The gaming supplier generated adjusted EBITDA of $25m, up 65% from 2019 levels, while net income totalled around $300,000, a significant increase from net loss of $8.5m last year.
Third quarter online revenue increased by 75% year-on-year on a pro forma basis, to $7.8m. The company attributed this to the growing popularity of its online offering and virtual sports channels.
The supplier also praised its strong liquidity position with cash of $439.9m at the end of the quarter. Inspired has also received $32.5m of additional cash in Q4 with an additional $4.1m expected.
Commenting on the company’s results, Lorne Weil, executive chairman of Inspired, said: "This quarter's impressive results demonstrate the long-term health of our business and the resiliency of our recurring revenue stream.
“We have proven in the third quarter that our retail business is well-positioned to recover from COVID-19-related impacts at the same time as we have benefitted from our growing online presence."
Inspired said its revenue for Q4 has been impacted by continued disruption in England, Italy and Greece as a result of the ‘second wave’ of COVID-19, which has seen a number of European countries enter second lockdowns.
Recently, the supplier signed a new contract with US-based lottery provider Intralot, to launch virtual sports in 400 retailers in Washington DC. The company is anticipating this launch will take place in 2021.
