Every 10-Q that Inspired Entertainment, Inc. (INSE) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow INSE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full INSE filings page.
Inspired Entertainment, Inc. reported second-quarter 2026 revenue of $60.8 million, down from $80.3 million a year earlier, mainly due to the sale of its UK holiday parks business and changes to a pub operator model. Despite lower revenue, net operating income rose to $9.9 million from $7.9 million as cost of service, SG&A and other one-time costs declined.
For the first six months of 2026, revenue was $118.0 million versus $140.7 million in 2025, while net operating income nearly doubled to $19.1 million. The company posted a small year-to-date net loss of $0.3 million, a sharp improvement from a $7.9 million loss. Operating cash flow was $29.5 million, and long-term debt fell to $319.4 million after scheduled and voluntary repayments, leaving net leverage at 2.91x versus a 5.0x covenant.
Management had $22.0 million of cash and positive working capital at June 30, 2026 and believes available liquidity, together with expected cash generation and borrowing capacity, will cover net cash requirements through August 2027. The company repurchased 707,225 shares for approximately $5.2 million under its $25 million share repurchase program and continued to expand Virtual Sports and Interactive distribution through new agreements and market entries.
Inspired Entertainment, Inc. reported Q1 2026 revenue of $57.2 million, down from $60.4 million a year earlier, but net operating income rose to $9.2 million from $1.6 million. The company recorded a small net loss of $0.5 million, similar to break-even in 2025.
Operating cash flow remained strong at $26.7 million, with cash of $41.1 million and working capital (excluding cash and restricted cash) of $33.4 million as of March 31, 2026. Long-term debt was $326.3 million, and the Senior Notes leverage covenant tested at 2.88x, well below the 5.0x limit.
Retail Solutions revenue fell sharply after the sale of the UK holiday parks business and pub model changes, while Interactive revenue grew across the UK, Europe and North America. Virtual Sports revenue declined modestly, though the company signed multi-year extensions with major operators and continued product launches. Management believes existing resources and cash generation will fund needs through May 2027, and the company repurchased 387,230 shares for about $2.6 million under its share buyback program.
Inspired Entertainment (INSE) filed its Q3 2025 10‑Q, reporting total revenue of $86.2 million and a net loss of $1.9 million (basic and diluted EPS $(0.07)). For the first nine months of 2025, revenue was $226.9 million.
Operating cash flow strengthened to $50.8 million for the nine months, with cash of $36.3 million at September 30, 2025. The company entered a definitive agreement to sell its UK holiday parks and related leisure assets for approximately $29.0 million, recognizing a $5.9 million impairment upon classification as held‑for‑sale; closing is anticipated in Q4 2025 subject to approvals.
INSE issued £270.0 million ($363.5 million) of senior secured Series B Notes on June 9, 2025, maturing on June 9, 2030, and used proceeds to refinance prior notes and the prior RCF. The company reported covenant compliance with senior secured net leverage of 2.83x. Stockholders’ deficit was $(9.0) million. Management believes liquidity sources will fund net cash requirements through November 2026.
Inspired Entertainment (INSE) Q2 2025 10-Q highlights
- Revenue: $80.3 m (+7.3 % YoY); YTD $140.7 m (+2.7 %). Service revenue drove the gain ( +15 % ), while product sales fell 34 %.
- Profitability: Operating income slipped to $7.9 m (-9 % YoY). A one-off $8.8 m tax charge pushed the quarter to a net loss of $7.8 m (-$0.27 EPS) versus $1.4 m profit (+$0.05 EPS) last year. Six-month loss widened to $7.9 m.
- Cash & liquidity: Cash rose to $46.3 m (Dec-24: $29.3 m) on strong operating cash flow of $40.7 m (prior-year: $3.6 m). Working-capital inflows from receivables and inventory were the main drivers.
- Leverage & refinancing: On 9 Jun 2025 the company issued £270 m ($370 m) floating-rate Series B Senior Notes due 2030 (SONIA + 5.50–6.00 %) and put in place a £17.8 m revolving credit facility. Proceeds repaid the £235 m 7.875 % fixed notes (due 2026) and the prior RCF. Long-term debt climbed to $349.6 m (Dec-24: $292.2 m) and total leverage now stands at ~5.1× LTM EBITDA, within the new 5.5× covenant.
- Balance sheet: Stockholders’ deficit widened to $(9.5) m on cumulative losses and FX OCI. Goodwill increased to $63.2 m after purchase-price adjustments.
- Segment trends: Gaming and Leisure contributed >70 % of revenue; Interactive posted the fastest growth (+45 % YoY). UK remains the core market (72 % of Q2 sales); U.S. revenue doubled to $3.9 m but is still small.
- Outlook & liquidity plan: Management believes existing cash, projected operating cash flow and the new credit lines fund needs through Aug-2026.