Ainsworth revenue increases 25.3% to $98.3m for H1 2025, EBITDA falls 48.4%

Ainsworth Game Technology has reported its financial performance throughout the first half of 2025 (H1 2025), including a total revenue increase of 25.3% year-over-year to $98.3m, but a reported profit after tax decrease of 65% from the prior year period for a total of $3.2m. 

Along with the fall in post-tax profit, Ainsworth’s adjusted EBITDA decreased 48.4% to $9.4m for H1 2025, but the supplier’s underlying EBITDA for the period was reported to be $17.4m, reflecting a slight increase of 0.6%. Ainsworth also reported an underlying profit after tax of just over $9m, which represents growth of 10.2%. 

Domestic operations accounted for $19.9m of the supplier’s total revenue for H1 2025, increasing 84.4% from the prior year period, while international revenue was reported to be $78.4m, reflecting growth of 15.9%. Ainsworth generated a gross profit of $54.8m for H1 2025, increasing 4.8%. Operating costs for the supplier resulted in a total expense of $46.2m throughout the period, equating to an increase of 4.1% year-over-year. 

North American operations reported a net revenue of $53.7m for H1 2025, representing growth of 22.4%. The segment’s adjusted EBITDA increased 9.1% to $27.9m, while profit for North American business was reported to be $23.3m for a rise of 10.4%. 

Ainsworth continued to focus on the North American market’s four main verticals, including Class III, Class II, video lottery terminals (VLTs) and historical horseracing (HHR), while “margin pressure” faced throughout the period is expected to contribute to H2 2025 performance. 

In LatAm and Europe, revenue was reported to be $20.4m, increasing 7.8% from the prior year period. Profit for the segment fell 46.7% to $4.7m, however, as LatAm and Europe’s adjusted EBITDA also decreased by 39.5% for a total of just under $5.8m. 

Good to know: Following official approval from the Foreign Investment Review Board, supplier Novomatic AG Group announced the acquisition of the rest of Ainsworth’s shares for a cash consideration of $1 per share on April 28, 2025

Performance in LatAm and Europe was affected by product mix sales for H1 2025, as well as a higher cost of sale due to larger proportions of A-Star Raptor Cabinets sold throughout the period. Ainsworth’s position in the LatAm and Europe Class III market remained at 8%, with import restrictions in Mexico presenting a “major challenge” for the company. 

For online operations, revenue fell 45.1% to $1.8m, while the segment’s adjusted EBITDA also decreased by 48.9% for a total of nearly $1.6m for H1 2025. Profit for the segment had a similar performance to adjusted EBITDA, falling by an identical 48.9% to $1.6m. 

Ainsworth expects online title launches through operators such as FanDuel and Fanatics later in 2025, with the supplier also having “deepened” its relationship with online casinos like DraftKings, Rush Street Interactive, BetMGM and Caesars. 

Kirk Geller

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