Inspired has released its Q2 2023 financial and business report. The company posted $80.4m in revenue for the quarter, reflecting a 13% increase year-over-year.
Inspired posted a total of $76m in adjusted revenue, which grew by 7% when compared to the previous year’s second quarter.
Net income during the second quarter reached $4.1m, the equivalent of $0.14 per diluted share. The company reported that its adjusted net income totaled $5.3m, or $0.18 per diluted share. However, this was down 43% year-over-year.
Adjusted EBITDA reached $26.2m in Q2. The company reported segment revenue growth throughout all of its segments during the second quarter, with a 24% increase in Gaming, 28% in Interactive and 8% in Virtual Sports when compared to the prior year’s quarter.
Company Executive Chairman Lorne Weil summarized the company’s quarterly results by saying, “Revenue grew in each of our business lines during the second quarter reflecting solid underlying fundamentals.
“The digital businesses once again generated record reported quarterly revenue and are steadily contributing a greater proportion of our earnings and cash flow. Virtual Sports produced record reported quarterly revenue of $15m with very high conversion to earnings and cash flow, as adjusted EBITDA grew faster than revenue. It is also worth mentioning that we successfully negotiated long-term extensions for our Virtual Sports strategic partnerships with both bet365 and Paddy Power.”
Weil also commented on the company’s new product line in connection with the NFL and said it anticipates delivering this to fans “in time for the start of the upcoming season.”
He concluded by saying, “We continue to be very excited about the potential of our offering and the experience the product will deliver to NFL fans globally.”
