Light & Wonder records 5% Q2 revenue rise as EBITDA dips
Supplier giants looks to the future following sale of lottery business and upcoming divestment of OpenBet
Light & Wonder has posted a 5% year-on-year (YoY) rise in Q2 revenue as the supplier continues to streamline its operations.
Delivering its financial update for the period, the Las Vegas-headquartered firm recorded revenue of $610m in Q2 up from the $581m posted in Q2 2021.
Breaking total revenue down into segments, Light & Wonder’s gaming division continued to drive the group, accounting for $390m of revenue, rising 6% from $367m in Q2 2021.
The group’s SciPlay segment saw revenue increase 4% YoY from $154m to $160m in the quarter, while its igaming division remained unchanged at $60m.
Elsewhere, Light & Wonder noted an 9% dip in adjusted EBITDA from $232m to $212m, with EBITDA margin dropping from 40% in Q2 2021 to 35% in Q2 2022.
Company net losses skyrocketed 194% from $51m to $150m while free cashflow plummeted from $133m to negative $95m.
Barry Cottle, Light & Wonder CEO, said with the sale of its lottery business and impending sale of OpenBet to Endeavor, the company was on a trajectory for success.
“We now have all the pieces in place and are singularly focused on building great games fully cross-platform. We recently hosted our inaugural investor day and detailed a roadmap for taking market share and unlocking tremendous value in a $70bn TAM,” Cottle explained.
“This quarter we made tangible progress against our strategies as we delivered strong operating momentum and top line growth in the quarter.
“The success we are seeing this quarter is the result of the fundamental changes we have made throughout the business. Adding it all up, we couldn’t be more excited about the progress we are making and our path forward as the leading cross-platform global game company,” he added.
Light & Wonder’s share price was down 1.7% to $52.66 at the time of writing.