Inspired Entertainment, Inc.
Business
Inspired Entertainment, Inc. is a global gaming technology company that supplies content, platforms and other products and services to licensed online and land‑based lottery, betting and gaming operators on a business‑to‑business basis. It offers end‑to‑end digital gaming solutions including proprietary networked games, server‑based gaming terminals, virtual sports simulations, the Virgo RGS, VPP turnkey hosting, hardware and amusement machines, and associated hosting and maintenance services. The company operates four segments: Gaming, Virtual Sports, Interactive and Leisure. Its products are distributed across regulated markets primarily in the UK, and also in Greece, Italy, North America and other jurisdictions via retail, online, mobile and third‑party networks and venue channels such as betting offices, casinos, pubs, bingo halls, airports and holiday parks.
Summary from filing dated 2025-03-26
Financials
Consolidated Statement of Income
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Revenue: | — | — | |
| Revenue | 304 | 297 | |
| Cost of Revenue | — | — | |
| Cost of sales | 87 | 92 | |
| Selling, general and administrative expenses | 128 | 131 | |
| Depreciation and amortization | 52 | 43 | |
| Restructuring Expense | −7 | — | |
| Net operating income | 31 | 31 | |
| Other expense | — | — | |
| Interest expense, net | 37 | 29 | |
| Non-Operating Income (Expense) | 900,000 | 500,000 | |
| Total other expense, net | −36 | −29 | |
| Net (loss) income before income taxes | −6 | 2 | |
| Income tax (expense) benefit | 11 | −63 | |
| Net (loss) income | −17 | 65 | |
| Other comprehensive (loss) income: | — | — | |
| Foreign currency translation (loss) gain | −700,000 | 1 | |
| Deferred tax on foreign currency translation (loss) gain | 100,000 | −1 | |
| Change in fair value of hedging instrument | −500,000 | — | |
| Other Comprehensive Income (Loss) | −100,000 | — | |
| Deferred tax on movement in hedging instrument | 100,000 | — | |
| Actuarial gains on pension plan | 800,000 | 5 | |
| Deferred tax on actuarial gains on pension plan | −200,000 | −1 | |
| Other comprehensive (loss) income | −500,000 | 4 | |
| Comprehensive (loss) income | −18 | 69 | |
| Earnings Per Share (Basic) | −0.58 | 2.27 | |
| Earnings Per Share (Diluted) | −0.58 | 2.22 | |
| Weighted Average Shares Outstanding | 29 | 29 | |
| Weighted Average Shares Outstanding, Diluted | 29 | 29 | |
| Supplemental disclosure of stock-based compensation expense | — | — | |
| Selling, general and administrative expenses | 7 | 8 |
Consolidated Balance Sheet
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Assets | — | — | |
| Current assets | — | — | |
| Cash and Cash Equivalents | 42 | 29 | |
| Restricted Cash, Current | 1 | — | |
| Accounts Receivable | 44 | 65 | |
| Inventory | 19 | 28 | |
| Other Non-Operating Current Assets | 47 | 36 | |
| Income Tax Receivable | 6 | 1 | |
| Total current assets | 158 | 160 | |
| Property, Plant and Equipment | 61 | 56 | |
| Other Non-Current Assets | 23 | 22 | |
| Intangible Assets | 14 | 16 | |
| Goodwill | 62 | 58 | |
| Other Non-Operating Non-Current Assets | 22 | 19 | |
| Operating Lease Right-of-Use Asset | 8 | 16 | |
| Other Non-Current Assets | 12 | 11 | |
| Deferred Tax Assets, Non-Current | 65 | 67 | |
| Other Non-Operating Non-Current Assets | 16 | 13 | |
| Total assets | 440 | 438 | |
| Liabilities and Stockholders’ Deficit | — | — | |
| Current liabilities | — | — | |
| Accounts Payable | 43 | 54 | |
