Ainsworth Game Technology announced its financial results for the first half of 2025, showing revenue reached AUD 152.1 million (approximately USD 98.3 million), a 22.4% increase year-over-year, and an improvement from the AUD 142.7 million revenue in the first half ending December 31, 2025. However, this growth contrasts sharply with declines in profits and EBITDA.
In the past six months, Ainsworth's international sales share and the number of gaming operation units have dropped to their lowest levels since the second half of 2023. EBITDA for the first half was AUD 14.6 million, down approximately 63.5% year-over-year, with the EBITDA profit margin dropping from last year's 23% to 10%. The company stated that the decline in profit margin was mainly due to pressure on product sales gross margins, while the underlying EBITDA remained stable.
Gross profit for the first half was AUD 84.8 million, up 4.7% year-over-year; pre-tax profit grew 163%, maintaining at AUD 1.6 million, but post-tax profit dropped from AUD 14 million in the first half of 2024 to AUD 4.9 million. Total operating costs grew 4% year-over-year to AUD 71.4 million, total assets increased from AUD 422.6 million to AUD 435.1 million, and total debt decreased from AUD 24.1 million to AUD 11.4 million.
Regional Performance
The North American market continued to contribute stable growth: revenue reached AUD 83.1 million, up 20.1% year-over-year and 4.9% sequentially; gross profit was AUD 52.4 million, up 0.9% sequentially, EBITDA was AUD 43.1 million, up 8.7% year-over-year, and divisional profit was AUD 36 million, up 9.9% year-over-year. However, performance in Latin America and Europe was relatively weak: revenue was AUD 31.6 million, up 7.5% year-over-year but down 17% sequentially, with both divisional EBITDA and overall profit declining both year-over-year and sequentially.
The Asia-Pacific region showed strong growth, with revenue reaching AUD 34.6 million, up 57.7% year-over-year and 37% from the second half of 2024. Divisional gross profit and EBITDA were AUD 13.9 million and AUD 8.2 million, respectively, both showing positive trends. Notably, despite online revenue nearly halving compared to the same period in 2024, it still grew 11% from the last half of the previous year.
In the first half of 2025, Novomatic proposed to acquire the remaining 47.1% of Ainsworth shares at USD 1 per share.
Company Strategy and Future Plans
In its financial report summary, Ainsworth stated that Ainsworth Interactive is adjusting its strategy, focusing on accelerating game development and expanding its digital business footprint. The company deepened its cooperation with major operators such as BetMGM, DraftKings, Caesars, and Rush Street by directly controlling the online sales channels in the US, and plans to launch games with new operators such as FanDuel and Fanatics later in 2025.
Ainsworth emphasized that the direct-to-operator model can provide a customized gaming experience, better meeting the needs of each partner's player base. In 2025, the company will also expand its distribution channels, enter new market segments to increase recurring revenue, including consolidating its position in the social gaming market through Zynga's Hit It Rich, and laying the foundation for future full-channel integration.
