Official Announcement: Light and Wonder Reports Q1 Revenue Rise and Reduction in Losses; Approved for Secondary Listing on Australian Security Exchange.
Official: Light and Wonder Sees Impressive Q1 Results with Over $620m in Revenue and Plans for Secondary Listing on ASX
Light and Wonder, the leading supplier in the gaming industry, has released its Q1 2023 financial results, showing a significant increase in revenue to over $620m, representing a 17% growth from the previous year. The company’s EBITDA also rose to $249m, a 23% increase year-on-year.
In line with the company’s expansion plans, Light and Wonder’s Board of Directors has approved a secondary listing on the Australian Security Exchange (ASX). This strategic move is aimed at boosting the company’s presence in Australia, a leading market for its gaming business, and providing a long-term investment opportunity. The secondary listing in addition to the primary Nasdaq listing is poised to add value to the company, its stakeholders and outlook, now and in the future.
Matt Wilson, President and CEO of Light & Wonder, reports strong performance in 2023, achieving key metrics and driving double-digit revenue growth across all three businesses. Thanks to our strategic investments and product roadmap, we’re building on the momentum of 2022 and delivering enhanced returns. Our teams have achieved impressive wins and key launches this quarter, and we have a robust pipeline of games to support long-term targets. With leading talent, technology, and products, we’re solidifying our position as the global games company of choice. Additionally, Q1 2023 saw a significant decrease in net loss, dropping from $67m in Q1 2022 to $27m, a notable positive change of 59%.