Financial Highlights:
- Revenue: First quarter revenue totaled $63.1 million, compared to $64.9 million in the prior year period.
- Net Loss: The Company reported a net loss of $(5.7) million for the first quarter.
- Adjusted EBITDA: First quarter adjusted EBITDA was $16.3 million.
Operational Highlights:
Expansion in Saskatchewan: Inspired expanded its video lottery terminal placements by Western Canada Lottery Corporation with 720 Additional Valor™ Terminals in Saskatchewan.
Exclusive Launch of NBA Re-Play Virtual Sports: Inspired announced the exclusive launch of its NBA Re-Play Virtual Sports product with long-time partner OPAP.
Lorne Weil, Executive Chairman of Inspired, commented on the results, stating, "As we begin 2024, we remained focused on our long-term strategy to shift a greater proportion of our earnings to our aggregate digital business, which includes our Virtual Sports and Interactive segments." He noted that the digital business accounted for 76% of the company's Adjusted EBITDA contribution, compared to 69% in the prior year.
Weil highlighted the performance of the Interactive segment, which saw revenue and Adjusted EBITDA increase approximately 31% and 38% year-over-year on a constant currency basis, respectively. He also expressed excitement about the launch of NBA-themed Virtual Sports games during the second quarter of 2024.
Regarding the land-based business, Weil acknowledged challenges in the UK Licensed Betting Office (LBO) market and in Greece but noted improving trends as the company heads into the second quarter. He emphasized the company's cost improvement initiative to drive Adjusted EBITDA margins.
In conclusion, Weil expressed optimism about the future, citing opportunities for growth in new markets and the company's unmatched content portfolio.
Recent business highlights include expanded VLT placements in Saskatchewan, the exclusive launch of the NBA Re-Play Virtual Sports product, the launch of the virtual product End Zone Cash featuring NFL Alumni players, and a long-term contract extension with Parkdean Resorts.
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