Inspired Entertainment released its financial results for the second quarter of 2024:
Total revenue for the quarter reached $75.6 million, a modest increase of 1% year-over-year (excluding the low-margin hardware sales). The Interactive segment was by far the fastest growing, with revenues up by 40%, reaching $9.4 million.
Leisure revenue was the highest at $27.4 million, though it saw only a 3% increase, followed by gaming revenues, which reached $27.1 million, up 1% from the same period last year. Conversely, virtual sports revenues fell 23% to $11.7 million.
Operating income stood at $9.4 million, down 32% year-over-year, and net income itself plummeted 64% to $2 million.
Looking at adjusted EBITDA, it overall decreased by 6% to $25.5 million, with only interactive and corporate businesses showing growth, the former increasing by 69% to $6.1 million. Gaming's adjusted EBITDA was the highest at $10.3 million, but down 8% compared to last year, while virtual sports fell by 27% to $9.6 million, and leisure business dropped 6% to $6.1 million.
Inspired's Executive Chairman, Lorne Weil, stated, "Our financial performance for the second quarter of 2024 has been robust, owing to strong results in our Interactive business and steady performance in the games sector.
"The gaming and leisure sectors continue to provide a solid foundation for our earnings and cash flow. With several agreements announced recently, we anticipate stable results in the latter half of the year.
"Overall, we are encouraged by the overall progression of our business, including the success of our interactive division, the good expansion of our blended dealer product, strategic cooperation with William Hill, and various initiatives in the virtual sports space. As we continue to innovate and adapt to market dynamics, we remain committed to creating long-term value for our shareholders."
In other earnings-based news, Century Casinos also released their Q2 financial data, showing a 7% increase in operating revenue but a 23% decline in operating profit.
