Pollard Banknote reports $153.2m in revenue for Q3 2024
On August 26, the company was awarded its first major North American iLottery contract with the Kansas Lottery.
Key Points
- Combined sales set a new quarterly record during Q3 2024, increasing 19.8% for a total of $180.4m
- Pollard Banknote’s adjusted EBITDA also set a new quarterly record of $33.3m during the third quarter of 2024
Pollard Banknote has released the company’s financial results for the third quarter of 2024, including quarterly records for combined sales and adjusted EBITDA.
Combined sales managed to increase by 19.8% from the prior year period for a total of $180.4m during Q3 2024, while adjusted EBITDA grew by 34.3% to be $33.3m.
The company generated $153.2m in revenue for Q3 2024, an increase of nearly 18.7% from the prior year period. Pollard Banknote stated that the increase in revenue could be attributed to a rise in instant ticket sale volume, which grew by $11.8m year-over-year.
“Our third quarter was extremely successful on a number of fronts. Our strong financial results continued, setting a number of quarterly records. $33.3m of adjusted EBITDA, sales of $153.2m and Combined sales of $180.4m all reached new highs, reflective of strong returns across all of our major product lines,” Pollard Banknote Co-CEO John Pollard said.
“Particularly gratifying has been the significant improvement in our instant ticket business, with strong increases in average selling prices continuing to drive higher gross margins. Our core strategy of focused repricing on new and renewing instant ticket contracts over the past three years is paying significant financial dividends as the new prices flow into our financial statements and add incrementally each quarter.”
Good to know: Pollard Banknote and the Nebraska Lottery celebrated the most recent results from its Frogger scratch game, which outperformed other offerings in the state by 28%
The company’s net income saw a significant increase from the prior year period as well, reported to be $18.2m for Q3 2024 which represents a rise of nearly 136.4% year-over-year.
Pollard Banknote stated that the primary reason for such an increase was the $8.2m rise in gross profits from what had been reported during the third quarter of 2024.
On August 26, 2024, Pollard Banknote was awarded its first major North American iLottery contract when it reached an agreement with the Kansas Lottery.
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