for an additional $208m, and gaming systems and table products produced the remaining $63m and $51m, respectively. 

Kirk Geller

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