Inspired Entertainment, Inc. reported strong financial results for Q2 2024, with revenue up 40%.

From GlobeNewswire: 2024-08-08 06:30:00

Inspired Entertainment, Inc. reported strong financial results for Q2 2024, with revenue reaching $75.6 million, up 40% year-over-year, driven by Interactive results. The company also saw a net income of $2.0 million and Adjusted EBITDA of $25.5 million, up 69%. New contracts with William Hill and AGLC were signed, and the Hybrid Dealer™ was launched with BetMGM in Michigan.

The company’s Executive Chairman, Lorne Weil, highlighted the record-breaking performance of the Interactive segment, with quarterly revenue and Adjusted EBITDA reaching all-time highs. The expansion of the Hybrid Dealer product is a key priority, with the launch of the game show wheel in Michigan and upcoming plans for roulette. Revenue from Virtual Sports is expected to increase in the second half of 2024.

Inspired’s long-term partnership with William Hill was extended by six years, with 5,000 new Vantage® terminals to be supplied for their UK estate. Other recent agreements include a deal with AGLC for 150 Valor™ Terminals and partnerships with Fanatics and FanDuel. The company’s focus on innovation and market dynamics aims to deliver long-term value for shareholders.

Financial results for Q2 2024 show a 1% increase in total revenue compared to the same period last year, with a total of $75.6 million. Adjusted EBITDA reached $25.5 million, a 6% decrease year-over-year. Revenue variations were seen across different segments, with Virtual Sports down 23% and Interactive up 40%. The company remains focused on growth and expansion in key markets.



Read more at GlobeNewswire:: Inspired Reports Second Quarter 2024 Results