IGT posts $583m revenue for Q1 amid slow North America performance
Supplier remains “well-positioned for the future” despite the figure recorded representing a 12% decrease year over year
International Game Technology (IGT) has recorded revenue of $583m for the first quarter of 2025.
The figure represents a 12% decrease when compared to the corresponding period in 2024.
The US and Canada continued to be the supplier’s most profitable region, generating revenue of $259m, although this figure dropped 20% year over year (YOY).
Revenue from Italy fell 3% YOY to $246m, while the Rest of the World added a further $79m, a 7% YOY decrease.
Service revenue accounted for $557m of the total figure; $500m of which came from instant ticket and draw products, with $17m derived from US multistate jackpots. Revenue generated from product sales amounted to $26m.
The supplier attributed the revenue decrease partly to “higher US multistate jackpot activity, associated LMA incentives, and multi-year central system software licenses and terminal sales in the prior year.”
Instant ticket and draw revenue was likewise impacted by calendar shifts, while higher instant ticket printing in 2025 also proved to be a contributing factor to lower revenues.
Operating expenses for the quarter remained flat at $445m YOY, while non-operating expenses came in at $82m, up from $42m the year prior.
Adjusted EBITDA for the quarter amounted to $250m, down from $327m in Q1 2024, leaving an adjusted EBITDA margin of 42.8%.
Operating income for the first three months of the year fell 37% YOY to $138m, leaving a margin of 23.7%.
Overall net income for the quarter reached $60m, representing a 53.1% YOY decrease compared to Q1 2024.
IGT CEO Vince Sadusky said: “Global sales of instant ticket and draw games continue to expand, driven by a steady pipeline of game innovation and portfolio optimization strategies.
“While the world is currently faced with great uncertainty, we are excited about the initiatives we are working on to drive sustainable, long-term growth and shareholder value.”
The quarter also saw IGT successfully execute a $1bn term loan, which will be due in 2030.
Of that loan, $500m has been drawn and earmarked for repayment of borrowings under credit facilities, while the remaining $500m has been ringfenced should the company be awarded an Italy Lotto license.
Moving forward, the company is expecting a $4.05bn cash infusion upon the completion of the sale of its gaming and digital arm to Apollo Global.
For the remainder of 2025, IGT expects revenue to come in at $2.6bn and adjusted EBITDA of $1.1bn, in line with the lower range of figures in the operator’s original guidance issued in February.
Group CFO Max Chiara added: “First quarter profit was in line with expectations at constant currency and we delivered strong cash conversion.
“Given lower US multistate jackpot activity and the current worsening macroeconomic environment, we believe it is likely we will be at the lower end of the full-year revenue and adjusted EBITDA guidance provided in February.
“With a solid financial profile and ample liquidity in advance of important contract renewals, we remain well-positioned for the future.”