Gaming technology and content provider Light & Wonder Inc’s reported net income of US$114 million for the three months to September 30, up 78.1 percent from the prior-year period.
That was on revenue that rose 2.9 percent from a year earlier, to US$841 million, said the company on Wednesday.
The gaming equipment supplier said it “delivered another quarter of strong earnings and cash flows, underpinned by disciplined execution and game performance”.
Third-quarter consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 17.6 percent year-on-year, to US$375 million.
Light & Wonder is due to delist from the Nasdaq in the United States before the opening of trading on November 13. The firm will then move to a sole primary listing on the Australian Securities Exchange (ASX), as previously announced.
The company has three main segments: land-based gaming; the digital games unit, SciPlay; and iGaming.
The group’s revenue from the gaming segment increased by 3.9 percent year-on-year, to US$558 million in the third quarter of 2025, “primarily driven by gaming operations, which grew US$66 million, or 38 percent, benefiting from an increase in our North American installed base of 2,834 units, or 9 percent year-over-year, to 35,985 units,” said Light & Wonder.
The company said the Grover business also contributed circa US$40 million to the group’s gaming operations revenue. That business had over 11,250 active devices included as a part of the group’s installed base as of the end of the third quarter.
That was a reference to its US$850-million acquisition of the charitable gaming assets – known as Grover Charitable Gaming – of U.S.-based Grover Gaming Inc and G2 Gaming Inc. The deal was completed in May.
Gaming adjusted EBITDA in the July to September period stood at US$305 million, up 14.2 percent compared to the prior-year period, “primarily due to revenue growth and margin expansion of 500 basis points, inclusive of Grover contributions,” stated Light & Wonder.
The company shipped 8,608 new gaming machine units in the three months to September 30. Third-quarter shipments included 2,587 units sold in the international market, including Asia Pacific, down from 6,969 units a year earlier.
Revenue in the iGaming segment grew by 16.2 percent year-on-year to US$86 million in the third quarter, while SciPlay revenue declined by 4.6 percent compared to the prior-year period, to US$206 million.
Matt Wilson, the company’s president and chief executive, said in prepared remarks: “Our R&D [research and development] engine continues to deliver world-class content, reflected in another strong quarter for gaming operations and record iGaming performance.”
“We are reinvesting in the business to drive long-term sustained growth,” stated Mr Wilson. “Additionally, we are thrilled to report that the integration of Grover Gaming into our omni-channel strategy is progressing well.”
In May, Light & Wonder said it aims to achieve annual consolidated adjusted EBITDA of US$2.0 billion by 2028. This would represent an overall growth rate of 42.9 percent over a three-year period.
Total liabilities for the group stood at just under US$5.79 billion for the period to September 30. That was up 20.9 percent on the just under US$4.79 billion in total liabilities recorded as of December 31 last year.
A Thursday note from the JP Morgan banking group, said that among the “positives” for the gaming firm, was that Light & Wonder had “repurchased US$765-million of [a] US$1.5-billion share repurchase programme, with remaining capacity of US$735-million and transition to sole primary ASX listing remaining on schedule”.
Among the “negatives” was the group’s “combined net debt leverage ratio of 3.3x, which sits at the top end of Light & Wonder’s target range of 2.5x to 3.5x”.
