INSE earnings analysis
What we found in INSE's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Inspired Entertainment, Inc. reported its 2025 financial results with total revenue of $304.1 million, a slight increase from $297.1 million in 2024. Despite the revenue growth, the company faced substantial losses, culminating in a net loss of $17 million compared to a net income of $64.8 million in the previous year. The company reaffirmed its commitment to achieving adjusted EBITDA of $112 million to $118 million for the year 2026, reflecting a cautious outlook amidst ongoing operational challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Stable Revenue Growth
- Total revenue of $304.1 million in 2025, up from $297.1 million in 2024.
- Increased Operating Cash Flow
- Operating cash flows increased to $52 million, compared to $31.7 million in 2024.
- Growth in Free Cash Flow
- Free cash flow turned positive, reporting $13.5 million compared to a substantial negative in the prior year.
- Improved Gross Margins
- Gross margin improved to 71.5% in 2025, compared to 70.4% in 2024.
- Adjusted EBITDA Target Maintained
- Management reiterated full-year 2026 adjusted EBITDA target of $112 million to $118 million.
- Share Repurchase Program Initiated
- The company authorized $25 million for repurchase of shares, completing $0.4 million by 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Escalating Net Loss
- The company reported a net loss of $17 million in 2025 versus net income of $64.8 million in 2024.
- Declining Segment Performance
- Revenue from leisure segment slipped, impacting profitability.
- Cash Flow Volatility Risks
- Liquidity management relies on a combination of cash flow from operations and external borrowing.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.58
- Gross margin
- 71.5%
- Operating margin
- 10%
- Segment
- Gaming
- Segment
- Virtual Sports
- Segment
- Interactive
- Segment
- Leisure
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- Inspired Entertainment, Inc. reported Q1 2026 results with revenue of $57.2 million, down 5% from the same quarter last year, alongside a net loss of $0.5 million. The Interactive segment showed strong growth,…
- 10-K · March 10, 2026
- Inspired Entertainment Inc (INSE) experienced significant operational challenges in 2025, culminating in a net loss of $17 million compared to a net income of $64.8 million in the previous year. This decline was…
- 10-Q · November 6, 2025
- Inspired Entertainment, Inc. reported a revenue increase of 12% to $86 million in Q3 2025, compared to $77.2 million in Q3 2024. The operational performance demonstrated strength with increased revenues across most…
- 10-Q · August 6, 2025
- In Q2 2025, Inspired Entertainment reported revenue of $80 million, a 6.7% increase from Q2 2024, driven by Gaming and Interactive segments. However, the company faced a net loss of $7.8 million, significantly down from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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