| Accrued Income Taxes | 9 | 12 | |
| Other Current Liabilities | 7 | 6 | |
| Operating Lease Liability, Current | 3 | 5 | |
| Current Portion of Long-Term Debt | — | 19 | |
| Short-Term Debt | 4 | 4 | |
| Other Non-Operating Current Liabilities | 5 | 4 | |
| Total current liabilities | 71 | 104 | |
| Long-Term Debt | 345 | 292 | |
| Long-Term Debt | 14 | 19 | |
| Contract Liabilities | 19 | 13 | |
| Operating lease liabilities | 6 | 12 | |
| Other Non-Operating Non-Current Liabilities | 1 | 2 | |
| Total liabilities | 456 | 442 | |
| Commitments and contingencies | — | — | |
| Stockholders’ deficit | — | — | |
| Preferred Stock | — | — | |
| Total Stockholders' Equity | — | — | |
| Additional Paid-In Capital | 395 | 390 | |
| Accumulated Other Comprehensive Income | 48 | 48 | |
| Retained Earnings | −459 | −442 | |
| Total stockholders’ deficit | −16 | −3 | |
| Total liabilities and stockholders’ deficit | 440 | 438 |
Consolidated Statement of Cash Flows
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Cash flows from operating activities: | — | — | |
| Net (loss) income | −17 | 65 | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | — | — | |
| Depreciation and amortization | 47 | 43 | |
| Finance Lease Expense | 6 | — | |
| Net Cash from Operating Activities | 5 | 4 | |
| Loss on sale of business | −7 | — | |
| Stock-based compensation expense | 7 | 8 | |
| Amortization of deferred financing fees relating to senior debt | 3 | 1 | |
| Deferred tax | 3 | −69 | |
| Changes in assets and liabilities: | — | — | |
| Accounts receivable | −24 | 23 | |
| Inventory | −7 | −4 | |
| Prepaid expenses and other assets | 18 | −6 | |
| Corporate tax and other current taxes payable | −9 | 1 | |
| Accounts payable and accrued expenses | −11 | −11 | |
| Deferred revenue and customer prepayment | 7 | 7 | |
| Operating lease liabilities | −4 | −4 | |
| Pension contributions | −1 | −2 | |
| Other long-term liabilities | −3 | 900,000 | |
| Net cash provided by operating activities | 52 | 32 | |
| Cash flows from investing activities: | — | — | |
| Purchases of property and equipment | 36 | 17 | |
| Purchases of capital software and internally developed costs | 10 | 12 | |
| Net Cash from Investing Activities | 18 | — | |
| Contract cost expenditures | 13 | 11 | |
| Net cash used in investing activities | −41 | −40 | |
| Cash flows from financing activities: | — | — | |
| Proceeds from Debt Issuance | 366 | — | |
| Repayments of long-term debt and short-term debt | 339 | — | |
| Debt fees incurred | 19 | — | |
| Repurchase of common stock | 400,000 | — | |
| Repayments of finance leases | 8 | 2 | |
| Net cash provided by (used in) financing activities | — | −2 | |
| Effect of Exchange Rate on Cash | 3 | −700,000 | |
| Net increase (decrease) in cash | 14 | −11 | |
| Total cash and restricted cash, end of period | — | — | |
| Total cash and restricted cash, end of period | — | — | |
| Components of cash and restricted cash | — | — | |
| Cash | — | — | |
| Restricted cash | — | — | |
| Supplemental cash flow disclosures | — | — | |
| Interest Expense | 37 | 27 | |
| Income Tax Expense | 8 | 9 | |
| Supplemental disclosure of noncash investing and financing activities | — | — | |
| Right of use property and equipment acquired through finance lease | 11 | 22 | |
| Lease liabilities arising from obtaining finance lease right of use assets | 1 | 19 | |
| Lease liabilities arising from obtaining operating lease right of use assets | 1 | 7 | |
| Additional paid in capital from net settlement of RSUs | −1 | −3 |