Inspired Entertainment posts Q1 revenue of $66m
Gaming, virtual sports and interactive segments increase company’s revenue.
Inspired Entertainment, gaming content and technology provider, has reported its financial results for Q1 of 2023. The company made $66m in revenue, reflective of growth across its aggregate digital businesses.
The provider’s revenue has increased 9% on a reported basis, but 20% in functional currency, year-over-year.
Inspired’s individual segment increases have contributed to the overall revenue rise, with a 26% increase in gaming ($27.4m), a 42% increase in virtual sports ($14.9m) and a 38% increase in its interactive segment ($6.6m), all measured year-on-year in functional currency.
Inspired’s adjusted EBITDA in Q1 also increased year-over-year in both reported (+5%) and functional currency (+15%), reaching $21.1m. Reported results show “a significant weakening” of the GPB against the USD between 2022’s and 2023’s first quarters.
A net loss of $0.2m was posted, and an adjusted net income of $3.6m for the same period.
Lorne Weil, Executive Chairman of Inspired, said, “Our digital businesses continue to grow both in absolute levels and in relative contribution. Led by an acceleration in growth of the Interactive business, in functional currency digital revenue grew 40%.”
During Q1, Inspired entered an agreement with Aristocrat to develop NFL virtual sports content and signed a five-year renewal contract with JD Wetherspoon.
Weil added, “Our land-based business provides us steady growth and substantial cash generation. Our digital business provides a unique combination of strengths in the industry today, specifically high growth, high levels of profitability and modest capital investment required.
“We think this combination produces high-quality earnings and is unmatched among our peers.”
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