Ainsworth Reports Higher Revenue but Profit Slips in H1 2025

Ainsworth Game Technology posted higher revenue in the first half of 2025 but faced shrinking profit, showing the mixed pressures suppliers are dealing with in a competitive market.

Good to know

• Total revenue reached $98.3 million, up 25.3% year-over-year.
• Profit after tax fell 65% to $3.2 million, despite stronger sales.
• Novomatic completed its full acquisition of Ainsworth in April 2025.

The company delivered $98.3 million in revenue for H1 2025, but profit after tax came in at only $3.2 million, a steep decline from last year. Adjusted EBITDA dropped 48.4% to $9.4 million, while underlying EBITDA edged slightly higher at $17.4 million. Underlying profit after tax improved 10.2% to just over $9 million.

Domestic performance was one of the bright spots. Revenue from Australia jumped 84.4% to $19.9 million. International markets contributed $78.4 million, a 15.9% increase. Gross profit across the business rose 4.8% to $54.8 million, while operating expenses grew 4.1% to $46.2 million.

North America remains Ainsworth’s strongest driver. The region reported $53.7 million in net revenue, up 22.4%, with adjusted EBITDA climbing 9.1% to $27.9 million. Profit for the North American unit grew 10.4% to $23.3 million. The supplier continues to prioritize Class II, Class III, video lottery terminals (VLTs), and historical horseracing (HHR).

Latin America and Europe delivered $20.4 million in revenue, up 7.8%. However, profit dropped 46.7% to $4.7 million, with adjusted EBITDA sliding 39.5% to $5.8 million. The company cited product mix issues and higher sales of A-Star Raptor Cabinets, which added to costs. Market share in the Class III segment stayed at 8%, with import restrictions in Mexico still a “major challenge.”

Online Struggles

The online division was the weakest performer. Revenue fell 45.1% to $1.8 million, and adjusted EBITDA mirrored the decline at $1.6 million, down 48.9%. Profit also dropped to $1.6 million, matching the same percentage loss.

Even so, Ainsworth is banking on upcoming digital launches with partners like FanDuel and Fanatics later this year. The company also expanded relationships with DraftKings, Caesars, BetMGM, and Rush Street Interactive, hoping fresh titles will revive online growth.

Novomatic Acquisition

On April 28, 2025, Novomatic AG Group finalized the acquisition of the remaining Ainsworth shares for $1 each, following Foreign Investment Review Board approval. The move officially placed Ainsworth under full Novomatic ownership, setting the stage for deeper integration and strategy shifts moving into the second half of the year.

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