Inspired Grows Q2 Revenue on Digital Gains Despite Net Loss

Inspired Entertainment saw its digital gaming division drive quarterly revenue growth, even as it posted a net loss for the second quarter of 2025. The company continues to push deeper into regulated online markets, with strong performance in its interactive segment helping to offset some of the ongoing operational and financial headwinds. A recently completed debt refinancing package also marked a key step in reshaping the company’s capital structure.

Good to know

• Interactive revenue rose 45% year-over-year, outpacing total revenue growth.
• Net loss for Q2 2025 came in at $7.8 million, with adjusted net loss at $5.6 million.
• Company finalized a £288 million refinancing deal to restructure existing debt.

Inspired reported total revenue of $80.3 million for the quarter, up 7% compared to Q2 2024. Much of that increase came from the interactive segment, which recorded its best-ever performance. The segment’s growth was largely driven by gains in North America, responsible for roughly half of the 45% rise in interactive revenue.

Inspired Leans on Digital Gains as Q2 Revenue Rises but Losses Continue

Adjusted EBITDA reached $28.4 million, up 15% from the prior year and beating market forecasts. Net operating income stood at $7.9 million, showing some operational improvement despite the overall loss. The company’s shift toward online gaming continues to pay off, with stronger uptake of its digital offerings in newly regulated and expanding markets.

During the quarter, Inspired launched Canada’s first branded Hybrid Dealer Roulette product in partnership with Loto-Québec. The company also introduced localized Virtual Sports content in Brazil, working with major betting brands like Betano, BetMGM, and bet365.

Inspired secured additional commercial wins in its retail and virtual divisions. These included a five-year agreement with Jenningsbet to roll out around 570 Vantage terminals starting in Q4 2025. The company also upgraded its Virtual Sports offering across 1,300 William Hill UK betting shops, strengthening its position in the retail market.

One of the more important financial developments of the quarter was the completion of a £288 million refinancing package. That includes £270 million in senior secured notes maturing in 2030, plus a £17.8 million revolving credit facility. With that move, Inspired replaced all existing debt and extended its financial runway for future investments and growth.

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