Light & Wonder, cross-platform gaming manufacturer, has released its Q1 financial results for 2023. The company feels it has “entered 2023 with strong momentum” as it posts growth in both revenue and net income.
After a closed sale of its lottery business in Q1 of 2022, Light & Wonder posted revenue of $572m for its continuing operations, which has increased to $670m this quarter.
Matt Wilson, President and CEO of Light & Wonder, said, “We’re delivering on all key metrics and once again driving double-digit revenue growth across all three of our businesses.”
Light & Wonder’s gaming revenue rose 18% year-on-year to $419m, due to sales of gaming machines, which also rose 53%. SciPlay achieved revenue of $186m, an increase of 18%, attributed to its core social casino business. The company’s iGaming business also increased revenue by 10% to reach $65m, bolstered by the US market growth.
As shown in the graph below, in Q1 of 2022, discontinued operations made a net income of $95m, but continuing operations suffered a loss of $67m. After Q2 of 2022, Light & Wonder was able to recover from its loss and has posted net income of $27m for this quarter, up 140% year-on-year, as well as up 28.5% from the previous quarter.
The company reported consolidated adjusted EBITDA of $249m, a rise from $202m in Q1 last year.
Light & Wonder’s Board of Directors has also recently approved a secondary Nasdaq listing on the Australian Securities Exchange, with a view to increasing the company’s profile in the Australian Market, as well as granting access to long-term Australian investors.
Last month, Light & Wonder appointed a new Managing Director of Gaming, Niaz Nejad, to its leadership team in the Americas.
