United States
United Kingdom
Summary:
- Light & Wonder reported 18% growth in Q3, boosted by the Grover Gaming acquisition and substantial recurring revenue.
- The company saw record igaming revenue and shipped 6,000 units, including expansion into Nebraska’s skill-games market.
- Light & Wonder will delist from NASDAQ and continue trading on the Australian exchange.
Light & Wonder reported its third-quarter earnings on November 5, marking its last report as a U.S.-listed company.
From now on, the gaming manufacturer will trade only on the Australian exchange, which chief executive officer Matt Wilson described as “a market attuned to the gaming industry”
Ahead of Expectations
The earnings call faced technical issues, including a long silence for Wilson during the Q&A and slides that were often blurry or unreadable. Still, the company delivered strong results.
We delivered 18% growth, so clearly we’re ahead of our expectations.
CFO Oliver Chow added
It’s a powerhouse of a business for us. The quality of our recurring-revenue business continues to be very strong.
A major driver of growth was the newly acquired Grover Gaming, which added 292 units, generated $40 million in revenue, and opened a game-development studio in Raleigh, North Carolina.
Wilson continued,
Our focus remains on the seamless integration of Grover. The team’s doing a fantastic job of integrating into the Light & Wonder family. It’s going to be a big and vibrant market. Things are setting up very nicely.
Domestic revenue per day rose 5%, helped by Grover, while the company shipped 6,000 units in total and launched into Nebraska’s skill-games market. Feedback from October’s Global Gaming Expo was “overwhelmingly positive” Wilson noted.
Mixed Global Performance
Internationally, results were mixed, as a large order from Entain did not repeat, and Australian market share was slightly down, though Asia remained promising for expansion.
On social and igaming, Wilson reported progress with SciPlay’s direct-to-consumer platform and stabilization of older games like Jackpot Party.
iGaming revenue reached a record with a 16% increase, supported by U.S. first-party content, while handle climbed 23% to $23 billion. International sales dipped but future orders in the U.K. and Asia are expected to be substantial.
Chow highlighted wide-area progressive games as a revenue booster and noted that exiting the live-dealer business will continue to impact costs in 2026. Debt was three times cash flow, with $1 billion in new notes issued to redeem prior debt and add liquidity.
The company also completed $101 million in share buybacks during the quarter.
Looking ahead, Light & Wonder plans to continue monetizing Grover, ship VLT units to Canada, and expand internationally. Tariffs cost $5 million to $9 million, but growth remains strong.
Summing up, Wilson said,
Q3 was a fantastic result for the team, which leaves a neater glide path into the fourth quarter. We launched more games this year than any time in our history.” On the move to Australia, he added, “This is not the end. We would love you to continue the journey on the ASX.
