Subsequent to quarter end, launched Roulette 4 Ball Extra Bet with Gamesys in the U.K.as well as via the aggregator Relax Gaming to certain of its customers in the U.K. Summary of First Quarter 2025 Segment Financial Results(unaudited) Three Months EndedMarch 31, Reported Variance Currency Movement 20252 Functional Currency Variance(In $ millions) 2025 2024 % $ %Total Revenue Gaming $21.7 $23.2 (6%) $0.0 (6%)Virtual Sports 8.7 12.4 (30%) (0.1) (29%)Interactive 12.1 8.1 49% (0.1) 51%Leisure 17.9 18.6 (4)% (0.1) (3)% Total Revenue $60.4 $62.3 (3%) $(0.3) (3)%Net operating income / (loss) 1.6 (2.1) NM3 0.1 NM3Net loss (0.1) (6.4) NM3 0.2 NM3Net income (loss) per basic and diluted share $0.00 ($0.22) NM3 NM3 NM3 Non-GAAP Financial Measures Adjusted EBITDA1 Gaming $9.3 $6.5 43% $0.3 38%Virtual Sports 6.3 10.4 (39%) (0.2) (38%)Interactive 7.7 4.4 75% (0.2) 82%Leisure 1.7 1.8 (6%) (0.1) 0%Corporate (6.6) (7.6) 13% 0.2 10% Total Company Adjusted EBITDA1 $ 18.4 $ 15.5 19% $ 0.0 19%Adjusted EBITDA Margin1 30% 25% Adjusted net income (loss)1 $3.8 ($2.8) NM3 $0.0 NM3Adjusted net income (loss) per diluted share $0.13 ($0.10) NM3 NM3 NM3 1 Reconciliation to US GAAP shown below.2 Currency movement calculated by translating 2025 and 2024 performances at 2024 exchange rates.3 Percentage/dollar change is not meaningful. Non-GAAP Financial MeasuresWe use non-GAAP financial measures, including Adjusted EBITDA, to analyze our operating performance.
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME(in millions, except share and per share data)(Unaudited) Three Months Ended March 31, 2025 2024 Revenue: Service $57.0 $56.2 Product sales 3.4 6.1 Total revenue 60.4 62.3 Cost of sales: Cost of service (1) (15.0) (15.9)Cost of product sales (1) (2.9) (4.5)Selling, general and administrative expenses (30.3) (34.2)Depreciation and amortization (10.6) (9.8)Net operating income (loss) 1.6 (2.1) Other expense Interest expense, net (7.0) (6.5)Other finance income 0.2 0.1 Total other expense, net (6.8) (6.4) Loss before income taxes (5.2) (8.5)Income tax benefit 5.1 2.1 Net loss (0.1) (6.4) Other comprehensive (loss) income: Foreign currency translation (loss) gain (0.4) 0.5 Reclassification of loss on pension plan to comprehensive income 0.2 0.3 Other comprehensive (loss) income (0.2) 0.8 Comprehensive loss $(0.3) $(5.6) Net loss per common share – basic and diluted $0.00 $(0.22) Weighted average number of shares outstanding during the period – basic and diluted 28,973,938 28,603,734 (1) Excluding depreciation and amortization INSPIRED ENTERTAINMENT, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except share data) March 31, 2025 December 31, 2024 (Unaudited) Assets Cash $39.0 $29.3 Accounts receivable, net 52.0 65.4 Inventory 31.1 28.0 Prepaid expenses and other current assets 35.4 36.0 Corporate tax and other current taxes receivable 4.3 1.2 Total current assets 161.8 159.9 Property and equipment, net 62.7 56.4 Software development costs, net 23.7 22.4 Other acquired intangible assets subject to amortization, net 15.6 16.1 Goodwill 59.6 57.8 Finance lease right of use asset 22.7 18.7 Operating lease right of use asset 16.0 16.2 Costs of obtaining and fulfilling customer contracts, net 12.8 11.0 Deferred tax 71.2 67.4 Other assets 12.8 12.5 Total assets $458.9 $438.4 Liabilities and Stockholders’ Deficit Current liabilities Accounts payable and accrued expenses $69.6 $53.7 Corporate tax and other current taxes payable 4.3 12.3 Deferred revenue, current 5.7 5.8 Operating lease liabilities 5.0 5.1 Current portion of long-term debt 19.4 18.8 Current portion of finance lease liabilities 4.9 4.4 Other current liabilities 4.2 3.9 Total current liabilities 113.1 104.0 Long-term debt 301.5 292.2 Finance lease liabilities, net of current portion 18.5 18.6 Deferred revenue, net of current portion 14.6 12.8 Operating lease liabilities 11.2 11.7 Other long-term liabilities 2.2 2.4 Total liabilities 461.1 441.7 Commitments and contingencies Stockholders’ deficit Preferred stock; $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively. — — Common stock; $0.0001 par value; 49,000,000 shares authorized; 26,904,832 shares and 26,581,972 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively — — Additional paid in capital 391.3 389.9 Accumulated other comprehensive income 48.1 48.3 Accumulated deficit (441.6) (441.5)Total stockholders’ deficit (2.2) (3.3)Total liabilities and stockholders’ deficit $458.9 $438.4 INSPIRED ENTERTAINMENT, INC.
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