International edition
July 24, 2021

Adjusted EBITDA of $3.9 million

Inspired reports Q1 revenue of $22.8 M

Inspired reports Q1 revenue of $22.8 M
“We continue to be encouraged by the trends we are seeing across our business with the recent easing of Covid restrictions,” said Lorne Weil, Inspired executive chairman.
United Kingdom | 05/13/2021

Inspired Entertainment this week reported financial results for the three-month period ended March 31, 2021.

I

nspired Entertainment generated total revenue of $22.8 million, a net loss of $16.7 million and Adjusted EBITDA of $3.9 million in the three months ended March 31, 2021 on a reported basis4.

As previously communicated, the Company's worldwide land-based businesses were almost entirely closed for the three-month period ended March 31, 2021 due to the ongoing COVID-19 global pandemic (COVID-19 Closures).

Results included a payment from a UK Licensed Betting Operator (LBO) customer related to our contractual revenue share of its value-added tax (VAT) rebate. VAT-related revenue and VAT-related income positively impacted revenue, net loss and Adjusted EBITDA by $3.1 million.

The Company's aggregate business across its Interactive and Online Virtuals channels continued to exhibit growth with revenues of $10.7 million, a 90.0% increase year-over-year with continued strong performance in all major markets. Interactive revenue of $5.2 million increased 143.2% year-over-year, and Interactive net income increased from $0.1 million to $2.6 million year-over-year, with Interactive operating margin increasing from 2.7% to 50.0% year-over-year.

Interactive Adjusted EBITDA increased from $0.7 million to $3.4 million year-over-year, with Interactive Adjusted EBITDA margin3 increasing from 34.6% to 65.1% year-over-year. In addition to the consistent launch of new high-quality content, we added new customers and new territories to our online platform.

“We continue to be encouraged by the trends we are seeing across our business with the recent easing of Covid restrictions,” said Lorne Weil, Inspired executive chairman.

“While it has only been a couple of weeks since English betting shops reopened and we are restricted to two out of four machines per shop, our gross gaming revenue per operational machine in betting shops has performed above December 2020 levels when they were operating under the same conditions.  Our interactive business has continued its outstanding momentum into the second quarter where our entry into Michigan demonstrates the further progress we have made in our strategic expansion into new markets.”

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