Q2 revenue down 70% for Everi, prompting $68.5m net loss
Sharp falls unavoidable for Everi during the coronavirus pandemic, across revenue, profit and EBITDA.
Supplier Everi Holdings generated just $38.7m in Q2 revenue, as the inevitable impact of casino closures and social distancing measures took their toll on the gaming firm’s financial results.
The figure represented a staggering 70% fall, while Everi’s net loss for the trading period stood at $68.5m; net income stood at $5.5m for the corresponding period.
Adjusted EBITDA also dropped sharply, down from $64.1m to $3.3m year-on-year.
Cash and cash equivalents did increase, though, to $257.4m as of 30 June, over five times the available amount on 31 March.
Michael Rumbolz, Everi CEO, said: “We achieved better-than-expected results in the second quarter, including a return to positive adjusted EBITDA more quickly than we anticipated at the beginning of the quarter.
“This was the result of several factors, including the swift actions we took in March when the pandemic struck to reduce our operating costs and preserve liquidity during the time casinos were shut down; as well as our focus on enhancing operational efficiencies and
pursuing higher-value opportunities.
“In addition, as our customers began to reopen faster than previously expected, we benefited from our prior investments in technology innovations and game development through the strong performance of our FinTech solutions and installed base of recurring-revenue games.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
