Newly rebranded Brightstar Lottery shares Q2 revenue rise
Brightstar Lottery, formerly IGT, Q2 results show a rise in revenue and dip in income.
Key Points
- Brightstar Lottery adjusts EBITDA year-on-year from $290m to $274m
- Continuing operations loss of $60m for Q2, attributed in part to foreign exchange losses
- Instant tickets and draw games sales up 2.6%
Brightstar Lottery, formerly IGT, has pointed towards 2.6% global same-store sales growth for instant tickets and draw games as a reason to be cheerful, while the company’s Q2 results show a decrease in EBITDA.
Vince Sadusky, CEO, also made mention of the Italy Lotto license secured this year in his review of the last three months’ achievements, while CFO, Max Chiara, suggested that the results “reflect sustained global demand for instant ticket and draw games.”
The income for continuing operations shows the starkest change, compared to the same result this time in 2024.
While last year the company reported a $84m coming in for Q2, this year it has made a loss of $60m.
The justification for this loss is given as being in part down to a foreign exchange loss this year versus a foreign exchange gain in 2024 – reflecting the fluctuations in the Euro against the US Dollar.
Brightstar also cites an increased provision for income taxes as a mitigating factor.
The EBITDA was adjusted year-on-year from $290m to $274m, a decrease that is looked on as a sign of “resilience” in the face of increased investment.
Looking at the first half of the year together, revenue has dipped from $1.2bn from $1.3bn in H1 2024.
This decline is again set off by an increase in ticket sales in-store, measured at 1.2% for the year-to-date, while the revenue decline is attributed to higher US multi-state jackpot activity in the previous year.
Net debt has risen from $4.8bn to $5.2bn, driven by an approximate $340m impact from the fluctuating exchange rate.
Notably Brightstar completed the sale of the Gaming & Digital business during this quarter, bringing in $4.0bn of net cash proceeds, and in the report, the company lays out some of the intentions for that money.
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