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Inspired Entertainment, Inc.

INSE

Inspired Entertainment, Inc. • NASDAQ
$8.22 ▲ 1.48% (+0.12)
Market Cap $221.34 M
52w High $11.61
52w Low $6.50
Dividend Yield 0%
P/E 4.19
Volume 80.30K
Outstanding Shares 26.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $86.2M ▲ $50.8M ▲ $-1.9M ▲ -2.204% ▲ $-0.067 ▲ $29.9M ▲
Q2-2025 $80.3M ▲ $47.2M ▲ $-7.8M ▼ -9.714% ▼ $-0.27 ▼ $25.1M ▲
Q1-2025 $60.4M ▼ $40.9M ▼ $-100K ▼ -0.166% ▼ $-0.004 ▼ $14.1M ▼
Q4-2024 $80.4M ▲ $45.9M ▲ $65.1M ▲ 80.97% ▲ $2.39 ▲ $24.3M ▼
Q3-2024 $78M $42.7M $3.4M 4.359% $0.12 $25.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $36.3M ▼ $485.8M ▼ $494.8M ▼ $-9M ▲
Q2-2025 $46.3M ▲ $486.8M ▲ $496.3M ▲ $-9.5M ▼
Q1-2025 $39M ▲ $458.9M ▲ $461.1M ▲ $-2.2M ▲
Q4-2024 $29.3M ▼ $438.4M ▲ $441.7M ▼ $-3.3M ▲
Q3-2024 $35.7M $388.6M $466.9M $-78.3M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.9M ▲ $10.1M ▼ $-11M ▲ $-700K ▼ $-10M ▼ $4.3M ▼
Q2-2025 $-7.8M ▼ $15.2M ▼ $-16.1M ▼ $5.8M ▲ $7.3M ▼ $5.6M ▼
Q1-2025 $-100K ▼ $25.5M ▲ $-15.1M ▼ $-1.7M ▼ $9.7M ▲ $16.3M ▲
Q4-2024 $65.1M ▲ $6.9M ▼ $-10.6M ▲ $-1.2M ▼ $-7.2M ▼ $-1M ▼
Q3-2024 $3.4M $26.9M $-16M $100K $13M $28.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Sales
Product Sales
 $30.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Service
Service
 $180.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a business that has moved from losses to consistent profitability, but on a relatively modest scale. Revenue has grown compared with a few years ago, though it is not surging; it looks more like steady, incremental progress than rapid expansion. Profitability has improved meaningfully: gross margins are healthy, operating profits are now positive, and net income has swung from losses in the early part of the period to solid profits most recently. One thing that stands out is the sharp improvement in earnings per share in the latest year, which reflects both better profitability and the company’s operating leverage. Overall, the income statement tells a story of a niche operator that has gotten its cost base under better control and is now consistently earning money, but still needs further growth to build real scale and resilience.

Balance Sheet

Balance Sheet The balance sheet is a mixed picture. On the positive side, total assets have been edging up, suggesting ongoing investment in the business and some scale-up over time. However, cash on hand is relatively limited, and the company carries a heavy debt load compared with its size. Equity has only just moved from being negative to roughly breakeven, which means the company has a thin capital cushion after years of accumulated losses. This combination of high leverage, modest cash, and only recently repaired equity makes the balance sheet more fragile than that of larger, better-capitalized peers. The trend is improving, but the financial foundation is still relatively narrow and sensitive to setbacks.

Cash Flow

Cash Flow Cash generation is positive but not yet robust. Operating cash flow has been consistently above zero, which confirms that the underlying business is producing cash rather than consuming it, though the amounts are not large. Free cash flow tends to hover around breakeven after factoring in capital spending, indicating that most of the cash generated is being reinvested back into the business rather than building a large cash buffer or paying down substantial debt. Capital expenditures are steady, suggesting ongoing investment in technology and content rather than one-off spikes. Overall, the cash flow profile fits a company in a build-out phase: self-funding much of its growth, but with limited room for error and not much excess cash to absorb shocks.

Competitive Edge

Competitive Edge Inspired occupies a focused but defensible niche in the gaming ecosystem. Its leadership in virtual sports, long-standing relationships with operators, and wide installed base of machines and content distribution points give it a recurring, service-based revenue stream that many smaller competitors lack. The company’s orientation toward business-to-business partnerships, rather than direct consumer branding, helps it embed itself inside customer platforms and makes switching away less attractive for operators. At the same time, it remains much smaller than global gaming leaders, which limits its bargaining power and marketing reach. Regulatory risk, the cyclical nature of gambling and leisure spending, and dependence on a relatively concentrated set of large operators remain ongoing challenges. In summary, the company appears well-positioned in its chosen niches, but it operates in a highly competitive, regulated, and scale-driven industry.

Innovation and R&D

Innovation and R&D Innovation is clearly a central pillar for Inspired. The company has developed distinctive technologies such as its Hybrid Dealer platform, which blends pre-recorded video with virtual outcomes to deliver a live-style casino feel at lower operating cost. Its high-quality virtual sports products, supported by advanced graphics and official sports league licenses, set it apart and deepen engagement with both operators and players. Hardware and platform innovations, like the Vantage gaming cabinets and plug-and-play virtual sports solutions, further support its B2B value proposition. Strategically, the firm is pushing to expand its higher-margin digital and interactive businesses, particularly in North America, while also pursuing operational efficiencies to lift margins. The main risks are execution and pace: the company must keep its content fresh, continue winning distribution deals, and successfully shift more of its economics to digital while managing cost-cutting without harming growth.

Summary

Putting it all together, Inspired Entertainment looks like a specialist gaming technology provider that has climbed out of its loss-making phase and is now delivering consistent, if still modest, profits. The income statement trend is positive, with better margins and stronger earnings. The balance sheet and cash flows, however, reveal limited financial slack, with meaningful leverage and only a thin equity base, so sustained execution and cash generation will matter a lot. Competitively, the firm benefits from strong positions in virtual sports and innovative iGaming formats, backed by long-term B2B relationships and recurring revenue streams. Its innovation pipeline and focus on expanding higher-margin digital segments—especially via Hybrid Dealer products and North American online markets—give it clear growth avenues. At the same time, its small size, leverage, regulatory exposure, and the need to keep up a fast clip of innovation all represent ongoing risks that could amplify both upside and downside outcomes over time.

NEWS

November 7, 2025 · 7:00 AM UTC

Inspired Announces Closing of Sale of UK Holiday Parks Business to Genda Inc.

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October 20, 2025 · 4:05 PM UTC

Inspired Entertainment Expands Footprint into West Virginia Market with Premier iGaming Content

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October 6, 2025 · 4:10 PM UTC

Gaming Arts LLC Announces Partnership with Inspired Entertainment to Bring Online Titles to North and South American Land-Based Markets

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