Betting firm Inspired Entertainment has announced that they've improved revenues for the second quarter of this year while also cutting losses by 94.5%.
Key financial indicators for the second quarter ending March 31st, 2018 were:
- Revenues of $37.5 million, up 33.5% from the year prior
- Net operating loss lowered by 60.1% to $900,000
- Net loss improved to $500,000 from $9.1 million last year
- Adjusted EBITDA up 43.4% to $12.4 million
- Diluted net loss per share of $0.02, down from $0.45 last year
Commenting on the results Inspired CEO Lorne Well said, "Our second quarter results were strong, with our adjusted EBITDA margins growing from 30.8% in Q2 2017 to 33.2% in Q2 2018; this shows that we are realising scale benefits.
"Our sustained growth in Greece and our recent virtual sports contract win with the Pennsylvania Lottery demonstrate that our growth prospects are accelerating as our products gain traction in new jurisdictions.
"Our existing virtual sports geographies continue to yield growth opportunities as well, with expanded deployments including in Greece, Italy, Scandinavia, Ireland, and the UK.
"We also expect that our previously announced 1st Down Virtual Football game will launch with US gaming and lottery customers in the middle of 2018.
"In mobile, we have launched our RGS with multiple new customers, including BetVictor and most recently SNAI.
"Growth momentum in our business is strong across multiple dimensions."