Light & Wonder has shared its Q2 2025 results, showing steady progress despite a marginal dip in overall revenue as the iGaming technology company moves to a sole primary listing on the Australian Securities Exchange (ASX).

Currently listed on the Global Nasdaq, Light & Wonder brought in $809m in revenue, down 1% year-over-year from $816m, with the dip attributed to integration timing and softer gaming sales as the company missed its ‘consensus estimates’ of revenues standing at $860m. 

Period trading saw Light & Wonder improve its operating margin to 44% (vs 40%) helping adjusted EBITDA climbed 7% to $352m (Q2 2024:$330m), as corporate cashflow stands at $136m. 

A breakdown performance saw Gaming revenue slightly down at $528m (-2%), as Light & Wonder projects strengthened prospects for the unit as its North American base grew 42% year-over-year to over 46,300 units installed, helped by the Grover acquisition, which added $21m in revenue contribution.

Furthermore, Light & Wonder’s iGaming segment hit a record $81m in revenue, up 9%, with EBITDA up 17% to $28m and margins at 35%. This was apparently fuelled by a 22% jump in online wagers and strong growth in the US and Canada.

SciPlay, the company’s social gaming division, delivered $200m in revenue and $74m in EBITDA, both up 6%. The direct-to-consumer platform now makes up 18% of SciPlay’s revenue, with games like Quick Hit Slots and 88 Fortunes driving strong results.

Share buybacks continued, with $100m returned to shareholders this quarter – more than halfway through an expanded $1.5bn programme. Free cash flow was $29m but took a hit from a $73m legal settlement. Without that, cash flow would’ve topped $100m, the company asserted.

Strategic moves and new paths

Throughout 2025, Light & Wonder has focused on expanding its market presence, notably completing the acquisition of Grover Charitable Gaming to strengthen its North American operations.

Looking ahead, Light & Wonder reaffirmed full-year guidance, expecting adjusted EBITDA between $1.43bn and $1.47bn and adjusted NPATA between $550m and $575m.

As previously mentioned, Light & Wonder’s Board has approved moving to a sole primary listing on the ASX and plans to delist from the Nasdaq by November 2025. 

The decision was made after a ‘thorough review’, noting that most of the company’s investors are now on the ASX, with the ASX holding 100% of issued shares.

The firm also warned of risks tied to this change, such as possible negative effects on stock liquidity and trading prices or exposure to new regulations it isn’t necessarily familiar with.

Speaking to Investors, CEO Matt Wilson commented on the ASX migration: “Today marks an important day for Light and Wonder as we are excited to announce the company’s decision to transition to a sole ASX listing by November 2025. 

“Following an extensive diligence process undertaken with our advisers, including positive feedback from consultations with investors both in Australia and The US, the decision was clear that this path will deliver tremendous shareholder value over the long term.”

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