11 May 2023
Light & Wonder’s Strong Q1 2023 Results, Approves ASX Listing for Growth
Light & Wonder, a leading content aggregator and entertainment provider, has released its financial results for the first quarter of 2023, reporting a consolidated revenue growth of 17% compared to last year. This growth was driven by the extensive operational activities across all three of the company’s businesses. The gaming industry is thriving, and Light & Wonder’s latest financial results show an 18% growth in gaming revenue to $419 million. The increase was primarily due to the sales of gaming machines, which were 53% stronger than in the previous year, indicating a significant rise in the popularity of gaming products. With these impressive figures, it is clear that the gaming sector is a significant growth area for Light & Wonder. The company is well-positioned to capitalize on this trend with its innovative products and cutting-edge technology.
The company’s net loss decreased from $67 million in Q1 2022 to $27 million in Q1 2023, indicating a positive change of 59%. Furthermore, the EBITDA of Light & Wonder increased by 23% compared to the previous year.
Light & Wonder’s Board of Directors has approved a secondary listing on the Australian Security Exchange (ASX) in addition to the company’s existing primary Nasdaq listing. This move is expected to enhance the company’s profits in Australia, one of the leading markets for its gaming business. The listing will also provide the company with long-term investment opportunities.
According to Matt Wilson, President and CEO of Light & Wonder, “We’re off to a strong start in 2023, delivering on all key metrics and driving double-digit revenue growth across all three of our businesses. With leading talent, technology, and products, we continue to strengthen. Our position as the leading cross-platform global games company.”
Connie James, Chief Financial Officer of Light & Wonder, added, “We continue to focus on generating significant cash flow while maintaining our balanced and opportunistic approach to capital management and a healthy balance sheet to enhance value for our shareholders.”
Light & Wonder’s Q1 2023 financial results indicate a positive outlook for the company’s future growth.