Light & Wonder Posts Strong Q3 Ahead of ASX Move

It’s been a few busy months for the global leader in gaming content and hardware, Light & Wonder. The company cleared for launch in the UAE in July, inked a new partnership with Betson Enterprises, marking its entry into Nevada in mid-August, and announced its readiness to penetrate the Philippines gaming market in September. 

Now, the creator of “iconic titles” has introduced its final earnings report as a US-listed company, as it is getting ready for its exclusive transfer to the Australian exchange, a market which chief executive officer Matt Wilson considers “attuned to the gaming industry.”

“A Powerhouse of a Business”

The third-quarter results report showed solid numbers, including an 18% growth, which places them “ahead of (our) expectations”, according to Wilson. 

Chief financial officer Oliver Chow commented, “It’s a powerhouse of a business for us.” Chief financial officer Oliver Chow emphasized the strength of recurring revenue, adding, “The quality of our recurring-revenue business continues to be very strong.”

Grover Gaming, which Light & Wonder acquired recently, was a highlight. The company installed 292 units, generated $40 million in revenue, and opened a development studio in Raleigh, North Carolina. 

Wilson explained that their focus will remain “on the seamless integration of Grover”, noting that US revenue per day rose 5%, partially due to the acquisition. 

“The team’s doing a fantastic job of integrating into the Light & Wonder family. It’s going to be a big and vibrant market. Things are setting up very nicely.” Grover is also preparing for a launch in Indiana.

Overall, the company shipped 6,000 units in the quarter and entered Nebraska’s skill-games market. Wilson described feedback from October’s Global Gaming Expo as “overwhelmingly positive.” 

Internationally, results were mixed. A large order from Entain didn’t repeat, and Australian market share was “a little depressed,” though growth is expected in 2026. Asia remains a focus for expansion, and the company reported steady share in new markets.

Good Results from Social and iGaming Branches

On the social and igaming side, Wilson said SciPlay is making “significant progress on our direct-to-consumer platform.” Older games like Jackpot Party are stabilizing, while first-party igaming content drove a record 16% revenue increase, with total handle rising 23% to $23 billion. 

International unit sales were lower, but Wilson expects “sizable” orders in the U.K. and Asia.

Chow highlighted wide-area progressive games as a contributor to higher revenue per day. Exiting the live-dealer business continues to have cost effects into 2026, though Grover’s integration will accelerate amortization. Debt sits at three times cash flow, with $1 billion in new notes issued, and $101 million in share buybacks completed.

Looking ahead, the company plans to expand Grover, ship VLT units to Canada, and grow international sales. Tariffs cost $5 million to $9 million this quarter, but Wilson said, “The market’s been very resilient,” noting that consumer demand continues to support gross gaming revenue.

Summing up, Wilson called Q3 “a fantastic result for the team, which leaves a neater glide path into the fourth quarter.” “This is not the end. We would love you to continue the journey on the ASX.”, he added on the move to Australia.