Results include income from Grover charitable gaming and record iGaming revenue
Light & Wonder delivered another quarter of strong earnings and cash flows underpinned by disciplined execution and game performance, while continuing to advance its robust content roadmap and cross-platform strategy, as demonstrated at G2E and AGE.
Revenue of $841m increased by three per cent, while Net income rose 78 per cent to $114m. Gaming revenue grew 4four per cent to $558m compared to the prior year period, with the increase primarily driven by gaming operations revenue, which increased 38 per cent to $241m. This was driven by a 15 per cent increase, or $26m, in base gaming operations revenue and an incremental $40m contribution from Grover charitable gaming. Gaming operations in the North American premium installed base has grown for 21 consecutive quarters while Grover added 229 units on a sequential basis. iGaming delivered quarterly record revenue with AEBITDA margin expansion primarily on sustained US momentum underpinned by first-party content proliferation and partner network growth, while SciPlay continued to grow DTC revenue.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said: “I want to thank all stakeholders for their continued support, as we work toward completion of our transition to a sole primary listing on the Australian Securities Exchange, where we’ve been listed since 2022. This move simplifies our listing structure for shareholders and further enhances Light & Wonder’s profile within a Gaming-attuned Australian market. Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance. We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year’s G2E. Additionally, we are thrilled to report that the integration of Grover Gaming into our omni-channel strategy is progressing well. The team is fully prepared to participate in the opening of the Indiana charitable gaming market, expected in the coming months.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added: “Our continued focus on operational excellence and disciplined execution once again drove year-over-year Net income and Consolidated AEBITDA growth. We are also pleased with the strong cash flow generated this quarter, which continued the trend we have seen throughout the year. Combined with our disciplined capital allocation program, we have now completed approximately 51 per cent of our expanded share buyback program, underscoring our confidence in the business, balance sheet flexibility and our ongoing commitment to returning value to shareholders. We remain committed to taking advantage of attractive opportunities to accelerate our repurchase program, while delivering on our long-term financial objectives.”
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Results include income from Grover charitable gaming and record iGaming revenue Light & Wonder delivered another quarter of strong earnings and cash flows underpinned by disciplined execution and game performance, while continuing to advance its robust content roadmap and cross-platform strategy, as demonstrated at G2E and AGE. Revenue of $841m increased by three per cent,…
The post Light & Wonder’s net income up 78 per cent appeared first on G3 Newswire.