Inspired reports $63.1m in revenue for Q1 2024
Revenue for the quarter fell slightly year-over-year.
Inspired has published its financial and business results for the first quarter of 2024. During the quarter, the company posted $63.1m in overall revenue, down by nearly $2m when compared to the $64.9m made in last year’s first quarter. Of this total revenue, $24m came from gaming, $12.4m came from virtual sports, $8.1m came from Inspired Interactive and the remaining $18.6m from leisure.
This reflected growth of 31% year-over-year for Interactive, but a 20% decline for virtual sports. Gaming and leisure were down 15% and up 5% year-over-year respectively.
Inspired reported a net loss of $5.7m in Q1, while adjusted EBITDA reached $16.3m, of which $10.4m came from virtual sports – a decline of 18%.
Company Executive Chairman Lorne Weil discussed the report in more detail by saying, “First quarter results were a combination of continued outperformance in our Interactive segment, offset by the persistence of second half 2023 trends in Virtual Sports where a major customer has optimized their customer base as well as confronting an unusually challenging quarter in the Gaming segment.”
During the quarter, the company expanded its video lottery terminal placements in collaboration with the Western Canada Lottery Corporation. An additional 720 Valor Terminals were installed in Saskatchewan in Q1.
Along with video lottery expansion, Inspired celebrated the upcoming launch of its NBA Re-Play Virtual Sports product in partnership with OPAP.
Weil commented, “In Virtual Sports, we remain encouraged by the strong potential for future growth in the second half of 2024, capitalizing on our expanded content offerings, such as our NBA and NFL-themed products.
“We are excited to launch our NBA-themed Virtual Sports games during the second quarter of 2024, offering basketball fans worldwide the one-of-a-kind experience of a Virtual Sports NBA game. As virtual sports gaming continues to grow in popularity around the world, this unique offering will continue to set Inspired apart in the growing market of Virtual Sports.”
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