Impressive Financial Results for Inspired in 2023
Inspired Entertainment, Inc., provider of B2B gaming content, technology, hardware, and services, has announced its financial results for the fourth quarter and the entire year of 2023. The company celebrated a record full-year revenue and substantial growth in its interactive segment.
Quarterly Performance Insights
The fourth quarter of 2023 was particularly strong for Inspired, with revenues reaching $81.2 million. This success was driven by a remarkable 49% increase in the Interactive segment.
Revenue from Virtual Sports was consistent with previous quarters, totaling $12.9 million, while the company’s land-based operations saw a growth of 6% to 8%.
Annual Financial Highlights
Inspired achieved a record revenue of $323 million in 2023, marking a 15% increase from the previous year.
The company also reported full-year net income of $7.6 million, or $0.27 per share, and an impressive adjusted EBITDA of $100.5 million. These results underscore Inspired’s robust performance across its diverse business segments.
Commentary
Lorne Weil, Executive Chairman of Inspired, commented on the year’s results, stating, “We closed out 2023 with solid results, in line with our expectations. Our fourth quarter performance capped off a strong year, fueled by our successful strategic focus on scaling our higher-margin digital verticals alongside steady growth in our land-based operations.” Weil also highlighted the introduction of new ‘Vantage’ terminals and expansions into new content offerings, including NBA and NFL-themed products.
