Inspired revenue reaches $80.4m for Q2; but net income down 43%

August 9, 2023
Leer en Español

The supplier of virtuals, among other products, reported significant growth throughout its segments.

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.”


Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.